Fireman’s Fund Insurance Co. has chosen Wolters Kluwer Financial Services’ NILS INsource and NILS INcompass offerings to help monitor and implement regulatory changes.
Wolters Kluwer says that, as the U.S. insurance industry continues to face a high volume of regulatory and legislative changes, managing those changes and process implementation requirements can be a daunting task for insurers. In 2012, about 19,000 statutes, regulations and bulletins affecting insurers were created, revised or issued. Additionally, more than 7,300 insurance-related bills were introduced into state legislatures and Congress.
NILS INsource, an insurance regulatory content solution, is used by more than 10,000 insurance professionals for statutory and regulatory research and analysis in all 50 states, the U.S. federal government, the District of Columbia, the Virgin Islands and Puerto Rico, says Wolters Kluwer. It integrates with NILS INcompass, a workflow tool that helps compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations. The solution also helps insurers keep track of their progress in applying new industry laws and regulations.
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