Though some may regard it as stodgy, the insurance industry isn’t static. One need only look at the steady flow of rules, regulations, statutes and bulletins emanating from both federal and state regulators to confirm this.
While audits are anything but new, laws such as the Sarbanes-Oxley Act, coupled with a broader move toward insurers viewing risk across the enterprise, has raised their profiles among insurers. “SOX has resurrected the importance of audits,” says Phil Dayalu, director of IT for Indianapolis-based Kaplan Compliance Solutions.
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