NEEDHAM, MA--Until recently, regulatory compliance has been a relatively straightforward issue for U.S. insurance companies. Long deemed a service for the "public good," the insurance industry has been regulated by various entities for over 100 years - making compliance as commonplace as breathing for most insurers.
Yet research from TowerGroup explores how current events have thrust this otherwise veiled and usually uninteresting aspect of insurance into the light of public awareness. A broad array of regulations - from the Health Insurance Portability and Accountability Act of 1996 (HIPPA) through to the USA PATRIOT Act of 2001 and the Sarbanes-Oxley Act of 2002 - has raised both the stakes of compliance and the investment needed to achieve it.
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