Wolters Kluwer Financial Services has released an updated version of its NILS INcompass solution to help insurance organizations better manage regulatory implementation risk and simplify the daily tasks faced by their compliance departments.

Wolters Kluwer says that, with 2011 on track to be another high-volume year from a regulatory and legislative perspective, managing regulatory change has never been more critical to the insurance industry. During the first three quarters of 2011, state legislatures and Congress introduced nearly 11,000 bills affecting insurers. Additionally, more than 18,580 statutes, regulations and bulletins were newly created, revised or issued during that timeframe. As a result, the challenges of managing both the volume of activity and the required process implementation changes can be daunting for insurers.

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