Compliance

Yesterday the Consumer Federation of America (CFA) released a statement that suggested a renewal of the Terrorism Risk Insurance Act (TRIA) may not be necessary given the near-record industry surplus of nearly $600 billion. Today, the Insurance Information Institute responded by emphasizing the stability TRIA continues to provide.

INN developed the ranking in partnership with Celent, an independent business research and advisory service with a specialization in insurance technology. Celent facilitated survey development, data collection and analysis. The result is an insightful set of rankings based on objective peer review.

Insurers venturing into new territories, both geographically and technologically, may need to pay closer attention to data standards.

Profitability will depend on monitoring, automated reconciliation, proper administration and compliance.

The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.

The Director of the Federal Insurance Office, Michael McRaith, is calling for the submission of information regarding natural catastrophes and insurance for a report to be submitted to Congress, an FIO report mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.

Many compliance executives working in the U.S. insurance space admit to a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology.

SAS Risk Management for Insurance brought in by insurers to support Solvency II compliance.

“The longer things remain uncertain, the more pressure that puts on the industry,” said Howard Mills, director and chief advisor of Deloitte’s insurance industry group and former New York State Insurance superintendent. “It’s sort of an artificial cloud hanging over the industry’s head; what’s going to happen with SIFI designations, what’s going to be in the FIO report? There’s just so much uncertainty out there.”

The life insurer's chairman and CEO spoke frankly before regulators, saying the "traditional business of life insurance does not pose systemic risk."

Riverside to use SunGard’s enterprise accounting system for investment and compliance, in addition to accounting.

Actions against four large mortgage insurers is only the beginning as the Consumer Financial Protection Bureau looks to squash deals between reinsurers and mortgage insurers.

As the system gains acceptance, regulators expect major expansions to the use of LEIs in an effort to gain insight into the connectivity of financial systems.

Starting in 2014, workers at companies with fewer than 100 employees were supposed to have been able to choose from a variety of health plans through new small-business insurance marketplaces.

New version designed to complement governance, risk appetite measurement and assessment services.

Workers’ compensation and medical malpractice among lines most likely affected; impact likely to differ by state.

The three insurers join Aetna and Blue Cross and Blue Shield of Illinois in offering products through the private insurance exchange.

In anticipation of the announcement of designations for non-bank systemically important financial institutions, Howard Mills, director and chief advisor of Deloitte’s insurance industry group and former New York State Insurance superintendent, shares thoughts about some of the last-minute speculation and what options insurers will have if designated.

The part of the legislation that prompted the halt placed a cap on non-emergency care and a 14-day deadline for treatment from massage therapists, acupuncturists or chiropractors, as well as the requirement that an emergency medical condition exist for the full $10,000 PIP coverage.

Activist regulators, increased CAT losses pose larger risks, companies must adapt, A.M. Best says.