Compliance

International insurance execs question the IAIS and Financial Stability Board's consideration of criteria for, and oversight of, firms too big to fail.

For European insurers and U.S. insurers operating in the UK that also have to comply, Solvency II remains a question as the compliance deadline is looming, particularly as the final regulations have still not been clarified. This challenges preparation for Jan. 1, 2014, implementation, but insurers continue to make progress toward compliance with the risk and capital reporting regulation, and where possible, they have already put systems and processes in place, according to Deloitte's "Solvency II Survey 2012."

While the Federal Insurance Office (FIO) attempts to begin its work with the release of the office’s first report pending, Rep. Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, sent a letter to FIO Director Michael McRaith seeking more defined jurisdictions for the FIO and the National Association of Insurance Commissioners (NAIC).

The right strategy can make your organization agile enough to keep up with Solvency II and FASB/IASB requirements and standards.

Regulators in New York and California are looking into the extremely high profits yielded from, and competitive nature of, force-placed insurance.

Reform Insurance Penalty Estimator designed to assist insurers adjusting to the Patient Protection and Affordable Care Act's requirements.

Industry associations applaud the long-term reauthorization of the National Flood Insurance Program as part of a compromise deal that included the surface transportation reauthorization and student loan bill.

The ruling this morning gave health insurers a deadline of 2014 for embracing such provisions. On the other hand, competitively speaking, this places much more of a burden on large health insurers to provide a wide range of packages that appeal to demographics that may not have been on the radar.

The court ruled 5-4. However, the court added that Congress has the authority to implement the individual mandate under the taxing clauses of the Constitution.

At Monday’s morning session on the FIO at the Insured Retirement Institute’s Government, Legal and Regulatory Conference in Washington, D.C., John Fielding—a counsel in the Washington office of Steptoe & Johnson LLP, where he is a member of the Government Affairs & Public Policy practice focusing on insurance and financial services legislative and regulatory matters—speculated that a tiff between the Office of the United States Trade Representatives (USTR) and the FIO may be stalling the document’s release.

The United States Senate passed the Senate 2012 Farm Bill in a 64-35 vote. The Senate version of the bill would cost $498 billion, save $23.6 billion over the next 10 years and eliminate $5 billion per year in direct payments. The Federal Crop Insurance Program (FCIP) would become the primary risk management tool for farmers.

Company also announces acquisition of Policy Technologies International.

Second annual StoneRiver survey indicates a lack of enterprise risk management, readiness for changing regulatory climate.

In the report, entitled “Data Agility: Turning a Liability into an Asset,” Tabb assesses spending and implementation plans at financial firms, and their ramifications with enterprise information sharing and distribution. Tabb found that spending on internal resources will drop to 39 percent of the overall IT budget by 2014, reflecting a 5-percent decline from 2012 and a 27 percent decrease since 2000.

A new report from Celent offers an updated regulatory roadmap and guidance for a systems assessment.

Wolters Kluwer Financial Services announced that ComplianceWare, its market conduct research tool, has been updated in an attempt to provide insurers with access to market conduct exams and the more-than-900 enforcement actions issued since January 2010 in a unified, searchable environment.

Penalty settles allegations AIG wrongfully tried to avoid paying state residual market assessments and taxes.

At day two of the 2012 IASA Annual Education Conference and Business Show, Joe Pomilia, IASA’s executive director talks about how the association is keeping up with the way the industry seeks knowledge, Aité Group’s Stephen Applebaum discusses insurers social media efforts and INN outlines the Solvency Modernization Initiative. 

OSI focused on compliance management, relationship management and compensation management for latest version.

As insurers move rapidly to adopt more consumer-centric business models, their efforts are tempered by equally imperative compliance concerns surrounding these new forms of communications and business transactions.