Research shows that automated processes for risk analysis and management, and the ability to align IT policy, risk and operations management with business initiatives are important when deciding whether to invest in a GRC solution.

Beyond keeping tabs on e-mail and paper trails, document management solutions ease the troubled minds of carriers, agents and brokers.

A sweeping proposal for a new regulatory framework for the nation’s financial markets that includes establishment of an optional federal charter (OFC) for insurers is splitting the insurance along a familiar fault line. Proponents of an OFC are praising the report, while OFC opponents are united in opprobrium.

Lines are drawn over plan to nationalize producer licensing.

Compliance publication names Norkom “Vendor of Year” for its contribution to financial services and accounting compliance and regulation.

IVANS GIVES PROVIDERS HIGH-SPEED CLAIMS PROCESSING

Just as carriers are using technology in novel ways to cope with existing regulations, other regs may be waiting around the corner.

Proponents and opponents of a federal charter exchange barbs over its implications for regulation and revenue.

Kansas City , Mo. - The National Association of Insurance Commissioners (NAIC) this week released a peer review of state producer-licensing laws, practices and processes that identifies areas where the states’ reciprocity and uniformity initiatives need improvement, along with areas where such efforts have been successful.

Washington – Testifying before a hearing of the House Committee on Financial Services Subcommittee on Oversight and Investigation, a representative of the Independent Insurance Agents & Brokers of America (IIABA) pushed for the passage of the Homeowners' Defense Act.

Los Angeles — Farmers Insurance Group Inc., announced that Denise Ruggiero has joined Farmers as VP, legislative and regulatory affairs.

Brookfield, Wis. — Dallas-based workers’ compensation e-transaction provider P2P Link, a business unit of Fiserv Inc., Brookfield, Wis., released P2P Direct, a new product specifically tailored to the workers’ compensation medical provider marketplace.

Washington, D.C .- The Securities and Exchange Commission furthered its eXtensible business reporting language (XBLR) initiative this week with the launch of its “Financial Explorer” on the SEC Web site.

Though 43% of recently surveyed European insurers expect compliance to cost them less than €5 million, they believe that many of their core risk management capabilities need to be enhanced.

Carriers find their enterprise risk management (ERM) capabilities are no longer a purely internal matter as their organizations come under increased scrutiny by regulators and raters.

Kansas City – The National Association of Insurance Commissioners (NAIC) has launched a public database containing the regulatory status of certain insurer-owned securities. The database is intended to assist market participants that advise insurance companies and investment professionals working for insurance companies. The tool shows whether a publicly rated security is subject to regulatory guidance other than as indicated by its credit rating assigned by one or more public rating organizations.

A pair of reports detail what the year ahead has in store for the insurance industry.

Washington – A recent report by the Government Accountability Office (GAO) suggests that insurers should make a broader swath of claims data available to Federal Emergency Management Agency (FEMA) regulators. The suggestion arises in the wake of questions prompted by Hurricane Katrina concerning the responsibility for damages and later allegations that insurers misrepresented wind damage in claims to the National Flood Insurance Program (NFIP) in order to limit their financial losses after the storm.

Washington – The House of Representatives passed H.R. 3959, which would gradually phase out some of the subsidies in the National Flood Insurance Program (NFIP).

Kansas City, Mo. — The National Association of Insurance Commissioners (NAIC) named its 2008 committee chairs and vice chairs.