The auditing process for insurance companies in the U.S. is a complex, time consuming and costly process. With limited resources available to non-revenue producing functions, companies are continually seeking ways to conduct their business in a cost-effective manner that is free from criticisms.
A common practice to this delicate balance is to conduct a risk-based approach to one’s business. Under a risk-based model, companies identify the business practices that are of significant U.S. regulatory interest or that have resulted in significant U.S. regulatory fines and ensure that those risk areas are identified as regulatory hotspots.
Citations are linked with past conduct criticisms relating to the requirements contained in the cite. A red alert icon next to citation references quickly alerts users to requirements criticised byauditors. Summaries and exam dates allow users to review and identify regulatory hot spots by jurisdiction, regulation or compliance topic.
Performing internal audits is one of the common applications of our Market Conduct Compliance tools. Quickly identify U.S. compliance requirements that are in effect on specific regulatory issues, and prioritise internal audit efforts to address the key areas or “hot topics” within each jurisdiction.
An indispensable tool in preparing for an audit - identify key areas of U.S. regulatory concern, understand how regulators have treated an issue in other audits and prepare responses to exam findings.
Easily review U.S. state requirements for a specific line of business and identify regulatory activity. The linking of statutes, regulations and bulletins by category and terms provides a unique research advantage and improves research efficiency.
Many companies are attempting to relieve legal and/or compliance departments from the burden of answering routine questions that surface on a daily basis. The challenge is in equipping personnel with a resource that does not require a law degree to use. Linking of U.S. legal requirements to subject categories and terms dramatically simplifies the process of researching answers to routine questions, and visibility toexisting criticisms allow for an enhanced level of understanding.
Long Term
Available by subscription, the Market Conduct Exam Module for Long term Insurance is an add-on feature of NILS INSource. For more information about this module, a demonstration or to add this module to your existing NILS INSource subscription, contact your account manager or call 0800.840.1160.
Available by subscription, ComplianceWare is a web-based market conduct compliance research tool. For more information about ComplianceWare, a demonstration or to purchase a subscription, contact your account manager or call 0800.840.1160.
For more information, call 0800 840 1160, email UKsales@wolterskluwer.com.
