Master the best practices for regulatory compliance
Where can I find information about the latest insurance regulations and the thought processes behind them?
Insurance is a highly regulated industry. Firstly, it’s essential to protect the interests of consumers. They also create a level playing field for all insurance professionals. The tricky part, however, is that the regulations that govern day-to-day activities change – sometimes frequently. The costs of non-compliance can be high, both financially and in terms of reputational harm. Consequently, you must stay up to date. This isn’t as easy as it might sound, however, since regulators in 50 states, the District of Columbia, and five American territories oversee our industry. This strict environment can be especially frustrating for entrepreneurs coming from the technology industry, who often see regulation as an unnecessary drag on innovation.
You’ll learn not only where to find the information you need about regulatory compliance standards, but also how to implement best practices to fulfill these obligations. Even more importantly, you’ll come to understand the thought process behind the rules. This knowledge can help you interact with regulators more effectively. (So if a compliance hiccup should occur, you’ll know how to respond in a timely manner.) This understanding can also help insurtechs take full advantage of the regulatory sandboxes starting to appear in various states.
SOI’s Regulatory Compliance resources are perfect for you if you’ve ever asked:
- What’s the best way to track regulatory compliance deadlines?
- Where can I find the latest regulatory bulletins?
- How are we supposed to do anything new in insurance with all these regulations?
- Who can I turn to for help dealing with a regulatory issue?
- Why does the state need to know that?