Managing regulatory changes is a critical challenge for insurance companies as they sift through thousands of changes per year to identify those that impact their business. Companies must then determine how to respond, ensure that they have effectively implemented required changes, and ultimately demonstrate compliance.
Though keeping up with regulations has always been difficult due to the lack of uniformity in rules among states, managing changes has become even more challenging in recent years. In surveying compliance leaders at large insurance companies, RegEd found that respondents worry about the strain their teams must bear because of the accelerating pace and increasing complexity of regulation.
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