The cost of non-compliance is high. Are you on top of the global insurance regulatory environment and what it means – even if your firm doesn't operate internationally?
Insurance regulatory regimes around the world are communicating with one another and sharing information exchange and best practices at an unprecedented rate which is raising the regulatory bar worldwide and impacting how insurers across territories choose to respond.
What regulators consider “satisfactory” is changing, even for insurers that do not operate internationally. Local regulators are looking to global standards to mitigate emerging risks within their own jurisdictions. The US ORSA scheduled for implementation before 2015 presents a broad new regulatory mandate for US insurers.
Leading insurers recognize that consistent data quality, forward-looking risk models, and transparent reporting are required for regulatory compliance but are also an incentive to invest in new capabilities. Change can become a strategic imperative that includes a focus on: