LAS VEGAS–Information technology managers are playing a higher-profile role in meeting regulators' calls for more insurance company data, said a panel of industry experts here at the ACORD LOMA Insurance Systems Forum.
Speakers at the session on “Why IT Leaders Need To Care About Regulatory Compliance” discussed the increasing reliance of carriers on quality data as they maintain compliance with the myriad of state and federal regulations governing different aspects of the industry.
Among the more prominent, and expensive, regulatory structures to stir debate within companies are the costs of compliance with the Sarbanes-Oxley Act, which was enacted to increase the accountability of senior company officers in financial reporting to regulatory agencies.
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