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Get a Jump Start on Compliance This Year

P&C insurance professionals brace themselves for another busy year of federal statutes and regulations. Examine these proposals and trends to stay compliant.

By Kathy Donovan | Updated on January 09, 2012

Looking ahead is what we do with the start of a new year; it provides a sort of jump start to our expectation of new opportunities, milestones, and challenges. Whether we are considering personal resolutions related to our own physical fitness or awaiting spring 2012 graduations from preschool all the way to college commencements, anticipating and planning for this fresh new beginning is ingrained in our nature. This jumpstart (or springboard) approach to this annual event also extends to the property and casualty (P&C) insurance industry, especially affecting those involved in managing the risk of non compliance with state and federal statutes and regulations.

Having just dealt with all of the process and procedural changes required to meet the many new regulatory requirements that took effect the first of this year, insurance compliance professionals know there will be many legislative and regulatory developments to be identified and monitored for possible implementation. That influx of proposals has already started. While consumer protection should continue to be on the top of many states’ lists this year, the industry can definitely expect other considerations to be addressed. A few such pending considerations are explored here with particular focus on underwriting and claims.

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