Companies need to document comprehensive Compliance Management Systems, which are typically comprised of:
- a compliance program that outlines policies and procedures, along with regularly scheduled monitoring of how they function in the market place;
- board and management oversight of compliance efforts;
- complaint responses; and
- compliance audits.
While the CFPB does not cover the business of insurance, compliance with state insurance laws should be integrated into a Compliance Management System. The session reviewed developments in agency licensing by line, the potential need for third party administrator licensing, rebating restrictions, privacy, premiums and commissions, and surplus lines.
ABIA members can view the PowerPoint deck.*
* Having troubles accessing this members-only document? Contact Deanne Mariño for help.