The regulation that insurance companies are subject to is broad, deep and continuously evolving, and the regulatory environment is increasingly rigorous and unforgiving. Insurers must keep pace with thousands of regulatory changes annually, ensure that all compliance obligations are fulfilled within the prescribed timeframes, and drive accountability for adherence to the firm’s policies and procedures and code of conduct while ensuring their effectiveness.
Against this backdrop, multi-state market conduct exams, enforcement actions and fines are increasing and regulators are leveraging analytics and mass data collection to target exams. The consequences of non-compliance can include fines, sanctions, legal fees, and client restitution fees, but also extend to a negative impact on industry ratings and reputational harm.
These challenges place pressure on insurers to identify highly effective and cost-efficient strategies to manage compliance across the enterprise. Reliance on spreadsheets and internally-built tools, once adequate for managing compliance activities, will no longer suffice. Top industry concerns include tracking regulatory changes, complying with new and existing requirements and proving compliance to regulators. Firms must gain effective oversight to ensure that compliance obligations are fulfilled, compliance gaps are readily identified and remediated, and strong audit trails that demonstrate compliance are captured and memorialized.
Comply On Demand Enterprise (CODE®), RegEd’s Enterprise Insurance Compliance Management Platform, enables insurers and other financial services firms to effectively and efficiently meet compliance obligations and proactively manage their compliance program, dramatically reducing the risk of non-compliance and related consequences.
The CODE Platform and its suite of integrated, for-purpose applications deliver extraordinary efficiency and oversight and enable firms to establish consistent, repeatable compliance processes and ensure closed-loop compliance.
CODE is fully configurable, scalable and extendable, enabling companies to cost-effectively build on the initial investment as their needs expand and evolve.
CODE Platform Capabilities
CODE’s rich task management capabilities provide visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, compliance surveys and attestation management. As an option, CODE can be configured with RegEd’s Complex Hierarchy Management.
Applications present in a common interface, optimizing usability across the application suite. Compliance data is reused across multiple solutions and presented in consolidated dashboards that enable efficient execution of work processes and management by exception. Built-in audit trails, robust reporting and risk profiling drive ready preparedness for regulatory exams and positions firm to better withstand the scrutiny of regulators.
Regulatory Change Management
- Changes to insurance regulations are monitored and tracked by RegEd’s expert team of regulatory analysts.
- Regulatory Intelligence is delivered as plain-language summaries, relevance questions and actionable requirements.
- Tools and templates help users complete compliance tasks quickly and accurately.
- The CODE Compliance Portal readily extends compliance oversight to producers, TPA’s and other affiliates.
Policies and Procedures Management
- Enables administration and oversight of the firm’s policies and procedures, including approval, distribution, attestation management and testing program management.
- Installs a central repository for all policies, enabling the firm to establish discreet policies based on role, function, department and entity.
- Captures full documentation on policy approvals, changes, exceptions, attestations, testing and the evolution of policies over time, so that the firm can effectively respond to audits, examinations and on-demand requests.
- Integrates with CODE Regulatory Change Management to automatically flag policies that are potentially impacted by changes to state insurance department rules.
Consumer Complaint Management
- Systematically capture and track complaints that are reported directly to the insurer or to regulators.
- Configurable consumer complaint communication templates facilitate consistent and compliant communications with the insurer’s customers.
- Establishes a central repository to capture full documentation related to complaints and their resolution, enabling ready preparedness for market conduct exams.
Market Conduct Exam Management
- Effectively manage the myriad of tasks undertaken during the course of a regulatory examination.
- Facilitates the management of data requests, examiner communication, criticism management and remediation.
- Centrally captures critical exam information along with a full audit trail of the firm’s remediation actions.
- Efficiently assign and track incidents and manage remedial actions to ensure the timely resolution of incidents.
- Enterprise reporting provides a unified view of incident and corrective action data by regulation, risk category or business impact.
- Full documentation related to each incident, along with a full audit trail of the firm’s remedial program, is captured in a central repository, enabling ready preparedness for market conduct exams.