CODE | State Regulations | Market Conduct Exam

Comply On Demand Enterprise (CODE) is a web-based governance risk and compliance solution developed solely for the insurance industry.

CODE | State Regulations | Market Conduct Exam | NAIC

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Notify me when a regulatory change occurs? And determine the relevance of the change? And prioritize my responsiveness? And easily report on my compliance efforts? And save money in the process?

…Wow, Time for some answers!

Q: Notify me when a regulatory change occurs that applies to ME (in a timely fashion)?

There are over 3,200 regulatory changes occurring annually in 53 different jurisdictions (50 state, federal, Washington DC, Puerto Rico). How do I monitor all of those changes and know when something might apply to me?

How can CODE help?A: Working closely with our content partners, , we keep abreast of all newly passed laws and regulations. Additionally we have developed in-house processes designed to ensure that when a regulation or statute changes you know quickly. Together, this system allows us to take that content and (after interpretation) notify you regarding regulatory changes that are important and pertinent to your firm.

Q: Determine Relevance of a regulatory change to MY firm?

Different jurisdictions, lines of business, regulatory interpretations, and a myriad of other factors create uncertainty. Studies have shown that insurer’s spend on average 93 days on a regulatory compliance project before ensuring the regulatory change applies to them! The study concluded that almost 50% of the time the answer to relevance was NO.

How can CODE help?A: In an effort to alleviate this wasteful activity CAC provides regulatory change relevance functionality. This provides the insurer with a tool to help them determine and ensure (at the onset) if the regulatory change is applicable to them.

Q: Determine the priority of the regulatory changes that are most critical to MY business?

Compliance activities like all business decisions are based on your firm’s regulatory exposures. How do you decide which regulatory changes need to be addressed NOW vs. in the next 3 months? A recent market conduct action, in a state you currently do business in, might change your firm’s regulatory risk profile, how should you distribute compliance resources to ensure the best ROI on compliance investment.

How can CODE help?A: CAC’s regulatory risk categories allow you to customize regulatory changes to fit YOUR needs. Additionally we notify you if any regulatory change has been identified in recent market conduct activity (state based).

Q: Save money in my compliance process?

Many firms have developed ad-hoc non-programmatic processes to compliance; the result is expensive ineffective systems leading to significant pain. These systems rely on institutional memory and are characterized by email distribution lists and many, many, spreadsheets. Companies assign resources to compliance activities ineffectively; lawyers act as project managers, business unit staff interpret regulatory changes, etc.

How can CODE help?A: CODE removes the variability out of the process, while minimizing the need for expensive resources to be utilized ineffectively. CODE takes regulatory language and translates it into what the business is required to do to comply (less lawyer involvement). OUR Business Process Manager provides the ability to assign, monitor, and manage all tasks associated with compliance. The software ensures (through automated workflow) that compliance work is being accomplished in a timely fashion.

Q: Report MY activities associated with compliance easily and quickly?

Transparency related to compliance is critical to any compliance efforts. Validating compliance activities should NOT be performed by a market conduct examiner (or class action litigator!!!). Information regarding your firm’s compliance activities needs to be readily available for Senior Management, Rating Agencies, and Regulators.

How can CODE help?A: CODE includes Business Process Manager and automated workflow capabilities. This allows you to assign, validate, and monitor ALL activities associated with compliance. This capability is necessary to provide timely, accurate information to compliance professionals when they need it.

CODE | State Regulations | Market Conduct Exam | NAIC

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