Bisys launches compliance management system; wins Man hedge funds

Bisys launches compliance management system; wins Man hedge funds

Bisys has introduced a new Web-based solution designed to track US state-specific licensing renewal and continuing education (CE) requirements for insurance products.

Barbara Hales, executive vice president of Bisys' licensing solutions, says: "Compliance with licensing and continuing education requirements is absolutely critical, and producers are often frustrated by the complexity of the process, especially with their nonresident licenses."

The new License Renewal & CE Tracking programme enables producers to establish online accounts and enter the information about their current insurance license(s). The system automatically calculates each continuing education due date. Producers receive e-mail notifications at 90, 60, 30, 15, and five days before each license renewal or CE deadline.

Producers can complete Bisys’ online continuing education courses directly from the License Renewal & CE Tracking Web site. The service automatically alerts producers to state-specific “no repeat” rules as courses are selected. Completed non-BISYS courses can be entered into producer accounts. All completed courses and exemptions from specific requirements are automatically applied toward continuing education requirements.

In a separate announcement, London-based Man Investment Products has entered a business process outsourcing contract with Bisys for the administration of one of its Luxembourg domiciled fund of hedge fund products.

Under the agreement, Bisys will provide the company with administration, accounting and transfer agency services for Man-Glenwood Absolute Return Strategies Limited.

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