Wolters Kluwer Financial Services, which provides regulatory intelligence, policy management, and process management products and services which help financial services organisations control and provide oversight to their compliance programs, announced today that its insurance compliance products will be available to U.K. insurance companies that conduct business in the United States.
As more U.K. firms expand business into to the U.S., one of the biggest concerns is ensuring they are meeting regulatory requirements. This can be a challenging task because insurers doing business in the U.S. are regulated by the states and territories in which they operate, as well as the federal government. In addition to monitoring regulatory changes, insurers must research and assess the effect of the changes on their business, make sure they are implemented by the required effective dates, and properly document the implementations for regulators.
"A typical insurance company, operating on a country-wide basis in the United States, must deal with an average of 3,400 regulatory changes annually, which is an overwhelming task," said David Evans, general manager of Wolters Kluwer Financial Services' Insurance group. "Our compliance tools help insurers understand increasing compliance requirements, implement changes, and address the specific compliance needs of their business."
Wolters Kluwer Financial Services will offer a number of online tools to help U.K. insurers navigate the regulatory environment in the United States, including:
- NILS INsource - Provides a database of insurance regulatory information for all 50 U.S. states, the federal government, the District of Columbia, the Virgin Islands and Puerto Rico
- NILS INcompass - Helps insurance professionals research and recap U.S. regulatory changes, then track and create reports to show progress toward implementing those changes
- AuthenticWeb for Claims - Offers a database of claims-specific regulatory information and forms, helping staff access current U.S. regulatory information and documents
- Uniform Forms - Contains more than 20,000 property and casualty insurance forms, which are offered in both electronic and print format, providing insurers with access to up-to-date forms they need to help comply with U.S. insurance regulations
"The insurance offerings complement the comprehensive suite of securities and banking compliance solutions Wolters Kluwer Financial Services currently offers in the United Kingdom, and highlights our continued commitment to meet the growing needs of the U.K. financial services industry," said Mark Coronna, executive vice president of Securities and Insurance for Wolters Kluwer Financial Services.
Wolters Kluwer Financial Services, which acquired U.K.-based Compliance Online last year, offers compliance solutions that address challenges related to regulatory research, policy management, personal account dealing, anti-fraud, corporate actions and anti-money laundering.