Insurity’s Business Services include Compliance Reporting and Regulatory Support that assists insurers in compiling with voluntary and mandatory statistical and coverage verification requirements. Insurity’s compliance experts work with you to identify your company’s specific reporting requirements and develop a road map to integrate your company’s data into our reporting data systems.
Once established, Insurity’s compliance team will handle reporting to the relevant authorities on your behalf. Error and corrections, submission tracking and other pertinent information are available to you via an online reporting system.
Compliance Reporting Capabilities:
- Insurance Service Organization
- National Council on Compensation Insurance (NCCI)
- National Association of Independent Insurers (NAII/ISS)
- Property Casualty Insurers Association of America (PCIAA)
- Surety Association of America (SAA)
- National Institute of Statistical Sciences (NISS)
- Massachusetts Commonwealth Automobile Reinsurers (CAR)
- American Association of Insurance Services (AAIS)
- Independent Bureaus
- State Agencies
Key Features and Benefits:
- A proven alternative for insurers with limited in-house expertise, internal resource constraints or who lack automated processes
- An efficient, cost-effective solution to a process with the potential for a large amount manual intervention
- Reduced risk of excessive fines for lack of reporting, late submissions, or issues with file formatting or data integrity
More than ever, insurance companies need to keep current with evolving regulatory changes. The number and complexity of regulatory changes has increased over the last few years with our staff handling an average of 3,000 regulatory changes in the past years. The bureaus issue rate, rule and form changes that must be interpreted before they can be implemented. Our team manages the analysis, interpretation and implementation of bureau and client specific regulatory changes.
We can help:
- Monitor regulatory changes promulgated by insurance offices and regulatory bureaus
- Provide software updates in response to bureau circulars and other regulatory information affecting property and casualty insurance insurers
- Advise in developing compliance structures, systems, procedures, policies and documentation
To further support our client base, we have created a Regulatory Advisory Committee which is a working group comprised of our customers and Insurity team members with the objective of proactively consulting on complex regulatory changes. The committee will advise on insurance regulatory activity that has the potential to impact Insurity software and services. This will include providing advance notification of significant changes that are under review by the insurance bureaus, serving as a sounding board for the interpretation of circulars or rules published by regulatory bodies, and offering insight to industry trends.