The Quickening
PAce of
ComplianCe
As insurers move rapidly to adopt more
consumer-centric business models, their efforts
are tempered by equally imperative compliance
concerns surrounding these new forms of
communications and business transactions.
The demands for organic growth are intersecting with an in- creasing volume of regulatory pressures tied to consumer protection to create a perfect storm for insurers. Regulation is largely a step- child of markets; as the economy ebbs and flows, so does lawmakers’ interest
in protecting businesses and the consumers
who rely on their services. Lately, thanks mostly
to technology-enabled customer communications and transactions, consumers are the focus
of much of the regulatory interest affecting insurers in the United States and abroad.
Yet, against the backdrop of increased report-
ing requirements to satisfy consumer protection
mandates, insurers may ask, “How much is too
much regulation?” The G20 recently asked the
Financial Stability Board (FSB), which coordi-
nates the work of national financial authorities
and international standards organizations for ef-
fective regulatory policies, to cooperate with the
Organization for Economic Co-operation and
Development (OECD), which provides a forum
for governments to seek solutions to common
economic problems, in its work with consumer
finance protection.
By Pat Speer and Justin Stephani
