To say that the insurance industry is tightly regulated would be an understatement. The compliance challenges insurers face are uniquely complex in that every U.S. state maintains its own distinct insurance regulations, and these laws and policies vary widely across different lines of business. Additionally, many states maintain regulations that govern virtually every aspect of insurance company operations, including the amount of financial reserves a given company needs to conserve; how it can market its products; and how much brokers and agents can charge for their services.

Moreover, most states impose strict reporting requirements by which insurers must regularly document their compliance with the various statutes. Depending on the policy type — life, home, auto, health coverage, and so on — reporting guidelines can require a confusing array of quarterly and annual reports, such as audited financial statements, unaudited financial statements, actuarial opinions, claim data, evaluations of securities on deposit, and disclosure of material transactions, just to name a few.

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