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P&C Compliance-Reporting Tips: Best Practices for a Thankless Task

P&C insurers great and small are responsible for completing a variety of state-compliance reports throughout the year. These can range from standard annual or periodic reports filed with a states insurance bureau to special calls for data made directly from the state that can be issued with a deadline of...

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P&C insurers great and small are responsible for completing a variety of state-compliance reports throughout the year. These can range from standard annual or periodic reports filed with a state’s insurance bureau to special calls for data made directly from the state that can be issued with a deadline of as little as 30 days.

Ideally, your insurance company has someone in-house who understands the intricacies of both bureau and state reporting, as well as the implications of missed deadlines—and who has the necessary sense of gravity regarding the task. Alternatively, a carrier might contract with an expert vendor who handles the reporting.

Either way, here are several basic best practices that can aid in avoiding the majority of compliance-reporting entanglements.

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