InsurTech Center

Why compliance should be top-of-mind for insurers

Missing compliance deadlines or failing to catch inaccurate or expired licenses has numerous costs for insurers.

By Kingston Koser | March 10, 2023 at 12:34 AM

Automating the compliance process can help create efficiencies in areas such as onboarding producers and license verification.

Compliance should be top-of-mind for insurers not just in 2023 but all the time because it is always top-of-mind for regulators. According to the most recent NAIC Insurance Department Resource Report, there are roughly 6,000 domestic insurers in the United States, and in 2021, there were 1,474 financial and market conduct exams conducted by state insurance departments. That means nearly 25% of all carriers were subject to an exam with states collecting nearly $208 million in fines and penalties.

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