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These days, risk managers may find that keeping up with new insurance regulations is a critical part of the job. Recent changes to state or federal insurance rules have impacted almost all companies. Some recent and notable examples of big regulatory changes that impacted commercial insurance include The Affordable Care Act and new health privacy compliance regulations. There is even talk that the government will further regulate computers and the Internet to attempt to minimize cyber risk. Other changes, like updates to high-risk flood zone maps, could mean that a business suddenly falls under different insurance rules even if the laws have not exactly changed.
In any case, not keeping up with changes to insurance laws could mean making decisions based upon flawed information. This could cost a company extra money for a variety of reasons. These could include paying too much for policies or buying the wrong kind of coverage. It could even mean falling out of compliance and incurring fines and other penalties.
Typically, updates to local, state, or federal insurance laws can impact the kind of coverage that companies can and should buy. Most commonly, legal changes affect how much that businesses pay for their policies. National and international corporations may operate in various jurisdictions with a wide variety of laws that govern coverage. How can risk managers possibly stay updated on new insurance regulations that might impact their own company's policies and premiums?
The services of good insurance brokers: Of course, engaging the services of good insurance brokers is one way to stay current. As part of the process of submitting commercial insurance policies, a broker should communicate with his or her clients to let them know how changing insurance rules may impact their own business. However, risk managers may also want to take a more proactive approach in order to plan well in advance of renewal time. Also, any broker's ability to communicate relevant updates to clients may hinge upon the timely manner they receive renewal submission information.
Subscribing to trade journals: Typically, risk managers also subscribe to trade journals. These may either be published by an independent industry association or even a service provider. At Ventiv Technology, for example, we publish 3SIXTY° Magazine and have it available for a free download right on our Resource Page. This magazine features exclusive analysis of many topical changes by Ventiv experts.
Relying upon an updated RMIS: An updated Risk management solution can also help risk managers keep up with changing insurance regulations that will impact their own industry and business. By using technology to integrate insurance management in with a business, the entire process of compliance can be streamlined and automated. This ensures timely renewal of submission information,
At Ventiv Technology, we work with hundreds of companies all over the world. Learn how our insurance, safety, and risk management solutions can help your company keep up with rapidly changing rules.
Sep 16, 2015
| Originally posted on
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Ric Henry | Managing Partner, BRP Pendulum
Lisa Mohler | Vice President of Claims and Risk Management, Indiana Public Employers' Plan
Lynn Barrett | Insurance Executive, Travelopia
Steve Robles | Assistant Chief Executive Officer Overseeing Risk Management and Privacy, County of Los Angeles
Katherine Cooley | insurance business analyst, HPIC