Guidelines to Better Manage Compliance

The following seven elements can help insurance companies identify and better manage key regulatory requirements:

1. Document all policy procedures and controls.

2. Oversee compliance from an

executive level.

3. Screen personnel with discretion for granting access.

4. Train individuals to understand their compliance responsibilities.

5. Have effective monitoring controls in place.

6. Have consistent enforcement of compliance standards.

7. Respond to compliance violations as quickly as possible to avoid

further misconduct.

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