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Overlooked Compliance Resources

Best Practice Tip: Some Compliance Resources You Might Have Overlooked
    It isn’t unusual for an insurance compliance professional to feel, at times, overworked and overburdened with no place to go for help. But help is out there, if you know where to find it.
    Here, then, are some compliance resources you might have overlooked. Some of the information is free, some is provided at a nominal cost and some cost about what you’d expect to pay to attend an industry conference.
This article appears in the April 11 edition of Insurance Compliance Insight, a general circulation weekly publication focused on insurance compliance and regulatory issues. It is copyright 2016 ProBusiness Publishing LLC but the publisher is making it available to anyone in the industry to support compliance and good business practices.
Click here for more about Insurance Compliance Insight, pricing and the information it provides.
 A free trial is available upon request to the publisher.
Currin Compliance Services – A Summer Symposium & A Whole Lot More
    Cailie Currin has got to be the busiest woman in the industry. In the past year, her burgeoning company has:
    • announced plans for a summer life insurance compliance symposium;
    • launched a compliance and risk mitigation assistance program;
    • started the Currin Insurance Compliance Education Program;
    • posted four compliance-related webinars; and
    • continued publishing a life insurance law blog.
    The compliance symposium is Currin’s second conference, the successful inaugural coming in 2014. This time around, it will be heavy on life insurance and have a New York flavor. Sessions will include:
    • Requirements and Risks for Indexed Product Advertising
    • Best Practices & Oversight for Suitability
    • The DOL Fiduciary Rule: What We Know, What to do Now, What Can Wait – And What States May Do
    • Carrier and Distribution Risk Assessments: How to Assess Compliance Risk, Establish Risk Tolerance, Develop Compliance Programs and Test to Measure Compliance
    • Compliance Training: Why You Need It and How to Do It
    • Effective Compliance Tips & Tricks                      
    • Accelerated Death Benefits: Filing Challenges in California, New York and Beyond
    • Variable Material: The Ever-Changing Rules for Submitting Variable Material to New York and Best Practices for Getting Approval
    • New York and 50-State Filings: Realistic Examples, Common Filing Mistakes and the Best Filing Approach
    • Small & Large Company Compliance and Future Trends: Unique Challenges AND What to Expect in the Future
    The symposium will be held June 22-24 at the Desmond Hotel in Albany, N.Y. The cost is $575. Click here or on the ad on the left for complete information, including hotel accommodations.
    Meanwhile, Currin’s Compliance and Risk Mitigation Assistance program – CARMA – helps insurers, fraternal benefit societies and independent marketing organizations understand and mitigate their compliance risk. The program – up and running for about a year – provides:
    • comprehensive assessments of firmwide compliance controls;
    • assessments of suitability programs, focusing in particular on the role of supervision;
    • monitoring and reports to senior management;
    • drafting, reviewing and revising insurer and fraternal compliance manuals for independent agents; and
    • advertising review for carriers, marketers and agents.
    Currin is also rolling out its Currin Insurance Compliance Education Program – CICEd, for short. “The ever-changing rules and regulation make training essential in the insurance industry,” Currin explains.
    She sees three benefits to training:
    • It is vital to a strong and effective compliance program. “Educating your employees and/or distribution partners about your policies and procedures, as well as regulatory requirements, serves to set clear limits about what is and what is not acceptable,” Currin said. “This, in turn, supports your company’s culture of compliance.”
    • Training is a cost-effective way to bolster compliance. “If you would like to have more resources and expertise in your program, but don’t expect to get more people, training can to maximize the capabilities of your department,” Currin advises. 
    • Training provides analytics to document.
    Current CICEd offerings address anti-money laundering, training for compliance officers and sales practice risk mitigation.
    Free on-demand webinars on the Currin Compliance website are also available. They address:
    • Sales Practice Risks and Mitigation Strategie;
    • Back Office Compliance Risks;
    • How to be a Wildly Effective Compliance Officer; and
    • Advertising Review Tips & Tricks.
    Finally, Currin’s Life Insurance Law Blog remains must-read material for life insurance compliance pros. Recent entries have addressed:
    • a posting about the benefits of having a strong system of reasonable controls in place to help identify and rectify problematic advertising and sales practices; and
    • a renewed focus on annuity suitability at the state and federal level.
First Consulting: Free As Far As You Can See
    First Consulting & Administration is another vendor to know, especially if you like free information. It’s made an art form out of free.
    Let’s start with its five free industry updates, covering:
    • Advertising. Issued when there are changes to insurance advertising regulatory requirements. It offers an explanation, background and insights into the impact the change may have.
    • Corporate Governance. The NAIC model law makes corporate governance a top-of-mind topic for every company – there are no exemptions for small companies or fraternal insurers. This update keeps you current as states adopt and propose new legislation.
    • ORSA. A monthly newsletter dedicated to helping you get your arms around compliance requirements for Own Risk & Solvency Assessments. It tells about states that have adopted and proposed legislation and provides the full citation for state-specific laws.
    • The Interstate Insurance Product Regulation Commission. The complimentary IIRPC update keep you informed about IIPRC and Interstate Compact changes and updates.
    • Insurance Fraud. Monthly advice about new and newsworthy fraud schemes or arrests in the news, new fraud red flags to watch for and the latest insurance fraud laws and regulations.
    There are also newsletters specific to life & health companies and property & casualty insurers. First Consulting scours bulletins, regulations and legislative activity for pertinent information impacting insurers.
    It is easy to get any or all of them. Just go online and ask. Pretty simple.  
    You’d rather watch your compliance information? First Consulting has free webinars, too. They’re offered from time to time about and have addressed ORSA, corporate governance, advertising and product compliance.
    These webinars are coming soon:
    • Corporate Governance: What Regulators Are Expecting. April 28.
    • Risk Management: Creating and Maintaining a Culture of Compliance, Risk and Ethics. May 3.
    • Risk Management: Risk Management and Oversight for Small Companies. May 17.
    • Risk Management: Preparing for a Cyber Breach. June 14.
    Again ... Totally free. Just register online.
    Finally, First Consulting offers complimentary research and surveys covering:
    • Advertising Filing Requirements (Life & Health);
    • Extraterritorial Jurisdiction Filing Requirements (Life & Health);
    • Application State Variations (Life & Annuity);
    • Reinstatement of Insurance (Life);
    • Application Filing Requirements (P&C);
    • Signature Page Requirements (P&C); and
    • Required Time Frame for Responding to Complaints (Multi-Line).
    Simply register online for a free user name and password to receive access.
Great Insurance Industry Vendors
    There are a lot of industry vendors offering superb service. If you need outside expertise, check out:
    • Clear Market Practices, publisher of The CLEAR Report, for a weekly report about  legislation, regulation, bulletins, directives, attorneys general opinions and other information of interest to insurance companies. It publishes separate editions for life, health and property & casualty insurance; securities; and banks. You can get a free trial of its service before you buy, too. (Disclosure: Insurance Compliance Insight’s weekly review of regulations, bulletins and legislation is produced with the assistance of The CLEAR Report.)
    • Coulter & Associates for actuarial and compliance services that include product development, precise reserve calculation, form, rate, and advertising filings, state admissions, ongoing compliance and regulatory review.
    • McHugh Consulting Resources for life and health services that include regulatory research, state filing, policy drafting and product development, licensing and state admissions, and advertising review.
    • Perr & Knight for insurance support services that include actuarial consulting, competitive intelligence, data services, insurance technology, regulatory compliance and risk services.
    • Wolters Kluwer Financial Services for the insurance compliance email notices from Kathy Donovan (and others) and free online content that help companies make sense of financial services risk and compliance. You can even ask Kathy a compliance question.
AICP Education Days
    Each chapter of the Association of Insurance Compliance Professionals holds an E-Day to discuss compliance topics of interest to their particular region. Here are details of meetings that have been announced:
    Great Lakes Chapter Event – Cybersecurity
    Date: April 15
    Location: Petterino’s, Chicago
    Cost: $40
    Gulf States Chapter
    Date: June 15
    Location: Atlanta
    Cost: TBD
    More Info (when announced): aicp.net/chapters/gulfstates.cfm#events
    Heartland Chapter
    Date: April 25
    Location: Polsinelli, Kansas City, Mo.
    Cost: $125 members; $145 non-members
    Mid-Atlantic Chapter
    Date: June 13
    Location: Pier 5 Hotel, Baltimore
    Cost: TBD
    Midwest Chapter
    Date: May 4
    Location: OneAmerica, Indianapolis
    Cost: $50 members; $65 non-members
    New England Chapter
    Date: April 29
    Location: Marriott Wentworth by the Sea, Newcastle, N.H.
    Cost: $160 members; $190 non-members
    Northwest Chapter
    Date: June 2
    Location: Safeco Center, Seattle
    Cost: TBD
    More Info (when announced): aicp.net/chapters/northwest.cfm
    South Central Chapter
    Date: May 6
    Location: Colcord Hotel, Oklahoma City
    Cost: $60 members; $85 non-members
    Western Chapter
    Date: May 5
    Location: Sheraton Fisherman’s Wharf
    Cost: $100 members; $125 non-members
Spring Industry Conferences
    And while we’re at it, there is still time to make plans to attend either (or both) of the annual meeting of the Insurance Advertising Compliance Association or the IRES Foundation’s National School on Market Regulation.
    No, it isn’t too late to attend. Yes, we’re pretty sure they’ll happily take your money at the registration desk.
    The IAdCA meeting is this week at the Epic Hotel in Miami. Click here or on the ad on the left for more information. The IRES School is next week at the Westin Riverwalk Hotel in San Antonio, Texas. Click here or on the ad on the left for more information.
    Here are other industry meetings coming up in the next few months that may of interest to compliance professionals:
    LOMA-LIMRA/LL Global
    Life Insurance Conference
    Dates: April 4-6
    Location: The Bellagio, Las Vegas
    Cost: Members: $1,395 for LIMRA, LOMA, SOA and ACLI members; $1,895 for nonmembers.
    More Info: loma.org/lifeconf/
    Association of Certified Anti-Money Laundering Specialists
    Anti-Money Laundering & Financial Crime Conference
    Dates: April 10 (Pre-Conference Workshops); April 11-13 (Conference)
    Location: Diplomat Resort & Spa, Hollywood, Fla.
    Cost: ACAMS Members: Conference Only, $1,695; Conference and One Workshop, $2,145; Conference and Two Workshops, $2,295. Nonmembers: $150 more.
    More Info: moneylaunderingconference.com 
    The Insurance Summit
    The NAIC’s new Insurance Summit combines the Financial Summit, Market Regulation Summit, PIO Forum and E-Reg Conference into one week.
    Dates: The week of May 16
    Location: Kansas City, Mo.
    Cost: $825; $625 for abbreviated two-day access.
    More Info: naic.org/insurance_summit
    Life & Health Compliance Association
    106th LHCA Meeting
    Dates: May 18-20
    Location: Embassy Suites, Alexandria, Va.
    Cost: $425 until April 24. $100 additional after that date.
    More Info: lhca.net
    LOMA-LIMRA/LL Global
    LOMA Cybersecurity Summit
    Dates: May 18-20
    Location: Grand Hyatt Tampa Bay, Tampa, Fla.
    Cost: Members: $995 for LOMA members until April 15. $100 additional after that.
    More Info: loma.org/securityconf/
    International Insurance Forum
    Dates: May 19-20.
    Location: Capital Hilton, Washington, D.C.
    Cost: $425.
    Financial Industry Regulatory Authority
    Annual Conference
    Dates: May 23-25
    Location: Marriot Marquis, Washington, D.C.
    Cost: $1,595 for FINRA members, $2,195 for non-members and $1,895 for attorneys after  March 31. Group rate discounts available.
    Insured Retirement Institute
    Government, Legal & Regulatory Conference
    Dates: June 5-7
    Location: Grand Hyatt, Washington, D.C.
    Cost: $1,195 for IRI members; $1,795 for nonmembers; $695 for regulators until May 5; $200 additional after May 5.
Copyright 2016 ProBusiness Publishing LLC All Rights Reserved
April 11, 2016
Insurance Compliance Insight is a general circulation weekly publication focused on insurance compliance and regulatory issues. Nothing within it should be interpreted as offering investment advice, legal counsel or other professional services. Subscribers can freely share ICI content within a subscribing company, but copyright law prohibits sharing content with those outside that company without written permission from the publisher.

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