From: Deloitte
The regulatory landscape for insurance will likely continue to be challenging and uncertain in 2015. As was the case in 2014, the insurance industry can expect to face new rules and modified requirements that could significantly affect how companies operate. “Regulatory bodies in the U.S. and abroad have been significantly expanding their compliance oversight and enforcement activities in recent years,” says Tom Rollauer, executive director, Center for Regulatory Strategies, Deloitte & Touche LLP. “This is a trend which
is expected to accelerate and add to rulemaking and overlapping of regulatory roles.”
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Cybersecurity threats. Insurance companies are an increasingly appealing target for hackers and cybertheft and need to shore up their cyber defenses before they are seriously compromised. As insurers expand their footprint to mobile devices and the Internet—and as the value of customer data continues to rise—regulators have begun to recognize the serious and rising risks of cyberthreats in the industry and the fact that many insurers are unprepared. In response, regulators are starting to raise the bar on cybersecurity. As an example, the NAIC has established a Cyber Security Task Force reporting to its executive committee.
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