Regulatory compliance: Insurance

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Milliman's compliance experts guide their clients through the confusing maze of ever-changing state insurance laws. Our team's in-depth knowledge of compliance requirements and longstanding relationships with state regulators speeds product approval.

Our expertise includes state-specific contract drafting, electronic filing, and marketing-material review and revision. We move quickly to resolve objections and secure product approvals.

Legal issues, state by state

Companies understandably wonder how a new product would be received by states around the country. Milliman can research and prepare a 50-state summary analyzing each state's relevant laws, identifying possible roadblocks and strategies for overcoming them.

Our experience in product development adds another dimension to our understanding of the compliance process. After products reach the market, our market-conduct audits identify and correct problems, reducing the threat of future litigation.

Tracking industry trends

We closely monitor hot-button industry issues and offering compliance strategies including:

  • emerging, complex insurance products such as combination long-term-care life and annuity policies
  • senior suitability laws
  • the growing reach of the Interstate Insurance Compact and other speed-to-market initiatives
  • Coordinated Advertising Rate and Form Review Authority standards
  • changes in federal insurance-industry law

Reputation repair

If there's a state where your company reputation is not optimum, Milliman can help rebuild credibility.

A recent client had difficulty getting new products approved in a large-population state. Milliman’s research showed the company’s poor reputation with state regulators was a major obstacle. Using its extensive knowledge of state requirements and in-depth personal contacts, Milliman staff identified key problems, then brought state insurance regulators and company management together. As a result, a key product line won approval and the company was well positioned to submit future products in this state.

Next steps