Wolters Kluwer Financial Services announced today that Oklahoma City-based American Fidelity Assurance Company has chosen its NILS INsource and NILS INcompass offerings to help monitor and implement regulatory changes.
With 2011 on track to be another high volume year from a regulatory and legislative perspective, managing regulatory change has never been more critical to the insurance industry. Through October 2011, over 11,000 bills affecting insurers were introduced into state legislatures and Congress. Additionally, more than 19,900 statutes, regulations and bulletins were newly created, revised or issued during that timeframe. As a result, the challenges of managing both the volume of activity and the required process implementation changes can be daunting for insurers.
NILS INsource, an insurance regulatory content solution, is used by more than 10,000 insurance professionals for statutory and regulatory research and analysis on all 50 states, the U.S. federal government, the District of Columbia, the Virgin Islands and Puerto Rico. It integrates with NILS INcompass, a workflow tool that helps compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations. The solution also helps insurers keep track of their progress in applying new industry laws and regulations.
"NILS INsource and NILS INcompass help our compliance department make regulatory research faster and more accurate while centralizing our regulatory change management processes and ensuring their adoption throughout the organization," said Christopher Kenney, vice president at American Fidelity Assurance Company. "This gives us peace of mind that we have the most current, insurance-specific regulatory content and that the relevant regulatory changes are being implemented correctly."
"Compliance and legal professionals must not only monitor regulatory changes, but also understand the changes, determine their impact and ensure they are implemented throughout the company," said Pam Ewing, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. "By developing solutions that help with every aspect of this process, our goal is to provide insurers with confidence that their organizations are remaining compliant."
For more information Wolters Kluwer Financial Services' Insurance Compliance Solutions, visit https://Insurance.WoltersKluwerFS.com.
About Wolters Kluwer Financial Services
Wolters
Kluwer Financial Services is a comprehensive regulatory compliance
and risk management business that helps financial organizations manage
operational, compliance and financial risk and reporting, and improve
efficiency and effectiveness across their enterprise. The organization's
prominent brands include: FRSGlobal, ARC Logics for Financial
Services, PCi, Compliance Resource Network, Bankers Systems, VMP®
Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS,
AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services
supports its global customers with more than 30 offices in 20 countries
and is a leading worldwide provider of compliance and risk management
solutions for the financial services industry, serving more than 15,000
banking, insurance and securities customers across the globe. Wolters
Kluwer Financial Services is part of Wolters
Kluwer, a leading global information services and publishing company
with annual revenues of (2010) €3.6 billion ($4.7 billion) and
approximately 19,000 employees worldwide. Please visit our website
for more information.
About American Fidelity Assurance Company
Founded in 1960,
American Fidelity provides supplemental health insurance benefits and
financial services to education employees, auto dealerships, health care
providers and municipal workers across the United States. American
Fidelity is a third-generation, family-owned business. It serves more
than 1 million customers in 49 states and in 23 countries worldwide. For
more information, visit www.afadvantage.com.
Contacts:
Wolters Kluwer Financial Services
Jennifer Marso
Senior
Director, Corporate Communications
612-852-7912
jennifer.marso@wolterskluwer.com
or
Angela
Peterson
Corporate Communications Manager
612-656-7745
angela.peterson@wolterskluwer.com
