Once upon a time, insurance regulation for U.S. companies was pretty straightforward. But then came 2008. Things changed. The influencers if not the direct regulators of U.S. insurance companies have multiplied.

Executive Summary

Increased regulation is a long-term structural trend, according to Deloitte's Howard Mills, Andy Mais and David Sherwood, who argue that a wait-and-see approach to uncertain developments is not the best way forward for P/C insurers. Here, they outline a strategic approach and an organizational framework for dealing with regulatory change.

Not just the quantity of regulation has changed but the quality as well. In the United States, the emphasis on group supervision and corporate governance is relatively new. Internationally, the emphasis on capital will bring changes for affected companies. And there’s no end in sight.

This leads to a simple premise: Regulation has become a structural trend requiring greater strategic consideration. The old paradigm of compliance as a relatively straightforward, sometimes isolated function can no longer suffice. Insurers need a new organizational framework for their regulatory processes in order to succeed in this new age.

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