For several years, healthcare insurance companies have been required to comply with HIPAA regulations. The level of scrutiny for these organizations rivaled that of healthcare providers while other forms of insurance were reliant on their own self-imposed standards for protecting confidential client data.
Moving forward, non-healthcare Insurance companies will be managed more like financial services companies due to the nature of their business transactions. While most insurance companies are certainly not strangers to regulations and audits, they are facing even more scrutiny than before. Some of the top compliance issues for these organizations include the security of access and storage of sensitive client data, governance and reporting for the SEC/National Association of Insurance Commissioners, and due diligence to comply with anti-money laundering legislation.