Keep pace with regulatory changes
When The For the People Act, also known as H.R. 1, was signed into law in the United States, there were substantial changes and provisions specific to the insurance industry that came with it. For example, life insurers now face new reporting obligations on policy sales for both the purchaser and the issuing company. Property-casualty and health insurance companies have new regulations around loss reserve discounting and the proration of certain types of investment income. And finally, there were considerable changes to international tax rules that have the potential to disrupt global operations for multinational insurance companies. Staying informed about regulatory changes has never been more important.