Insurance Compliance Insight

🚨 Attention Insurance Professionals 🚨 Are you concerned about the spread of misleading life insurance advice on social media? You should be! In my latest article for Insurance Compliance Insight, I dive into the growing problem of self-proclaimed "financial experts" using platforms like TikTok and YouTube to peddle deceptive information about indexed universal life (IUL) insurance and other products. With younger generations increasingly turning to social media for financial guidance, it's more important than ever for regulators, insurers, and producers to take action. I break down the current NAIC model regulation on life insurance advertising, its limitations in the social media age, and potential updates that could help protect consumers. Subscribe to Insurance Compliance Insight today for access to this article and all our content on staying compliant in a rapidly changing industry. Your subscription will keep you ahead of the curve on regulatory updates, enforcement actions, and best practices for advertising compliance from lead generation through policy issuance. Click the link below to read the full article and start your subscription! 👇 And be sure to share this post with your network of insurance professionals. Together, we can work to build trust and transparency in the life insurance market. #compliancematters #lifeinsurance #consumerprotection #misleadingmarketing #socialmediacompliance

Unraveling a Complex Insurance Scheme: Investor Sues for Millions Lost A recent lawsuit filed in Oregon exposes the alleged deception behind a premium-financed life insurance investment. Scott Alldridge claims he lost over $820,000 and a $12 million policy due to misrepresentation and negligence. The case against Joshua Gottlieb and his companies highlights the risks of these complex products. Read the full article in Insurance Compliance Insight to discover how a promising retirement plan turned into a financial nightmare and led to federal litigation.

The Iowa Insurance Commissioner has issued a major enforcement order against a public adjuster and his firm, imposing over $1.3 million in penalties and restitution. The case reveals how a complex web of misconduct impacted homeowners and businesses across Iowa. From fraudulent check endorsements to mishandled claim funds, this exclusive analysis breaks down what went wrong and what it means for the insurance industry. Read the full story in our latest newsletter.

New York's Department of Financial Services has issued crucial guidance on AI-related cybersecurity risks. The industry letter helps regulated entities apply existing cybersecurity regulations to emerging AI threats. From deepfakes to data exposure, DFS outlines key risks and recommends robust controls. Learn how to fortify your defenses in the age of AI.

New York's Department of Financial Services has issued crucial guidance on AI-related cybersecurity risks. The industry letter helps regulated entities apply existing cybersecurity regulations to emerging AI threats. From deepfakes to data exposure, DFS outlines key risks and recommends robust controls. Learn how to fortify your defenses in the age of AI.

FINRA's recent alert highlights a sophisticated phishing scam impersonating executives. Could state insurance regulators be next? Learn how this cybersecurity threat might evolve and what steps your company should take to protect against fraudulent regulatory communications. Read more about this emerging risk. The full article and analysis are now available in Insurance Compliance Insight, a weekly newsletter written by an expert in insurance compliance for insurance compliance officers. Contact us at Cailie@ins-compliance.com or admin@ ins-compliance.com for more information. https://lnkd.in/eKpcN-pq

TD Bank's recent anti-money laundering (AML) settlement, with penalties totaling over 3 billion dollars, may seem far-removed from day-to-day AML worries of insurance compliance officers. However, this case does highlight some potential risks for insurance companies, especially for those distributing products through banks. Key considerations for insurance compliance officers include: 1. Reviewing distribution agreements with banks, focusing on AML responsibility allocation 2. Assessing AML compliance officer involvement in bank distribution contract reviews 3. Evaluating AML program effectiveness testing, including bank contract audits 4. Considering indirect AML risk exposure through distribution partners This settlement underscores that AML risks can extend beyond direct operations and many companies could benefit from reviewing their programs in light of the TD bank settlements. The full article and analysis are now available in Insurance Compliance Insight, a weekly newsletter written by an expert in insurance compliance for insurance compliance officers. Contact us at Cailie@ins-compliance.com or admin@ ins-compliance.com for more information.

TD Bank's recent anti-money laundering (AML) settlement, with penalties totaling over 3 billion dollars, may seem far-removed from day-to-day AML worries of insurance compliance officers. However, this case does highlight some potential risks for insurance companies, especially for those distributing products through banks. Key considerations for insurance compliance officers include: 1. Reviewing distribution agreements with banks, focusing on AML responsibility allocation 2. Assessing AML compliance officer involvement in bank distribution contract reviews 3. Evaluating AML program effectiveness testing, including bank contract audits 4. Considering indirect AML risk exposure through distribution partners This settlement underscores that AML risks can extend beyond direct operations and many companies could benefit from reviewing their programs in light of the TD bank settlements. The full article and analysis are now available in Insurance Compliance Insight, a weekly newsletter written by an expert in insurance compliance for insurance compliance officers. Contact us at Cailie@ins-compliance.com or admin@ ins-compliance.com for more information.

Elevating Your Compliance Program: Meeting the DOJ's New Benchmarks The U.S. Department of Justice's updated Evaluation of Corporate Compliance Programs (ECCP) brings new challenges for insurance industry compliance officers. This article outlines practical steps to align your company's compliance program with the revised ECCP, focusing on the insurance sector's unique needs. Key action areas include: 1. Risk Assessment: Conduct comprehensive evaluations tailored to your operations, products, and geographical reach. 2. Policy Development: Update your code of conduct and create clear policies on industry-specific risks. 3. Training: Design role-specific modules addressing common ethical dilemmas in insurance. 4. Reporting Mechanisms: Establish multiple channels for compliance concerns and develop robust investigation protocols. 5. Third-Party Management: Implement risk-based due diligence processes for agents, brokers, and vendors. 6. Data Analytics: Identify key risk indicators specific to insurance operations and use analytics tools for continuous monitoring. 7. Compliance Function Structure: Ensure appropriate independence and authority for the compliance team. 8. Business Process Integration: Map key processes and integrate compliance checks at critical points. 9. Incentives and Discipline: Review compensation structures to avoid incentivizing non-compliant behavior. 10. Technology Governance: Develop a framework for AI use in insurance operations. This article provides a roadmap for insurance compliance officers to enhance their programs, aligning with regulatory expectations while adding value to their organizations. It emphasizes the need for ongoing adaptation to evolving risks and regulatory changes. Read the full article in Insurance Compliance Insight for more detailed action steps and implementation tips in each of these ten areas. Contact Cailie@ins-compliance.com or admin@ins-compliance.com for more information. https://lnkd.in/eKpcN-pq

New FIO Report: US Insurance Industry Adapts to Change The FIO's 2024 Annual Report reveals how insurers are navigating higher rates and evolving risks. From premium growth to emerging challenges, get key insights on the state of the US insurance market. Read our analysis now.