Cost of Corporate and Regulatory Compliance

Date:JUN 2011
Status:Complete
Cost: $1500 Add to Cart
Detail:

Ward Group, in partnership with Property Casualty Insurers Association of America (PCI), conducted a study on Regulatory and Corporate Compliance.  The study analyzed compliance practices and strategies in a number of key areas, including oversight, resource management, and regulatory relations. 


Table of Contents

Introduction

  • Overview
  • Profile of Participants
  • Executive Summary
Key Findings
  • Strategic Considerations
  • Compliance Oversight
  • Expense Benchmarks
  • Compliance Staffing Benchmarks
  • Regulatory Filing Cycle Time
  • Market Conduct Examinations
  • State Examinations
  • Agency Licensing / NAIC Filing
  • Impact of Reform
  • State Regulatory Environmental Satisfaction Rating
  • State Rate /  Form Rejection Rate
  • State Product Filing Rejection Rate

Appendix

Detailed Study Results

 
Participant Profile


A diverse group of 46 insurance carriers participated in the study, representing 15% of the total P&C market share. In order to maintain the confidentiality of the data, the names of the participants have not been disclosed. Results are calculated using the total number of participant responses to each survey topic.

To further analyze the survey responses, benchmark groups were developed by geographic coverage, premium volume, and lines of business.

A complete benchmarking comparison by benchmark group is provided in the appendix. 

The following summarizes the benchmark profiles:

  • Overall Benchmark: Comprised of 46 companies. The profile for this benchmark was $1.5 billion in gross premiums, actively writing in 25.6 states with 15.5 filed insurance products, on average

  • Regional Benchmark: Comprised of 27 companies operating in less than 35 states. The profile for this benchmark was $678 million in gross premiums, actively writing in 10.3 states with 18.1 filed insurance products, on average

  • National Benchmark: Comprised of 19 companies operating in 35 or more states. The profile for this benchmark was $2.7 billion in gross premiums, actively writing in 47.3 states with 11.1 filed insurance products, on average

  • Small Company Benchmark: Comprised of 27 companies with gross premiums less than $500 million. The profile for this benchmark was $152,000 in gross premiums, actively writing in 21.1 states with 14.3 filed insurance products, on average

  • Large Company Benchmark: Comprised of 19 companies with gross premiums more than $500 million. The profile for this benchmark was $3.5 billion in gross premiums, actively writing in 31.9 states with 17.3 filed insurance products, on average

  • Personal Lines Benchmark: Comprised of 22 companies primarily writing personal lines insurance. The profile for this benchmark was $1.7 billion in gross premiums, actively writing in 17.5 states with 17.7 filed insurance products, on average

  • Commercial Lines Benchmark: Comprised of 24 companies primarily writing commercial lines insurance. The profile for this benchmark was $1.4 billion in gross premiums, actively writing in 33.0 states with 13.5 filed insurance products, on average






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