Key Regulatory Challenges Facing the Insurance Industry in 2016 | March 2016
Key Regulatory Challenges
KPMG has highlighted ten key new and ongoing regulatory themes facing insurance companies this year. The complexities of the current regulatory environment pose significant challenges for the insurance sector, especially the largest, most globally active firms. Domestic insurers, however, are also struggling to optimize their business models and infrastructures to better address the growing regulatory scrutiny and new expectations, which are increasingly influenced by global trends.
The 10 key regulatory themes include:
- Strengthening Governance and Culture
- Improving Data Quality for Risk Data Aggregation and Risk Reporting
- Harmonizing Approaches to Cybersecurity and Consumer Data Privacy
- Recognizing the Focus on Consumer Protection
- Addressing Pressures from Innovators and New Market Entrants
- Transforming the Effectiveness and Sustainability of Compliance
- Managing Challenges in Surveillance, Reporting, Data, and Control
- Reforming Regulatory Reporting
- Examining Capital
- Managing the Complexities of Cross-Border Regulatory Change.