Resources for Health Insurance Portability and Accountability Act (HIPAA)

Compliance Technology Investment: Risk and Benefit

www.insurancetech.com

The insurance industry is one of the most regulated industries, with states controlling company licensing, producer licensing, and product, financial and market regulations, with an end goal to protect consumers. Insurance carriers have to comply with regulations such as the Gramm-Leach-Bliley Act (GLBA), Sarbanes Oxley (SOX), the Health Insurance Portability and Accountability Act (HIPAA), Federal Rules of Civil Procedure (FRCP), and various statutory reporting requirements. The regulatory environment is also constantly changing and expected to become more complex in light of the current credit crisis and turmoil in the financial services industry. Recently, Treasury Secretary Paulson proposed more federal control of regulations for the insurance industry, at the expense of state oversight.

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