Implementing Corporate Governance Initiatives, Financial Controls and Information Management Strategies to Ensure

Regulatory Compliance For the Insurance Industry

Monday, January 31, 2005

About

Are you prepared for the increased scrutiny of your company's compliance practices?

The relatively informal relationship insurers often shared with their state regulators is a thing of the past. Gone is a modest set of rules and predictable disciplinary system, replaced by daunting requirements and potentially devastating consequences. Insurance companies that fail to meet the new standards imposed by federal regulators face staggering fines-or worse.

The compliance challenges that insurers are facing may continue to expand, as state regulators consider adopting Sarbanes-Oxley's stringent standards. Corporations are grappling with complex restructuring issues, such as how to organize the compliance department and defining the responsibilities of the Chief Compliance Officer. With the major investment required in updating your compliance function-a recent estimate puts the costs of complying with Sarbanes-Oxley Section 404 alone at just under $2 million per company, and $4.6 million for companies with over $5 billion of revenue-it is imperative that this money be well spent. In this time of unprecedented changes and challenges, insurance and reinsurance firms need in-depth guidance.

American Conference Institute has developed this publication to provide you with the tools you need to develop a compliance strategy that will keep your company ahead of the curve in this challenging environment. The publication will give you practical guidance on:

How to determine reserves under SOX guidelines
IT compliance strategies
What to consider when defining the role of the Chief Compliance Officer
Pending investigations that may impact your compliance practices
What to do when confronted with a civil investigation and how to prevent them

Contents & Contributors

About

Are you prepared for the increased scrutiny of your company's compliance practices?

The relatively informal relationship insurers often shared with their state regulators is a thing of the past. Gone is a modest set of rules and predictable disciplinary system, replaced by daunting requirements and potentially devastating consequences. Insurance companies that fail to meet the new standards imposed by federal regulators face staggering fines-or worse.

The compliance challenges that insurers are facing may continue to expand, as state regulators consider adopting Sarbanes-Oxley's stringent standards. Corporations are grappling with complex restructuring issues, such as how to organize the compliance department and defining the responsibilities of the Chief Compliance Officer. With the major investment required in updating your compliance function-a recent estimate puts the costs of complying with Sarbanes-Oxley Section 404 alone at just under $2 million per company, and $4.6 million for companies with over $5 billion of revenue-it is imperative that this money be well spent. In this time of unprecedented changes and challenges, insurance and reinsurance firms need in-depth guidance.

American Conference Institute has developed this publication to provide you with the tools you need to develop a compliance strategy that will keep your company ahead of the curve in this challenging environment. The publication will give you practical guidance on:

How to determine reserves under SOX guidelines
IT compliance strategies
What to consider when defining the role of the Chief Compliance Officer
Pending investigations that may impact your compliance practices
What to do when confronted with a civil investigation and how to prevent them

Contents & Contributors


ENSURING CONTINUING COMPLIANCE WITH SOX
Thomas P. Ward, Ernst & Young, LLP

HOW INTERNAL AND EXTERNAL AUDITING CAN HELP YOU COMPLY WITH (AND GO BEYOND) SOX
Jeremy J. Eagles, Internal Audit XL Capital LTD
Christopher J. Nenninger, Alea North America
Edward J. Majkowski, Ernst & Young, LLP
Gary Shaw, Deloitte & Touche

RESERVING REQUIREMENTS: STRATEGIES FOR DETERMINING, VALIDATING AND REPORTING RESERVES IN COMPLNIACE WITH SOX
Scott Anderson, Zurich North America
Patricia Teufel, KPMG LLP
Steven M. Visner, Deloitte Consulting LLP

RESERVING REQUIREMENTS: STRATEGIES FOR DETERMINING, VALIDATING AND REPORTING RESERVES IN COMPLNIACE WITH SOX
Scott Anderson, Zurich North America

SECURITY AND PRIVACY REGULATORY COMPLIANCE: HOW TECHNOLOGY CAN HELP
David K. Black, Accenture

IT COMPLIANCE: MEETING PRIVACY, SECURITY AND DATA RETENTION REQUIREMENTS
Kevin Chiarello, Fidelity National Financial, Inc.

STRUCTURING AN EFFECTIVE COMPLIANCE DEPARTMENT AND AVOIDING TURF BATTLES
Margaret Sperry, Massachusetts Mutual Life Insurance Company
Carol Baldwin Moody, TIAA-CREF

USA PATRIOT ACT: ANTI-MONEY LAUNDERING RULES FOR INSRUANCE COMPANIES
Gary W. Sutton, Senior Banking Counsel, US Department of Treasury

FOREIGN ASSETS CONTROL REGULATIONS AND THE INSURANCE INDUSTRY
Serena D. Moe, Citigroup

PROACTIVE STRATEGIES FOR FUTURE COMPLIANCE CHALLENGES
Judith A. Hasenauer, Blazzard, Grodd & Hasenauer, PC



DOCUMENT TYPES: PRESENTATIONS AVAILABLE: 0