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Dec 2, 2015

Year in Review: Compliance

Regulatory Reviews
In 2015, ACORD’s Compliance Department continued to monitor the regulatory landscape for new or revised legislation and regulations that would have an impact on ACORD forms. As a result of regulatory changes in seven jurisdictions – Indiana, Nevada, New York, North Dakota, Oklahoma, Oregon and West Virginia – various ACORD forms were newly introduced or revised, and filed where required.

Filings and Licensing
2015 marked a busy filing year. The Compliance Department currently files various categories of forms in 35 jurisdictions. In collaboration with ACORD’s Forms and P&C teams, over 75 new or revised ACORD forms were processed. These revisions resulted in over 700 filings submitted to the jurisdictions for review and approval.  
This year, the Compliance Department also processed 18 license renewals so that ACORD would continue to be classified as a rate service or advisory organization in those jurisdictions. 

Professional Internship
2015 also marked an exciting first-of-its-kind professional summer internship for ACORD. In close collaboration with ACORD’s Training & Education Department, an insurance and risk management student from St. John’s University was selected to work with the Compliance Department. The program was a rewarding experience for all, and we look forward to its enhancement in 2016.

Forms Community
The Compliance Department continued to utilize the ACORD Forms Community as an effective method of communication with ACORD members. This allowed us to provide regular updates regarding changes required to forms based on compliance and general issues. We recommend joining if you haven’t done so already as we will continue to utilize this means of communication in 2016. Click here to join!

State Information Guides
The Compliance Department has been in the process of researching and compiling data for the purposes of enhancing the Forms Filing Requirements section of the ACORD website. As a result, we will publish individual State Information Guides in PDF format to this section by December 31, 2015. These documents will be beneficial to ACORD members, as they will provide enhanced filing requirement guidance by form category and jurisdiction. We will monitor these documents in 2016 and beyond.