MINNEAPOLIS--(BUSINESS WIRE)--Wolters Kluwer Compliance Solutions and the American Property Casualty Insurance Association (APCIA) have entered into a new agreement to provide member companies direct access to APCIA Bulletins via Extensible Markup Language (XML) produced by Wolters Kluwer, allowing member companies to enhance their insurance compliance capabilities. Provided via NILS™ Feed Plus technology, the content enables members to readily incorporate regulatory updates into their existing compliance platforms.
With this new collaboration, Wolters Kluwer has licensed from APCIA the exclusive rights to commercialize APCIA Bulletins, thereby expediting delivery of timely regulatory content to APCIA member insurance companies.
“In recent years, keeping pace with the growing volume, scope, and complexity of ever-changing regulatory content across all jurisdictions in which an insurance company operates has become an increasingly daunting and formidable process,” said Steve Meirink, Executive Vice President and General Manager for Compliance Solutions. “APCIA members will benefit from the combined regulatory compliance expertise and capabilities of Wolters Kluwer and APCIA.”
NILS Feed Plus offers a time-saving and comprehensive means for managing insurers’ regulatory change risks. Based on an industry-leading insurance regulatory compliance database, the solution provides users a prioritized summary and recommended requirements for insurance-related legislative and regulatory changes. These changes have been tailored to meet insurance compliance search parameters by state, line of business and business function and are delivered in a user-friendly format to help insurers effectively monitor the regulatory environment and implement to maintain compliance.
“Even for those with experienced compliance staff, insurers today are in a difficult position, given the high demand on resources to handle the considerable volume and complexity of regulatory changes—including interpreting how, where and when these changes need to be applied within their business lines,” said Carol Emory, vice president, compliance information at APCIA. “We are excited to augment our existing regulatory compliance capabilities for APCIA members through this arrangement with Wolters Kluwer, which enhances our members’ ability to obtain timely notification and thorough insights to regulatory changes that impact their business.”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks and credit unions, and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ eOriginal® suite of purpose-built, digital lending solutions, for example, helps lenders digitize their transactions and features electronic signatures, collateral authentication and an electronic vault. Compliance Solutions’ OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions business are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,200 people worldwide.
About American Property Casualty Insurance Association
The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions—protecting families, communities, and businesses in the U.S. and across the globe.