Regulatory Overkill or Politics as Usual?
It's no secret that the insurance industry takes a relatively dire view of regulatory compliance. The Sarbanes-Oxley Act of 2002 (SOX) is reported to have cost public companies across all verticals $35 billion last year. If the popular press is correct, that equates to 30,000 man-hours per company, per year, to comply. Although it's a given that promoting accurate bookkeeping (not cooked books) is simply best practice, the only companies seeming to benefit from compliance efforts are the pool of compliance-related technology solution providers.
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