Count on Our Commitment to Compliance

Everyone wants to work with a company they can trust. Establishing that trust involves experiencing integrity – in word and in action. When it comes to the insurance industry, it’s centered on the insurance policy and how it is executed. It’s seen in product design and the way the products are communicated in the market. It comes forward in audits that demonstrate adherence to state and federal guidelines. And it all starts with the carrier’s commitment to compliance.

As the director of regulatory affairs at HM Insurance Group (HM), I'm responsible for overseeing all aspects of regulatory compliance for our business across all 51 jurisdictions. It’s a vital part of our ability to deliver financial protection. It enables us to remain upstanding in our business practices, helps to ensure the long-term stability of our company, and works to make us consistently dependable for our clients and business partners.

In the complex world of insurance and reinsurance, navigating state insurance department regulations can be a daunting task. Each state has its own unique set of rules and requirements, which are constantly evolving. Failing to comply with these regulations can result in penalties, legal challenges, and reputational damage. More importantly, non-compliance can jeopardize our ability to provide the financial protection our clients need. So, conducting our business the right way is something we take very seriously. A good day in compliance is when nothing bad happens!

Here are some ways we do our part:

Playing a key role in strategic endeavors – HM’s senior leadership team consistently engages our knowledge when executing the company’s strategic plans. Having a seat at the table is particularly important when launching, modifying, or expanding products, since we have a role to play in drafting policy language, determining appropriate form content, and completing required filings, all within the context of a complex regulatory environment.

Staying on top of developments – We keep up to date on legislative and regulatory activities by fervently monitoring legislative sessions, proposed rule changes, and bulletins issued by insurance departments across the country. This allows us to gain a broad view of what is taking place at both the state and national level, so we can proactively identify potential compliance risks and implement any necessary changes to our policies and procedures.

Being timely and accurate – When it comes to protecting HM’s ability to operate, we have to be precise. We work diligently to prepare and submit all required documentation and information to maintain our company licenses across the county and to ensure compliant policy forms and rates. The submission of state reports must be done on time and as accurately as possible. Working closely with state regulators helps to address any questions or concerns they may have, which, in turn, helps to ensure our filings are approved in a timely manner.

Protecting our brand and reputation – Compliance also extends to our marketing and advertising efforts. We carefully review external-facing content (e.g., brochures, website content, and print and digital advertising) to help ensure accuracy, proper sourcing, appropriate disclaimers, and alignment to state regulations. This helps us to protect our brand and reputation and to avoid misleading current and potential clients with misrepresentations of any kind.

Creating client confidence – Compliance isn’t about spouting legal jargon, patrolling every move of the business, or checking boxes. It's about doing right by our clients, while also doing right by our company and all of our employees who work their hardest to deliver on our promises. It's about building trust and maintaining our company’s reputation as a responsible and principled business partner.

When you choose HM Insurance Group, you can be confident that you're working with a company that is committed to regulatory excellence and placing your interests at the forefront of what we do.