The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients.
In order to respond to these challenges, Cleva has implemented a procedure to search for legal requirements that apply to the markets in which we operate and that can affect Cleva software. An active search is conducted monthly on the websites of regulatory authorities as well as on legal information portals. These sources include every legal requirement associated with insurance, namely, « Decree-Laws », « Executive orders », « Orders », « Standards », « Newsletters » and « Circular letters ». Moreover, Cleva’s clients and partners also notify us of requirements that demand our closest attention.
Each requirement is then analysed alongside partners, consultants, or clients in order to establish an interpretation that, sometimes, may not be unanimous among insurance companies, since regulatory texts may be somewhat ambiguous, which may lead to different interpretations.
Based on Cleva’s interpretation, we establish our positioning, i.e., our solution’s response to the legal requirement. This response may comprise software changes and/or configuration changes and/or simply providing data.
The analysis of the legal requirements and their applicability in their context must always be performed by insurance companies. Cleva’s responsibility lies in providing everything the insurance company needs to address the legal requirement; on the other hand, the insurance company is responsible for implementing the compliance solution that better suits its reality.
Lire la suite ici : Legal requirements’ management in Cleva software (source : News Assurances Pro - Media Indépendant des assureurs, mutuelles et institutions de prévoyance)
