State and federal lawmakers introduced at least 10,000 pieces of legislation with potential effects on the insurance industry between January and July, compliance consultants report.
The consultants, in the Waltham, Mass.-based insurance compliance solutions group at Wolters Kluwer Financial Services, say the flow of insurance legislation was up 70% from the comparable period in 2008, and up about 50% from the comparable period in 2007.
State and federal entities will change or create about 26,000 laws and regulations pertaining to the U.S. insurance industry, the consultants estimate.
Some of the changes will affect only certain lines, but 30% of the regulatory activity that occurred between January and July this year will affect all lines of business, the consultants report.
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