By: Consuelo Rosani
Having partners you can trust is more important now than ever before. Not only is State National Companies the industry leader in portfolio protection, we have also maintained an “A” (Excellent) rating from A.M. Best since 1993. Maintaining this reputation for over 27 years is not an easy task. For a better understanding of this achievement, we asked State National’s VP of Compliance Kelly Brown and her team to provide insight.
Why is compliance important to State National?
Compliance is essential to maintain good standing with states by ensuring adherence to all applicable state laws and regulations. Maintaining compliance in all areas ensures State National can remain licensed in all 50 states, uphold its leading reputation in the industry, and keep the interests of its clients and partners at the forefront.
How does the department ensure State National is compliant with regulatory rules?
There are several ways in which the Compliance Department ensures proper compliance. We track and monitor regulations prior to enactment and communicate pertinent information to our business partners. We review audit findings to ensure activities remain compliant. When process change needs are identified in response to a compliance issue, the team coordinates with appropriate parties to implement the necessary change(s). We also stay organized and up to date on all relevant obligations and reporting requirements to ensure the successful submission of over 50,000 time-sensitive reports annually.
What are the consequences for State National and our clients if compliance isn’t handled correctly?
If compliance requirements are not properly implemented and maintained, State National or its clients could be subject to lawsuits, risk reputational damage, face heightened regulatory scrutiny, and/or incur monetary fines. In severe instances, compliance failures could also prevent the company from maintaining the appropriate licensing and authority required to do business.
What is the key motivator for the department to successfully meet all compliance goals?
The Compliance Department is highly committed to maintaining State National’s premier reputation in the industry and its obligations to its clients.
By staying on top of all compliance-related issues, the department’s efforts and dedication enable the company to avoid costly assessments and fees, which translates to savings for our clients.
State regulators have specifically commended the work performed by members of the Compliance Department — it is rare to receive such praise, and the team works hard to earn such acknowledgments and to maintain our good standing and reputation.
What makes the team successful?
We have wonderful employees who work well together and are efficient. The Compliance Department has a culture of empowerment, opportunities for career growth and success, and a focus on adding value. This has translated into a high-functioning team that is motivated and dedicated and maintains a heightened culture of employee team spirit.
Consuelo Rosani is an experienced administrative professional with over eight years of experience in the insurance industry. Driven by integrity and ethics, she takes pride in providing the best customer experience possible and has been recognized for her commitment to exemplary service.