Compliance does not apply to banking and financial services only, but it also applies to various sectors including the insurance industry. 
In fact, compliance and transparency are key to all businesses, but especially to insurance providers, and hence careful adherence to compliance rules in the insurance industry needs to be applied into the day to day business practices.

The insurance sector is responsible for protecting its customers and supporting them, and any breach of any insurance regulation can seriously affect both the individual and corporate clients. Regulators of the sector require companies to abide by broad Know Your Customer (KYC) standards, effective consumer protection procedures, and complete anti-money laundering (AML) and anti-corruption practices.

A recent report by Deloitte has detailed the challenges that the insurance sector is currently facing from a compliance / regulatory perspective.

To know more about these challenges, visit:
https://www2.deloitte.com/us/en/pages/regulatory/articles/insurance-regulatory-outlook.html

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