Insurance products must comply with specific regulatory requirements designed to protect both the solvency of the insurer and the interests of the policyowners. To ensure that these concerns are met, a product concept goes through various stages, typically handled and overseen by a product development team. Members of such a team include members of different technical areas of expertise from throughout the company, including actuarial, marketing, underwriting, claims, investments, information technology, policyowner service, accounting, legal and compliance.

While specifics may vary by organization, the product development process generally consists of idea, generation, proof of concept, business analysis, research of both the market and laws, product design, product implementation and introduction to the market. Most insurance products must be filed with individual state insurance departments prior to introduction to the market to ensure the product is viable and meets all state requirements for the type of insurance provided.

Featuring: Anita Dulmes, Product Compliance Director, First Consulting
Stacy Koron, Principle, Milliman

Hosted by: Dave Milligan, Assistant Vice President, American Equity Investment

Anita Dulmes has over 30 years of life and health insurance compliance experience including product drafting and development, form filings, fraud review, TPA auditing and oversight, regulatory research, agent appointments, advertising review and market conduct exams. She earned her BA in Sociology from St. Norbert College, just outside of Green Bay, WI, and a paralegal certificate from Roosevelt University. In her free time, Anita enjoys doing anything outside and reading.

Stacy Koron is a principal and compliance consultant with the Tampa office of Milliman, where she assists clients with a wide variety of life, annuity and health insurance compliance issues. Stacy works with carriers and employers to develop contract language for group and individual life and health insurance and works with regulators to secure approval of those products. Stacy specializes in development of innovative life and health insurance products and finding solutions to unique regulatory challenges.

Dave Milligan is Assistant Vice President of Regulatory Compliance at American Equity Investment Life Insurance Company with 30 years of experience in regulatory compliance.