Information Governance of IAS: Federal Laws and Implementation

This report provides a comprehensive overview of information governance within the context of Insurance Assurance of South (IAS). It begins by outlining the principles of corporate governance and their application in the insurance industry, emphasizing the importance of data management. The report then details the implementation of an information governance system, including setting goals, establishing a steering committee, defining scope, providing technology solutions, and pre-rollout testing. It also explores relevant federal laws, such as those related to data production and security, referencing the practices of EMC. Furthermore, the report examines specific state laws applicable to IAS, including those in Kentucky, Georgia, and Florida, and Maryland. The report highlights the importance of data as a corporate asset, data security requirements, and data quality audits within the context of the insurance sector. The report also provides an overview of the different federal rules and regulations that are to be implemented in the information governance system. The report is supported by references to academic literature on information governance and corporate governance.

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Table of Contents
Overview of information governance in insurance industries:........................................................2
Implementation of information governance:...................................................................................3
- Step 1: Setting the goals and objectives:..............................................................................3
- Step 2: Setting up of the steering committee for information governance...........................3
- Step 3: Defining the scope and vision of the system:...........................................................4
- Step 4: Providing the appropriate technology solutions:......................................................4
- Step 5: Having a proper testing and pre roll out strategy:....................................................4
Research on the federal laws to be implemented in the system:.....................................................4
References:......................................................................................................................................7

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Overview of information governance in insurance industries:
Corporate governance is a rulebook of behaviors that define the guidelines in which
guidelines for the working of the companies are decided and the control strategies are decided.
They are used to determine the relationship strategies between the managers and the
organizations.
In the insurance industry, there are different aspects of information management systems
such as differences between functioning as well as the structure of the organizational financial
systems. For instance, EMC which is of the leading financial organizations has been able to
implement the best practices if information governance in its work operations. Data as a
corporate asset policy. It has been able to gather relevant data and implement the best practices
of information governance in the following important sectors using the model of data creation
and usage:
- Policies of data security requirements
- Policies of data regulatory requirements, such as Sarbanes-Oxley.
- EMC has also come up with efficient audit policies of data quality (Tallon, Ramirez
& Short, 2013).
The components of the Information Governance Organizational Model that can be used
in the insurance sector companies within the finance sector can be based on the below described
five parameters as used by EMC:
- Data as a corporate asset policy: EMC uses a proper asset policy for the data can help
in drawing the boundaries as well as the horizontal mechanism that define the line of
business to ensure coordination in the business. It defines the organizational chart as well

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as sets the roles for the employees that reflect in the center in form of confidential data
sheets.
- Data creation and usage policy: It depicts the main heads and the accountable people
responsible for the different processes of data creation as well as the financial data usage
policies of the organization. They also ensure proper coordination and functioning of the
employees sin the organization.
- Data security requirements policies: It consists of the policies responsible for optimu
data security within the organization.
- Data regulatory requirements such as Sarbanes-Oxley policies: It defines the
parameters that determine the work culture and the employee guidelines that are to be
followed in the work place to ensure that all the employees properly follow the different
data policies.
- Data quality audit policies: Proper audit policies to ensure there are no tax frauds and
other issues such as employee vandalism within EMC. Audit trail features in each
workstation helps administrators to keep a track of the users who access the information
on different systems at different points of time.
Implementation of information governance:
- Step 1: Setting the goals and objectives: The committee in Georgia, North Carolina
office should set proper goals and objectives of the system regarding the task of the
different departments such as IT, HR etc. Then it should be maintained in a written
format by Insurance assurance of south (IAS).
- Step 2: Setting up of the steering committee for information governance: It
should consist of important personnel such as the CEO, chief legal counsel, compliance

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officer as well as the risk officer and other executives who will have considerable
business impact on the decision-making.
- Step 3: Defining the scope and vision of the system: The leaders in the South
Carolina, Florida offices will be responsible to decide the different goals and the track to
attain those goals so that information can be efficiently managed within Insurance
assurance of south (IAS).
- Step 4: Providing the appropriate technology solutions: A dedicated team of
specialists should be appointed by Insurance assurance of south (IAS) branches in
Louisiana, Alabama and Mississippi, who should be able to provide the right technical
solution for the successful implementation and development of the technology.
- Step 5: Having a proper testing and pre roll out strategy: This will ensure that
the system is properly tested before its final implementation and the information about
the changes within the Insurance assurance of south (IAS) are well communicated.
Training should also be provided to them regarding accessing and using the system in the
Texas and Tennessee offices.
Research on the federal laws to be implemented in the system:
EMC has explained the importance of the main laws that are needed in the proper
implementation of the federal laws in the insurance organizations. They have explained the need
of a law firm that will help in collecting the different legal documents as well as understand the
different legal aspects of the information management system. The lawyers will be responsible
for the proper understanding of the state laws including the federal as well as the international
laws in accordance to the different guidelines. Some of the important federal rules are:

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- Early Attention: Rule 26 (a) (1): Show What You Have: EMC has implemented this law
to ensure that an important information provided by its stakeholders to the other parties
are promptly documented about the evidence that it may present at trial other than solely
for impeachment.
- Form of Production: Rule 34 (a) & (b): Can Ask for all Types of ESI: The organization
has implemented this rule to have the provision to include the different ESI services it
can offer to its employees.
- Sanctions: Rule 37: No Penalty for Purges as Part of Normal Operations.
Fig: Figure showing the working of information governance strategy.
Some of the most important aspects of the Kentucky law as applicable to the information
governance of IAS are:
- [91A.080]: Tax of license paid by Insurance assurance of the south.
- [91A.0802]: Chapter definitions
- [91A.0804]: Adjustments remedies related to the fee of license fees or imposed taxes
under KRS 91A.080

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- [91A.0806]: Risk location verification systems as well as programs and the
administrative regulations within IAS.
The information governance laws that apply in the states of Georgia and Florida are:
- The Georgia Technology Authority shall be able to establish standards of technology
security as well as services that all government agencies shall use. It can also conduct
technology audits for the different agencies Local government service tax is identified
and jurisdiction for taxing is defined. Any updates are also communicated to the
policyholders.
- The Maryland information governance policies state that it requires, by means of written
contract or an agreement, that the third parties should implement as well as maintain
optimum security standards as well as practices for their personal information that they
disclose to other nonaffiliated third parties.

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References:
Fadun, O. S. (2013). Corporate governance and insurance company growth: challenges and
opportunities. International Journal of Academic Research in Economics and
Management Sciences, 2(1), 286.
Tallon, P. P., Ramirez, R. V., & Short, J. E. (2013). The information artifact in IT governance:
toward a theory of information governance. Journal of Management Information
Systems, 30(3), 141-178.