SNC Spotlight

Insurance can be complex. Turn to our blog for up-to-date, relevant content to help you make the best decisions for your financial institution. With expert knowledge from seasoned industry professionals, we simplify insurance topics so you can get back to business.
All Posts

The Building Blocks of State National

Reliability, Credibility, Assurance & Integrity ... the Building Blocks of State National

Our commitment to reliability truly speaks volumes about our company culture and desire to always do right as a service provider.

Having partners you can trust is more important now than ever before. Not only is State National 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 30 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.

State National
State National
As the leading insurance carrier in the United States specializing in CPI, State National offers single-source solutions for credit unions, banks, finance companies, and specialty lenders of all sizes. Our services are cost-effective and tailor-made to safeguard assets against uninsured collateral losses.

Related Posts

Your Partner in Protection: Compliance Without Compromise

Compliance You Can Trust, Transparency You Can See Balancing risk management and regulatory compliance while maintaining strong borrower relationships is no easy task. At State National, we understand the weight of this responsibility. Protecting your financial institution, your borrowers, and your reputation is at the core of our work. That’s why our mission is to deliver industry-leading portfolio protection solutions anchored by innovative technology, unmatched transparency, and steadfast reliability. How State National Ensures CPI Compliance At State National, compliance isn’t just a priority, it’s built into everything we do. We know lenders face mounting challenges, including economic uncertainty and heightened regulatory scrutiny. That’s why we’ve developed a comprehensive approach that goes far beyond checklists; it’s about operating with integrity and ensuring our programs exceed regulatory and operational expectations. Industry Expertise You Can Rely On Regulatory Expertise: Our skilled team actively monitors federal and state-level mandates to ensure your program remains compliant. Whether it’s evolving regulations or precise documentation requirements, we’ve got you covered. In-House Compliance Department: Our on-site team employs strict, measurable quality control processes. Proactive Adherence: This same dedicated team manages over 50,000 regulatory filings annually, helping you stay ahead of federal and state mandates, including guidance on NCUA, CFPB, and other key industry regulations. Comprehensive Audits: Our meticulous audits and legal reviews ensure your institution is prepared not just for current regulations but also for future challenges. Proven Reliability: State National achieved the prestigious 'A' (Excellent) rating from AM Best the very first year we were eligible, and we have held that rating for 30+ consecutive years — a testament to our exceptional financial strength and dependability. Future-Forward Research: We actively collaborate with industry organizations and regulatory bodies to anticipate and adapt to upcoming compliance changes, ensuring you and your organization are always ahead of the curve. Comprehensive Risk Management Our industry-best risk management services go above and beyond to protect your institution, ensuring compliance every step of the way. From data security to borrower communication, we incorporate rigorous measures, including bulletproof audit trails and prevention-focused processes, to safeguard against potential missteps. Accurate, prevention-first approach reduces unnecessary borrower touches. Focused portfolio protection expertise with decades of specialized experience. Complete audit trails for ongoing compliance visibility. Proper licensing for all State National claims adjusters to ensure claims are always handled in accordance with required regulations. Ongoing annual training for all relevant employees on the proper handling of PII, Fair Claims Handling, best practices for data security and controls — phishing, quishing, physical security both in and out of office, and more. Borrower submission of insurance information directly to us minimizes the risk of lost documentation. As the only dedicated portfolio protection provider that is also the underwriter, we don't act as a broker like other providers do — we are able to streamline communication and eliminate unnecessary handoffs and information sharing. Taking the Extra Step at Every Step Because every state department of insurance operates differently, we've also gone above and beyond to meet each state's unique regulatory standards. We create state-specific notices tailored to these requirements, and also carefully develop all of our borrower notice cycles to align with each state's precise notification guidelines. Advanced Technology Tools for Simplified Compliance Solutions Staying compliant in a rapidly changing financial environment requires advanced tools and forward-thinking innovation. That’s why State National integrates advanced technology into every facet of portfolio protection, designed to simplify compliance while improving efficiency and control. Our proactive approach ensures that the vast majority of insurance updates — about 79% — are handled completely behind the scenes, with no lender or borrower involvement. We employ extensive automation to maximize accuracy and efficiency, including our well-established EDI process, cutting-edge AI tools including insurance search and verification technology, Intelligent Document Processing (IDP), automated text and email notifications, and more. What Does Technology Have To Do With Compliance? Because of the unprecedented speed and accuracy of these automation efficiencies, our fast, effective, low-touch resolution reduces the risk of uninsured borrowers while enhancing operational precision. With 97.5% of borrower insurance issues completely resolved prior to any certificate placement, your institution avoids the compliance pitfalls that come with false placements. The InsurTrak Advantage In addition, our proprietary InsurTrak platform simplifies insurance tracking and reporting, giving you the tools needed for real-time program oversight, clear audit trails, and automated accuracy to prepare for any internal or external review. InsurTrak also automates payment changes, adds, and refunds, heightening speed and accuracy and avoiding the slowdowns and errors that come with manual processing. InsurTrak’s transparency is unmatched by any other insurance tracking platform — you can see real-time borrower data and a complete borrower history, see any communication including chat logs, and even listen to recorded borrower calls on-demand, right in the system. All of the information you need is at your fingertips — you are never in the dark. Proven Reliability Through Experience Over more than five decades, we’ve built a legacy of reliability, with a commitment to providing consistent excellence. From our implementation team that draws on years of expertise to make every transition seamless, to our highly responsive dedicated Client Executives and Account Reps who know your individual program inside and out, we do everything we can to ensure every partnership is successful. When you work with State National, you gain more than just a portfolio protection provider; you gain a partner whose focus is safeguarding your institution’s long-term success.

SNCares 2024 Recap

Community, Care, and Connection: SNCares Year in Review From grants to giving hands, here are some of the ways we made a difference in 2024 At State National, giving back isn’t just something we do — it’s part of who we are. That’s one of the reasons we created SNCares, a companywide committee dedicated to service and philanthropy. Over the past year, we’ve had the privilege of partnering with dedicated organizations and contributing to meaningful causes that uplift our communities. From grants and donations to hands-on volunteering, our dedicated team members embraced hundreds of opportunities to make an impact. The stories shared here are just a glimpse of the meaningful work we accomplished together, both as individuals and as a company, throughout the year. We hope you enjoy this snapshot of the many ways we came together in 2024 to make a difference and help create a brighter future for those around us!

Charting the Course for 2025: Bright Ideas and Bold Strategies from Our Client Advisory Council

Bright Ideas and Bold Strategies from Our Client Advisory Council At State National, collaboration isn’t just a buzzword — it’s the foundation of how we work with our credit union partners to drive growth and innovation. That’s one of the reasons we created our Client Advisory Council (CAC), a forum where some of our most valued partners can share information, collaborate with peers, and let us know their most important concerns so we can strategically develop solutions to benefit all credit unions.