I wish IT teams would say "sorry about the password requirement, it's required by our insurance policy". I'd feel a lot less angry about stupid password expiration rules if they told me that.
This is such a bizarre hybrid policy, especially since forced password rotations at fixed intervals are already not recommended for end-user passwords as a security practice.
One discourse I hear is that "people will just use the same password everywhere". To which I'll answer, "but we have mfa". "yeah, but the insurance guys".