Podcasts about insurance commissioners naic

In this episode of the GRU Podcast, we are excited to be joined by Commissioner Jon Godfread, the North Dakota State Insurance Commissioner, as well as President of the National Association of Insurance Commissioners (NAIC), to discuss a number of issues on the agenda within the U.S. insurance regulation realm.  These topics include assessing the rate of transition and notable changes within the insurance sector under a presidential administration shift, key priorities for the newly launched Risk-Based Capital Task Force, challenges within property insurance-related markets as highlighted by events such as the Los Angeles wildfires of January 2025, amassing circa $30 billion in insured losses, how the NAIC coordinates with international regulators in an increasingly fragmented regulatory environment, NAIC approaches to artificial intelligence implementation via the AI Model Bulletin and review of the AI Systems Programs, analyzing risks, goals and industry growth potential and prospects from the point of view of the NAIC and much more.

In this episode, The Annuity Man discussed:  Annuity companies are more regulated than banks  Features that protect the annuity industry  There is no run on annuities  How the banking crisis will affect the annuity industry    Key Takeaways:  Annuity companies are more regulated than banks, with features like surrender charges and market value adjustments that prevent runs on the company. Annuity companies are required to invest in investment-grade bonds, providing stability, unlike banks that had to sell bonds during the recent crisis. Lifetime income products offered by annuity companies, such as SPIAs and DIAs, are irrevocable and provide a guaranteed income stream for life, preventing panicked withdrawals. The National Association of Insurance Commissioners (NAIC) plays a crucial role in overseeing annuity companies and protecting consumers, and the recent banking crisis will likely lead to increased oversight of the annuity industry.   "The bottom line: the annuity industry has put in place features to not only protect you, the consumer, which is their ultimate goal, period, but to protect the industry as well." —  Stan The Annuity Man.    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!

Hello Listeners!  We have a great episode today.  Our guest is Geralyn Trujillo, Senior Director of Public Policy at the American Academy of Actuaries.  The focus of today's podcast is a recap of the recent National Association of Insurance Commissioners (NAIC) 2024 Fall meeting held in Denver, Colorado, from August 12 through August 15.  Sit back and listen to key insights from the meeting!   SOA e-Newsletter:    https://www.soa.org/publications/e-newsletters/articles/2024/enews-2024-12-naic-fall-meeting/   Send us your feedback at ResearchInsights@soa.org

In this installment of the More with McGlinchey Podcast, we have the second half of Insurance Regulatory Member Lauren Ybarra's interview with Member and Former Louisiana Insurance Commissioner Jim Donelon. In this episode, Jim reflects on the devastating hurricane damage to Louisiana during his tenure as Commissioner, the impacts of the international reinsurance market, cyber hacking and ransomware, and the importance of the National Association of Insurance Commissioners (NAIC), of which he previously served as President. If you missed part one, listen here.

Hello Listeners!  We have a great episode today.  Our guest is Geralyn Trujillo, Senior Director of Public Policy at the Academy of Actuaries.  The focus of today's podcast is a recap of the recent National Association of Insurance Commissioners (NAIC) 2024 Summer meeting held in Chicago, Illinois, from August 12 through August 15.  Sit back and listen to key insights from the meeting.   SOA e-Newsletter:  https://www.soa.org/publications/e-newsletters/articles/2024/enews-2024-08-naic-summer/     Send us your feedback at ResearchInsights@soa.org 

The City Bar Task Force on Digital Technologies dives into the complex landscape of artificial intelligence (AI) in the insurance sector, highlighting the unique regulatory environment in the United States where insurance is state regulated. It discusses the role of key states such as New York and Colorado and the national guidance provided by the National Association of Insurance Commissioners (NAIC) on the use of AI in insurance in a range of areas. The podcast features expert insights from Jerome Walker, Sophia Duffy, Azish Filabi, and Corey Goldstein, who discuss and compare the transformative effects of AI in insurance, focusing on actions by the New York State Department of Financial Services, the Colorado Division of Insurance and NAIC on ethical implications, the challenges of managing third-party algorithm developers, and recommendations for a national framework to ensure AI's ethical use in insurance. They elaborate on the roles of governance, testing, and third-party vendor management in complying with regulatory standards and the importance of audits and certifications for AI systems to prevent unfair discrimination and promote transparency and accountability. Tune in to learn more about: • What existing insurance regulations and guidance apply to artificial intelligence? • What is the role of NAIC on AI in insurance? • What data sources are underwriters using for their AI tools and how are they combatting bias in the data? • A comparison of regulatory approaches in New York, Colorado and elsewhere. • Insights on third-party vendor management. Want to learn more about innovations in digital technologies for the legal world? Join us at the City Bar's upcoming Artificial Intelligence Institute on June 10. (This program will be available on-demand thereafter.) Visit nycbar.org/events to find all of the most up-to-date information about our upcoming programs and events. Access a transcript of this episode here: https://bit.ly/4b9CWHv Related articles: The NYDFS Plans to Impose Significant Obligations on Insurers Using AI or External Data (https://bit.ly/3wrY10S) AI-Enabled Underwriting Brings New Challenges for Life Insurance: Policy and Regulatory Considerations (https://bit.ly/3WI2OGe) Colorado Governance and Risk Management Framework Requirements for Life Insurers' Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models (https://bit.ly/3UGwwbO) NAIC Guidance on Artificial Intelligence (https://bit.ly/3K3XNjA)

Hello Listeners!  We have a great episode today.  Our guest is Geralyn Trujillo, Senior Director of Public Policy at the Academy of Actuaries.  The focus of today's podcast is a recap of the recent National Association of Insurance Commissioners (NAIC) 2024 Spring meeting held in Pheonix, Arizona from March 15 through March 18.  Sit back and listen to Host Dale Hall and Guest Geralyn Trujillo discuss key insights from the meeting.   Select Articles from SOA e-Newsletters:  https://www.soa.org/publications/e-newsletters/articles/   Send us your feedback - ResearchInsights@soa.org 

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews Katherine Henry, Partner and Chair of the Policyholder Coverage Practice of Bradley, Arant, Boult, and Cummings in today's episode. Katherine will be one of the presenters in the January 4th RIMS webinar, Nevada's “Defense Within The Limits” Ban Explored. Justin and Katherine explore the risk trends of 2023 and what she expects from 2024. Next, they cover the upcoming webinar on Nevada's new liability insurance “Defense Within The Limits” ban, what the effects of the ban are, and how the ban is expected to spread to other states. Katherine concludes with how she and her co-presenter at the webinar, Mark Habersack, expect to elaborate on this topic.   Listen in for a professional perspective on risk trends for 2024.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] In today's episode, we will be rejoined by our good friend, Katherine Henry, of the law firm Bradley, Arant, Boult, and Cummings, to discuss legal trends from 2023 and what risk managers should expect in 2024. [:58] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:14] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:37] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:54] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:13] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:41] Katherine Henry is the Partner and Chair of the Policyholder Coverage Practice at Bradley, Arent, Boult, and Cummings, a national law firm. Katherine and I will discuss the trends that drove the legal and risk professions in 2023, what to expect in 2024, and Nevada's Defense Within the Limits ban that may set a precedent for other U.S. states. [3:12] Katherine is one of the two presenters of an upcoming RIMS webinar called Nevada's “Defense Within The Limits” Ban Explored, on January 4th, 2024 at 1:00 p.m. It will be presented by the RIMS Public Policy Committee. Register now, especially if you're a RIMS member! This is going to be a big deal for you! [3:37] Katherine Henry, welcome back to RIMScast! [4:25] Katherine says risk managers have been really busy in 2023. She thinks first of cyber risk and cyber insurance. Insurers are getting their hands around it and premiums have escalated. Risk managers are finding they have to bring in IT and other folks to answer the much more complex questions on cyber. The cost of breaches has gone up. [5:40] Katherine discusses recent big hacks. One of the biggest risks lies with your vendors. Insurers are looking at that when setting your premiums. [6:19] Another big problem in 2023 is supply chain. It has become more difficult to insure it. It is difficult to procure business interruption insurance. Many insurers have left this market. Risk managers deal with this by eliminating sole sourcing and JIT warehousing. You have to have more goods and more local warehouse space available. [7:55] AI is the next big risk on Katherine's mind. The National Association of Insurance Commissioners (NAIC) has been looking at AI for quite a few years and its impact on insurance. Insurers have implemented AI chat boxes in personal lines. For risk managers, the question is what are we going to see in commercial lines? [8:41] Insurers may be able to use AI to assess damages better and to move more quickly. Risk managers will be dealing more with computerized platforms than individuals in the underwriting process. That's a few years away. Because AI is being integrated into so many platforms, it's a liability insurance risk for organizations. [9:55] Climate change is another major concern Katherine has. We see its impacts on agriculture in what you can grow and where you can grow it. The effect on sea levels in ports is a concern. It will affect living conditions around the world. It will continue to be a high-level concern for risk managers. [10:42] Katherine brings up the wars as another big concern for risk managers. Events have been canceled because of protest risk. We don't know the eventual impact of the Israel and Hamas conflict. Russia has agricultural and oil risks. There is the risk of war with China and Taiwan. [11:29] Swine flu and pneumonia are concerns now. There are respiratory illnesses among children in China. Illnesses and protests present physical risks. [12:41] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [13:02] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [13:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for the Risks of Tomorrow. On January 4th, RIMS's Public Policy Committee will explore Nevada's “Defense Within The Limits” Ban. That's why Kathy Henry joins us today. [13:44] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [14:00] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [14:38] It's difficult for organizations to take a political stand. People come at them from both sides. They are also challenged when they don't take a position. It's hard for organizations to know the right position to take. That's an organizational risk. You can't please all the people all the time. [15:38] Runaway or out-of-control verdicts are a risk when you take a case to a jury. Something that should be resolved for $1 million or two could be a $40 million liability. Insurers are aware of this. Katherine warns risk managers to give notice to their tower of excess insurance when a risk comes up that could be subject to a “nuclear” verdict. [16:48] Justin brings up nuclear verdicts in connection with recent PFAS settlements. RIMS did a webinar about it a month ago. Very high settlements open the door for future litigation or actions. Justin reads from Reuters on November 26th about a U.S. appeals court ruling protecting 3M and other companies in PFAS litigation from a class action. [19:11] Katherine Henry will be co-hosting a webinar on January 4th, Nevada's “Defense Within The Limits” Ban Explored. Katherine Henry and Mark Habersack are going to explore this ban. [19:33] Katherine gives a high-level overview of the ban. There are two types of liability policies. One includes a defense that is outside the limits; other policies put the cost of defense inside the policy limits. A $5 million policy within the limits provides $5 million to pay defense and damages. [20:11] The Nevada legislature wrote a new law that every liability policy in Nevada must include defense outside of limits, so insurers have an unlimited obligation to defend you until the case is resolved. The Webinar will talk about what caused that to happen in Nevada, what the potential solutions are, and the potential implications around the U.S. [21:06] This legislation overturns the business relationship between insurers and insureds. Insureds will no longer be able to purchase less expensive defense within-limits policies. That change has immense financial consequences. Justin will be the host for that webinar. [21:30] The legislation sets a time for this change to occur. Businesses need time to place liability coverage. Risk managers's jobs have changed greatly from what they were 20 years ago when they were purchasing insurance and working with insureds. Now they're assessing their enterprise's risk. There will be a lot of work for 2024. [22:28] Justin thanks Katherine Henry for joining us. [22:42] Special thanks to Katherine Henry for joining us on RIMScast! You'll hear more from Katherine on January 4th, 2024 during the RIMS Webinar Nevada's “Defense Within The Limits” Ban Explored. She will be joined by former RIMS Nevada Chapter President, Mark Habersack. Register at RIMS.org/webinars and the link in the show notes. [23:07] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [23:33] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [24:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [24:42] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: Riskworld 2024 — San Diego, CA | May 5–8, 2024 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023   RIMS Webinars: Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 Nevada's “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: Fundamentals of Insurance | Dec 12 See the full calendar of RIMS Virtual Workshops All RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13–14 Course Related RIMScast Episodes: “RIMS Public Policy and Advocacy 2023” “Emerging Cyber Trends with Davis Hake of Resilience” “Fleet Safety with Nets Executive Director Susan Gillies-Hipp” “Cybersecurity Awareness Month with Pamela Hans of Anderson Kill” “Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021” Sponsored RIMScast Episodes: “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!) Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest   Katherine Henry Bradley, Arant, Boult, and CummingsKatherine Henry is the Chair of the Policyholder Insurance Coverage team. Katherine's practice focuses on meeting clients' business objectives in matters involving insurance. She regularly advises Fortune 10 and other companies on complex insurance programs involving manuscript and specialty policies, including programs with multi-national coverage towers of $500 million to $1 billion, and programs incorporating various risk transfer and financing mechanisms, such as fronting programs, paid deductible programs, and collateral agreements. Her practice spans all aspects of policyholder insurance coverage, from initial policy placement and renewals to claims management and litigation, both in the United States and abroad. Her past and present policyholder clients include two of the world's largest automakers, the world's largest home improvement specialty retailer, an auto insurance company, a vacuum cleaner manufacturer, a quasi-governmental defined benefit plan, numerous healthcare-related entities, a private-equity investment firm, various banks and financial institutions, and a national trade association for the gases and welding industry.   Tweetables (Edited For Social Media Use): For risk managers, this is really important. One of the biggest risks lies with your vendors, your third-party vendors. That can be the weak point. — Katherine Henry   There's been a case reported of swine flu in the UK, now. There are these respiratory illnesses among children in China. It's not a pandemic but it's still a risk. — Katherine Henry   Runaway or out-of-control verdicts are something organizations are facing everywhere. It's very difficult to take a case to a jury. Something that should be resolved for $1 million or $2 million could be a $40 million liability. Insurers are aware of that. — Katherine Henry  

Will Public Adjusters Thrive Amidst the 15% Fee Cap Proposal by NAIC? - Public Adjuster Basics Public Adjusters, listen up! In this special edition of the Commercial Claim Show, we dive into a blog article written by Anthony Diulio, an attorney for Wheeler Diulio and Barnabe, addressing a major concern for the public adjusting community. The National Association of Insurance Commissioners (NAIC) and the National Coalition of Insurance Regulators are advocating for a national bill to cap public adjuster fees at 15%. The catch? This cap would only apply after the contract is signed. Join us as we dissect the implications of this proposal and its potential effects on public adjusters, homeowners, and the industry at large. Key Points Discussed: How the 15% fee cap proposal aligns with the NAIC and NAPIA. The impact on public adjusting firms, particularly those handling smaller claims. Statistics reveal that 92% of insurance claims are under $25,000. The potential consequences of leaving homeowners without professional representation for smaller losses. Arguments against the flat fee cap and the call for reasonable fee regulation. Are you a public adjuster, insurance professional, or homeowner? Share your thoughts in the comments below. Do you agree or disagree with the proposed 15% fee cap? Let's engage in a conversation about the future of public adjusting and the potential impacts on the industry.

Caitlin Colvin, Senior Managing Director and Head of Investor Relations within the business development group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the recent proposal by the Securities Valuation Office (SVO) within the National Association of Insurance Commissioners (NAIC), which allows the SVO to review and potentially challenge a filing exempt NAIC Designation. The proposal is open for comment until July 14.We delve into various concerns raised by insurance companies and other market participants regarding the proposal, and discuss what issuers and investors within the fixed income market can do to learn more.

Matia Marks and David Finz, Alliant, take a closer look into two of the leading cases discussed in the December issue of the Executive Liability Insights Newsletter. They examine the North Carolina District Court's recent ruling regarding interrelated claims, as well as the National Association of Insurance Commissioners (“NAIC”) recently released report and what it means for the cyber insurance market.

The National Association of Insurance Commissioners (“NAIC”) recently introduced a host of initiatives related to statutory accounting, credit quality designation and related regulatory risk-based capital affecting CLOs and other types of structured finance in which US insurance companies invest. Mayer Brown partners Paul Forrester and Larry Hamilton will discuss how these initiatives are affecting insurer investments in ABS now and potentially in the future.

Private equity (“PE”) investment in US insurers has increased, with a particular emphasis on life insurance groups. In response, the National Association of Insurance Commissioners (“NAIC”) has taken a renewed interest in how PE investment might impact the safety and stability of the insurers involved. Mayer Brown partners Larry Hamilton and Sanjiv Tata will discuss the reasons behind this renewed regulatory interest and some of the areas that the NAIC has identified for particular scrutiny.

Why treat DE&I different than any other aspect of business? On this episode of Investors & Operators, Jordan sits down with Bob Greene, President & CEO of the National Association of Insurance Commissioners (NAIC). Together, they discuss: The history of the NAIC The past two years of change in discussions about DE&I How the NAIC aims to bring change to communities across the country ...and so much more. Bob Greene has been committed to community development since an early age. His professional leadership career expands across Private Equity, economics, policy advocacy, and he is a life-long member of the National Eagle Scout Association. Bob's investment and developmental expertise have led him to being recognized on the Root 100 list for his leadership across business and his dedication to furthering diversity, equity, and inclusion in business. Bob is working hard for a future where opportunity and affluence are achievable in every community, not based solely on access, but on actual performance. Business leaders would not accept CAN'T as answer to any other problems in business, and if we want to really achieve success with DE&I, we need to: Stop accepting NO as an answer, and stop accepting CAN'T as a solution.

The DYOJO Podcast Insurance Appraisals for Property Claims (Part 1) Guest: Roger Howson, Claims Dispute Resolution (Seattle, WA) Season 3, Episode 74 The first part of a multi-part discussion on the topic of insurance appraisals for property damage repairs and restoration. This is an ensemble discussion, with guests from various ends of the spectrum when it comes to assisting home and business owners with property damage claims. Guests include: * Main guest - Roger Howson, Claims Dispute Resolution (Seattle, WA) * Ben Justesen, Just Right Cleaning & Construction * David Princeton, Advocate Claim Service * Sean Scott, Author of The Red Guide to Recovery * Andy McCabe, Claims Delegates * Ed Cross, The Restoration Lawyer * Bill Wilson, Author of When Worlds Collide According to Roger Howson, an appraisal is, "In property insurance, the terms “appraisal” and “appraisement” refer to a private adjudicatory process created in an insurance policy by which disputes over the amount of a loss are resolved by competent and disinterested appraisers. The purpose of an appraisal provision is to provide a determination of the extent of the loss. When triggered, the appraisal process is mandatory unless the other party agrees to waive its right to appraisal." In 1997 the National Association of Insurance Commissioners (NAIC) released The Unfair Claims Settlement Practices Act outlines and defines unfair claims practices in Section 4, which include: "Any of the following acts by an insurer, if committed in violation of Section 3, constitutes an unfair claims practice: A. Knowingly misrepresenting to claimants and insureds relevant facts or policy provisions relating to coverages at issue; B. Failing to acknowledge with reasonable promptness pertinent communications with respect to claims arising under its policies; C. Failing to adopt and implement reasonable standards for the prompt investigation and settlement of claims arising under its policies; D. Not attempting in good faith to effectuate prompt, fair and equitable settlement of claims submitted in which liability has become reasonably clear; E. Compelling insureds or beneficiaries to institute suits to recover amounts due under its policies by offering substantially less than the amounts ultimately recovered in suits brought by them; F. Refusing to pay claims without conducting a reasonable investigation; Additional resources on this topic: * Frequently Asked Questions (FAQs) about appraisals - https://www.icdrinc.com/appraisal_faqs * Insurance Fair Conduct Act (IFCA) of Washington State - https://www.insurance.wa.gov/insurance-fair-conduct-act-ifca-laws-and-rules * Unfair Claims Settlement Practices Act, NAIC 1997 - https://content.naic.org/sites/default/files/inline-files/MDL-900.pdf * Stay tuned for Part 2 of our discussion on The DYOJO Podcast Sponsors of The DYOJO Podcast: * Restoration Industry Association (RIA) - Restoration Industry Association (RIA) Join your fellow intentional restorers at the RIA 2022 International Restoration Convention and Industry Expo, April 11-13 at the Peppermill Casino in Reno, NV. Let them know The DYOJO sent you. * Restoration Technical Institute (RTI) provides world-class training. Designed for those who serve the Restoration, Cleaning and Industries related to the Built Environment * Office Services by Brandi, LLC provides unparalleled personalized bookkeeping services to a broad range of clients in many states.

 Three Key Insurance Developments to Watch for 2021 The upcoming year is already looking remarkably busy on the insurance side. I wanted to give you three areas to watch that will affect your practice. Throughout the year I’ll keep you updated on this podcast and in my newsletter. I appreciate that you see me as a resource, and I will continue to monitor carrier and revenue cycle management news for the industry. Thanks for helping the podcast grow this past year – I very much appreciate you. Here’s to a fantastic 2021!  Episode 68 talking points: National Council of Insurance Legislators (NCOIL) adopting the ADA’s recommendations for dental insurance guidelines. Covered topics: Network clarity Virtual credit cards as payment Ensuring that pre-authorizations are held accountable when treatment is performed  Legislation requiring pricing transparency in healthcare passed as part of the 2021 Budget Plan Lots of institutional opposition (hospitals and American Medical Association) Administrative burdens and concerns over lower provider fees are cited as reasons Judges are not so convinced: Why is an X-ray price 'unknowable?' (recent court case) Will it affect dental? Competitive Health Insurance Reform Act  Overturns McCarran-Ferguson Act that removes antitrust restrictions from carriers Hopefully will encourage more competition in the carrier market  Did  insurance companies stop innovating because they didn’t need to?  The National Association of Insurance Commissioners (NAIC) predicts “more instability in the health insurance markets and, therefore, higher premiums.” >> Grab the 50+ page Ebook “Prepare, Protect and Prosper” here! Psst, it’s free

The upcoming year is already looking remarkably busy on the insurance side. I wanted to give you three areas to watch that will affect your practice. Throughout the year I’ll keep you updated on this podcast and in my newsletter. I appreciate that you see me as a resource, and I will continue to monitor carrier and revenue cycle management news for the industry. Thanks for helping the podcast grow this past year – I very much appreciate you. Here’s to a fantastic 2021!    Episode 68 talking points:   National Council of Insurance Legislators (NCOIL) adopting the ADA’s recommendations for dental insurance guidelines. Covered topics: Network clarity Virtual credit cards as payment Ensuring that pre-authorizations are held accountable when treatment is performed  Lots of institutional opposition (hospitals and American Medical Association) Administrative burdens and concerns over lower provider fees are cited as reasons Judges are not so convinced: Why is an X-ray price 'unknowable?' (recent court case) Will it affect dental? Legislation requiring pricing transparency in healthcare passed as part of the 2021 Budget Plan Overturns McCarran-Ferguson Act that removes antitrust restrictions from carriers Hopefully will encourage more competition in the carrier market  Did  insurance companies stop innovating because they didn’t need to?  The National Association of Insurance Commissioners (NAIC) predicts “more instability in the health insurance markets and, therefore, higher premiums.” Competitive Health Insurance Reform Act    >> Grab the 50+ page Ebook “Prepare, Protect and Prosper” here! Psst, it’s free

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Joining Justin in today’s conversation to discuss RIMS Virtual Advocacy Week & Legislative Summit 2020 is Florida Insurance Commissioner David Altmaier! David Altmaier was appointed as the Florida Insurance Commissioner in April 2016 by the Financial Services Commission. He leads the Office of Insurance Regulation (OIR) and has oversight of one of the largest insurance markets in the world. David is also the President-Elect of the National Association of Insurance Commissioners (NAIC).   On the 16th, during the RIMS Virtual Advocacy Week & Legislative Summit 2020 (which will be held September 14th–17th), Commissioner David Altmaier will be leading a fireside chat. In this episode, David gives a preview of the issues he will be discussing during this fireside chat and gives his views on other topics such as ORSA reports, new legislations, force majeure trends, and more!   Key Takeaways: [:01] About RIMS’ Transitional Membership. [:25] About today’s episode. [:40] Current RIMS features and events. [1:24] More about today’s episode with Commissioner David Altmaier. [1:50] Justin welcomes Commissioner David Altmaier [2:06] Commissioner David Altmaier speaks about his career background as well as his two current positions as Florida Insurance Commissioner and President-Elect of the NAIC. [3:46] Regarding COVID-19, have the NAIC been consulting a playbook? [5:04] Commissioner David Altmaier shares some of what he will be discussing during his fireside chat at RIMS Virtual Advocacy Week & Legislative Summit 2020. [6:32] Will Commissioner David Altmaier be taking questions from the audience? [6:55] Why do risk professionals have an important role to play in these discussions on the federal and state level? [8:09] Will Commissioner David Altmaier be discussing TRIA and the NFIP during his fireside chat? [9:57] Commissioner David Altmaier explains what ORSA is, why it is important, and what changes may be on the horizon. [12:38] Currently, there is legislation being drafted that affects insurance policies to cover things that were not originally intended to be covered by the pandemic. Where does the NAIC stand on force majeure? And how does it affect Commissioner David Altmaier’s working relationship with insurance companies? [15:00] Is Commissioner David Altmaier originally from Florida? [15:28] How did Commissioner David Altmaier’s move from Kentucky to Florida influence or shape his view of insurance? [18:48] Does Commissioner David Altmaier miss the math classroom setting at all? [19:47] Justin thanks Commissioner David Altmaier for joining RIMScast and shares some links to check out in today’s show notes!   Mentioned in this Episode: RIMS Virtual Advocacy Week & Legislative Summit 2020, Sept. 14th–17th: Register RIMS Advocacy RIMScast Episode: “RIMS Virtual Advocacy Week & Legislative Summit 2020 with Manny Padilla and Penni Nelson” Become a RIMS Member to Attend Advocacy Week RIMS Advisory Services — Ask a Peer RIMS ERM Conference 2020 Upcoming RIMS Webinars On-Demand Webinars RIMS Coronavirus Information Center RIMS Advocacy: Coronavirus Advocacy Information RM Magazine Risk Management Monitor New Audio Series: RIMS Risk Leaders RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories RIMS Transitional Membership — Whether you are a new member or need to transition, be a part of the global risk management community! Download any episode of RIMScast. Florida Office of Insurance Regulation National Association of Insurance Commissioners (NAIC)   Want to Learn More? Keep up with the podcast on RIMS.org and listen on iTunes. Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook and Twitter, and LinkedIn.   Follow up with Our Guest: Commissioner David Altmaier’s FLOIR Bio Commissioner David Altmaier’s LinkedIn  

This special episode of the SOA’s Research Insights Podcast highlights how the COVID-19 pandemic is impacting actuaries and their interaction with U.S. insurance regulators.  We were pleased to be joined by Mike Consedine, Chief Executive Officer of the National Association of Insurance Commissioners (NAIC), to give some insights as to what regulators are prioritizing in the current environment.  Listen in to hear more details on the following topics: How the NAIC is bringing the insurance community of companies, regulators and consumers together to discuss the impact of COVID-19, with early examples on access to testing and treatment. The actuarial profession’s role in measuring and ensuring the financial soundness of insurance companies and tracking data to monitor the situation. The impact on COVID-19 on different insurance product lines, with key focus on business interruption coverages, travel insurance, life insurance and the evolution of cyber risk insurance. The flexibility of the U.S. state-based insurance system to quickly adapt to health situations emerging from COVID-19 that can vary widely from state to state.

Experts discuss the legislative efforts supported by the National Association of Public Insurance Adjusters (NAPIA) regarding the Unauthorized Practice of Public Adjusting (UPPA), issues surrounding Assignment of Benefits post-disaster, and more. "The National Association of Public Insurance Adjusters (NAPIA) was established in 1951 to promote a higher standard for policyholder advocacy. Public insurance adjusters are licensed to serve the general public and deliver knowledgeable and experienced representation when filing a claim for property damage. The founding members of NAPIA envisioned an association that would provide the appropriate resources for policyholder advocates in pursuit of successful claims resolution.1" 1. https://www.napia.com/about ↩ Key Takeaways: [1:07] What are the biggest legislative challenges in the U.S. today? The Unauthorized Practice of Public Adjusting (UPPA) Assignment of Benefits Restrictions on public adjusters' rights to practice [3:43] How are these challenges helping or hurting both consumers and insurance professionals? Many State insurance departments don't have regulatory authority over non-licensed individuals Home and business owners are getting scammed post-disaster by those who are not licensed to adjust their claim [9:58] What are the major legislative priorities right now? Opening the Model Bill up to add in UPPA language [12:03] Recent examples of recent major Case Settlements/Briefs. [17:25] Future legislative efforts of Public Adjusters Achieve licensing in all 50 States Five States do not license: Alabama, Arkansas, Alaska, Wisconsin, and South Dakota [19:31] How can listeners help achieve future legislative goals in support of policyholders, consumers, and other insurance professionals? Insurance is regulated at the State level Contact your State Representatives   Panelists: ● Brian Goodman — Principal at Kramon & Graham, PA ● Greg Raab — Vice President & Chief Marketing Officer at Adjusters International and Tidal Basin   Moderators: ● Rachele Drinkwine — Operations Coordinator at Adjusters International and Tidal Basin   Mentioned in This Episode: Adjusters International National Association of Public Insurance Adjusters (NAPIA) National Association of Insurance Commissioners (NAIC)

Sherry Stevens (National Association of Insurance Commissioners (NAIC)) talks about the cultural changes and lessons learned on their journey to the cloud. https://naic.org/

This podcast covers updates on accelerated underwriting methods presented to the Life Actuarial Task Force (LATF) of the National Association of Insurance Commissioners (NAIC) at the NAIC Fall National Meeting 2017.

Guest: Sandy Praeger Host: Larry Kaskel, MD Sandy Praeger, past-president of the National Association of Insurance Commissioners (NAIC), joins host Dr. Larry Kaskel to discuss the NAIC's July 2008 survey that analyzed how consumers handle healthcare expenditures.