Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC), says the industry can take a victory lap after renewal of the Terrorism and Risk Insurance Act (TRIA) for seven years. Social Inflation and “nuclear verdicts” are on everyone’s mind now, according to Mr. Chamness, and NAMIC is studying the causes and potential solutions to judgments …

Regulation and technology are the biggest challenges facing insurers today. That, according to Fred Karlinsky, Co-Chair of the Insurance Regulatory and Transactions Practice Group at Greenberg Traurig. On the regulatory front, Mr. Karlinsky notes a large amount of regulation affecting carriers at the federal and State level, as well as internationally at the IIAS (International Association of Insurance Supervisors). He …

MIAMI BEACH, Fla. (Dec. 10, 2016) — Former Pennsylvania Insurance Commissioner Michael F. Consedine has been named Chief Executive Officer (CEO) of the National Association of Insurance Commissioners (NAIC), effective in early 2017. Consedine will lead the NAIC’s Washington, D.C. office with primary responsibility over state and federal government affairs and international activities. He will work closely with NAIC members, …

Tim Padovese, President & CEO at Ophthalmic Mutual Insurance (OMIC), speaks with WRIN.tv about Wisconsin legislation that will now allow RRGs to write healthcare liability cover. He notes that this landmark decision will allow the State’s ophthalmologists to gain access to important medical professional liability coverage and the risk management and claims services that will provide for better patient safety. …

Former NRRA chairwoman Rebecca Smart, discusses the challenges and progress she sees in regulation with regard to captives and risk retention groups (RRGs), particularly within the NIAC. She is Corporate Secretary & Legal Counsel for Lenders Protection Assurance Company. Ms. Smart has observed more acceptance of RRGs over time, while new standards and some new regulation continue to emerging within …

Jon Harkavy was involved in the passage of the Liability Risk Retention Act (LRRA) in 1986, and now serves on the Board of Directors of NRRA. He shares with WRIN.tv some evolution on the law, the impact on State regulation, and keys to effective regulation going forward. Since the passage of the Liability Risk Retention Act was passed, RRGs have …

WRIN.tv speaks with Wendy Fisher, Director of Regulatory Affairs at New Home Warranty Insurance Company, about the regulatory environment surrounding Risk Retention Groups (RRGs). Over the past several years she has noticed a great deal of change in the involvement of the NAIC and State regulators, particularly in non-domiciliary States. She credits the National Risk Retention Association (NRRA) with being …

NAIC CEO Senator Ben Nelson gave the keynote address at the NRRA Annual Conference in Chicago. Here, he discusses his participation in the meeting and how relations between NRRA and the NAIC could improve going forward. Senator Nelson was happy to participate in the meeting to help build a better understanding between NRRA and RRGs and the NAIC and State …

Joe Deems, Executive Director at the National Risk Retention Association (NRRA) joins WRIN.tv from the 2015 NRRA Conference in Chicago. Here, he outlines the challenges faced by Risk Retention Groups (RRGs) in the current market, hopes for a better dialogue between NRRA and the NAIC, and the value of gatherings like the NRRA Conference in improving RRG performance. Mr. Deems …

In part two of this edition of “Issues in Risk Retention”, host Joe Deems, Executive Director of the National Risk Retention Association (NRRA) continues his discussion with NAIC CEO Senator Ben Nelson. Here, he reviews the NAIC’s role in Federal and international insurance regulation, Captiva and RRG accreditation, and better ways to resolve RRG issues outside the Courts. Given the …

In this edition of “Issues in Risk Retention”, NAIC CEO Senator Ben Nelson joins host Joe Deems, Executive Director of the National Risk Retention Association (NRRA). In part one of a two-part interview, Senator Nelson addresses regulatory issues related to Captives and Risk Retention Groups (RRGs), misinterpretations of the Liability Risk Retention Act (LRRA), and legislation that would expand the …

In a speech during the IIS Global Insurance at the United Nations, former Connecticut Insurance commissioner and Senior Advisor at Evercore Tom Leonardi, discussed unintended consequences form some insurance regulation. He says Market Consistent Valuation, for instance, will hurt long-term investment strategies, long-term insurance products. WRIN.tv speaks with Tom Leonardi, a Senior Advisor at Evercore and former Connecticut Insurance commissioner, …

WRIN.tv speaks with Tom Leonardi about regulator focus on cybersecurity during the recent IIS Global Insurance Forum at the United Nations. He is the former Connecticut Insurance Commissioner and now a Senior Advisor at Evercore. According to Mr. Leonardi, until the hack on Anthem and Premera Blue Cross, regulators had not concentrated on cyber risk. Now, he says, the NAIC …

In the wake of the high-profile breach of the U.S. Federal Government, WRIN.tv speaks with Adam Hamm about recent developments in cyber risk and cyber security. He is the North Dakota Insurance Commissioner and Chair of the NAIC Cyber Security Task Force, and a speaker at the 31st Annual S&P Insurance Conference in New York. Mr. Hamm reminds us that there is …

WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: U.S. regulators say international capital standard must be good for U.S. Premera Blue Cross working with FBI after cyberattack affecting 11 million NAIC keeps captive financials confidential to stem public confusion Life …

Life insurers and regulators reached a compromise on the use of sales illustrations for indexed universal life insurance policies. The NAIC draft position reins in what some insurers claimed were excessively speculative return rates for these products.

An NAIC task force adopted a supplemental proposal related to captive reinsurance transactions, but decided to exclude a hypothetical query on captive transactions from the public domain. Regulators decided to keep answers confidential for fear of having a company’s true financial condition misunderstood by the general public.

WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: IAIS Task Force on cybersecurity includes NAIC and FIO, not the Fed Courts give FSOC to respond to MetLife SIFI challenge XL CEO says size matters… Aon Benfield CEO sees broker role …

WRIN.tv’s Monday Morning Headlines, compiled by SNL Insurance, is a video digest of the news you need to know about the U.S. Insurance industry. Today’s Monday Morning Headlines: Fed chair grilled about FSOC approach to SIFI designation FIO Director implies capital standards may not be in place until 2016/2018 NAIC seeking bids to enhance its own cybersecurity Small cut in …

Missouri Insurance Director John Huff will serve as the NAIC’s president-elect in 2015, after winning a special election on February 8. Kentucky Insurance Commissioner Sharon Clark was also vying for the position, which was vacated when Pennsylvania’s newly elected governor removed state Insurance Commissioner Michael Consedine from office.  Huff will take over as NAIC president next year.