Risk Management Caution: Maintain a respectful distance When I was a young boy, I loved the TV show Lost in Space. The family had a robot that was a trusted companion to their son, Will Robinson. The robot was famous for saying, “danger, danger” and waving its mechanical arms whenever it detected a threat. Fast forward 50 years and robots are becoming more and more a part of our lives
Public Policy Analysis & Opinion NAIC developing new capital calculations for insurance groups In 2017-2018, the National Association of Insurance Commissioners (NAIC) will continue development of a group capital calculation formula or framework. This aim arises in response to proposals from both the Federal Reserve System and international regulators. In December 2016, the Group Capital Calculation Working Group (GCCWG) announced a five-phase timeline for developing a group capital calculation tool.
CONGRATULATIONS, Murray Securus Several elements of Murray Securus’s DNA impressed past Agency of the Month winners who voted for the Lancaster, Pennsylvania, firm as our Rough Notes 2016 Agency of the Year. One past winner was particularly impressed by “how they built out the agency in response to client needs.” Others echoed the sentiment, citing the agency’s formation 80-plus years ago and the subsequent launch of its human resources consulting
Public Policy Analysis & Opinion Trump proposal for interstate insurance sales threatens the foundations of a business based on trust As Murray D. Lincoln, founder of the Nationwide Mutual Insurance Companies, often reminded audiences, it is vital for any institution or organization to maintain knowledge of “fundamental principles.” Perhaps Lincoln’s observation holds particular importance for the business of insurance, which traffics in risk and is based on public trust. It
Public Policy Analysis & Opinion NAIC calls out the European Union’s end run, but offers a flawed alternative A federal charter for reinsurance—or any entity that trades in risk ceded by primary writers—would establish a regulatory baseline to foster a level playing field. On September 28, 2016, the National Association of Insurance Commissioners (NAIC) asked Congress to pressure U.S. trade negotiators to protect the myriad parochial provisions that pepper the