Legislation & Regulation

Value of Blockchain “Sandboxes” Being Realized by Regulators

Nov 17, 2021 / by Robin Westcott posted in Community, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Legislation & Regulation, Data/Tech

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We’re at an inflection point with blockchain technology. A greater community of interest has developed beyond cryptocurrency with the realization that blockchain can solve all types of problems. Insurance regulators nationwide are starting to create “sandboxes,” essentially incubators where new technologies and innovations can be developed and tested, exempt from prohibitive regulations, until a proper regulatory framework can be created.

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Cannabis Coverage…Worth the Risk

Nov 15, 2021 / by Joe Jonas posted in Community, Issues & Trends, Regulatory/Compliance, P&C Insurers, Commercial Lines, Legislation & Regulation, AAIS News & Views, AAIS Insights, Insurance Line of Business

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Cannabis is a multi-billion-dollar market that continues to be underserved by the insurance industry. While the majority of states and the District of Columbia have legalized cannabis in one form or another, less than 30 insurers are participating in the marketplace nationwide. As the number of states moving toward legalization rises, the number of cannabis related businesses (CRBs) multiplies, and public acceptance of legalization increases, it is imperative that the insurance industry understand and normalize cannabis coverage.  

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Climate Change & Insurance…What’s Being Done About It

Nov 11, 2021 / by AAIS posted in Issues & Trends, Industry Associations, Regulatory/Compliance, Homeowners, New/Emerging Risks, P&C Insurers, Legislation & Regulation, AAIS News & Views, AAIS Insights, AAIS Pulse, Insurance Line of Business

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Research from NASA points to several factors that support climate change from rising sea levels to warming oceans and glacial retreats. The effects of climate change have a significant impact on the insurance industry, which generates considerable premium, expense, and losses based on insured catastrophes. As these events become more unpredictable and severe, the industry must adapt.

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Maryland Insurance Commissioner Talks Talent, E-Commerce, Insurtech & More

Oct 18, 2021 / by AAIS posted in Machine Learning/AI, Issues & Trends, Data & Technology, AAIS Events, Events, Tech News, Insurtech, Regulatory/Compliance, New/Emerging Risks, Working in Insurance, Legislation & Regulation, AAIS Insights, AAIS Pulse, AAIS Event Archives, Data/Tech

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The AAIS Pulse newsmagazine recently featured a discussion between Maryland Insurance Commissioner Kathleen Birrane and AAIS VP of Government, Legal and Compliance Robin Westcott. They covered a range of topics, from careers in insurance and climate change to National Association of Insurance Commissioner Working Groups, technology, insurtechs and much more.

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Bob Hartwig Sheds Light On COVID-19, Climate Change, Cyber Risk & More

Oct 13, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, AAIS Events, Events, AAIS Event Archive, Tech News, Regulatory/Compliance, New/Emerging Risks, Working in Insurance, Legislation & Regulation, AAIS Pulse, AAIS Event Archives, Data/Tech

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The AAIS Pulse newsmagazine recently featured Robert Hartwig, Ph.D., CPCU, industry expert and insurance professor at University of South Carolina's Moore School of Business. He spoke with AAIS CEO Ed Kelly on a range of topics facing the industry including COVID-19, climate change, cyber risk, year-end financials, and much more.

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openIDL COVID-19 Pilot Huge Success, Delivers First-Ever Insights

Aug 17, 2021 / by AAIS posted in openIDL, Insights, Data & Technology, Data Management/Distributed Ledger, COVID-19, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech, Regulators, Business Interruption, AAIS Views

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AAIS conducted a Proof of Concept (POC) using the open Insurance Data Link (openIDL) for regulatory reporting. The results demonstrated that this blockchain/distributed ledger technology can dramatically improve both the output and process of insurance regulatory reporting for insurers and regulators.

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Capitol Outlook with Faegre Drinker Partner Patrick Hughes

Mar 3, 2021 / by AAIS posted in Insights, Issues & Trends, Insurance News/Current Events, COVID-19, Regulatory/Compliance, Industry, Legislation & Regulation, AAIS Pulse, Compliance, Government, Faegre Drinker

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During the February 2021 AAIS Pulse newsmagazine, AAIS VP and General Counsel Robin Westcott was joined by Faegre Drinker Partner Patrick Hughes to examine the impact of the Biden Administration and recent legislative actions on the insurance industry.

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CEO Angles: Big “I” CEO Explains Concerns About the New Direction in Washington

Mar 3, 2021 / by AAIS posted in Insurance, Issues & Trends, Insurance News/Current Events, COVID-19, Working in Insurance, Legislation & Regulation, AAIS Pulse, AAIS Webinar Series, Agents, Brokers, Government, Flood Insurance, Taxes, Economy, AAIS Views

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AAIS CEO Ed Kelly sat down with Bob Rusbuldt, CEO of the Independent Insurance Agents & Brokers of America (Big I) to discuss the impact of the Biden Administration and COVID-19 on insurers – and what may be ahead in the legislative and regulatory arena.

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Pandemic Resource Center Delivers Litigation Data & Insights

Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, Tech News, IoT, Industry, Data, Business, Legislation & Regulation, Innovation, AAIS News & Views, Data/Tech, Regulation, Digitization, Business Interruption

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For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.

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Into the Weeds: Cannabis Insurance and the Industry Landscape

Jan 6, 2021 / by AAIS posted in Community, Issues & Trends, COVID-19, Regulatory/Compliance, Cannabis, CannaBOP, Commercial Lines, Industry, Legislation & Regulation, AAIS Insights, AAIS Pulse, pandemic, Aon, Porter Wright Morris & Arthur

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The COVID-19 pandemic has had lasting impacts on industries far and wide…including the growing cannabis industry. In the inaugural edition of the AAIS Pulse, AAIS’s Joe Jonas and Phil Skaggs were joined by Porter Wright Morris & Arthur LLP’s Randi Ellias and Aon’s Richard Golz to discuss cannabis insurance trends, including the impact the pandemic has had on its expansion.

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