In the AAIS Pulse session Commissioner’s Corner: Catching Up with National & State Insurance Regulators, host Lori Dreaver Munn, Director of Compliance and Government Relations at AAIS spoke with multiple leading regulators for their insights on trending regulatory topics including Scott White, Commissioner of the Virginia State Corporation’s Bureau of Insurance and NAIC Secretary-Treasurer. In this interview, White talks about his top issues of concern for the NAIC in 2023, artificial intelligence (AI) and blockchain in insurance, key initiatives for the state of Virginia, and more.
In the AAIS Pulse session Commissioner’s Corner: Catching Up with National & State Insurance Regulators, host Lori Dreaver Munn, Director of Compliance and Government Relations at AAIS spoke with multiple leading regulators for their insights on trending regulatory topics including Andrew Mais, Commissioner of the Connecticut Insurance Department and NAIC President-Elect. In this interview, Mais talked about his reaction to Mike Consedine’s departure from the NAIC, major initiatives for the NAIC in 2023, modernizing policy reviews in Connecticut, and more.
For this Regulatory Brief, AAIS sat down with George Bradner, Assistant Deputy Commissioner with the Connecticut Department of Insurance, to discuss the use of modern technologies to streamline processes for more efficient filings moving into 2023.
The AAIS Pulse newsmagazine recently featured discussions with Mississippi Insurance Commissioner Mike Chaney and Connecticut Insurance Department Asst. Deputy Commissioner, Property & Casualty Division, George Bradner. They sat down with AAIS VP of Government Affairs, Legal, and Compliance, Robin Westcott, to cover a wide array of topics including data collection, data management, openIDL and its benefits, machine learning, and much more.
Risks are continually evolving and emerging, requiring updates to insurance policies in order for carriers to keep pace with market need. Whether you’re a regulator or an underwriter, reviewing new policy language in a timely fashion can be a challenge, and can negatively impact speed-to-market.
In 2002, Amazon eliminated millions of dollars from its technology costs by switching to the Linux operating system, an open source technology platform from the Linux Foundation. In a filing with the Securities and Exchange Commission, Amazon stated it was able to cut technology expenses by about 25%, from $71 million to $54 million, primarily through “migration to a Linux-based technology platform that utilizes a less-costly technology infrastructure, as well as general price reductions for data and telecommunication services due to market overcapacity. Amazon continues its open source technology strategy today, as do thousands of other companies. Today, 96.3% of the world's top one million servers run on Linux.
The AAIS Pulse newsmagazine recently featured a discussion with experts from Munich Re, Berkley Re Solutions, and AAIS hosted by AAIS Vice President of Products John Kadous on the emerging risks affecting policyholders in the homeowners market. The focus was on the evolving threats around cyber, fire and flood and how they’re being impacted by climate change, technology and more.
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.
Blockchain started as a popular buzzword among techies but has since permeated across industries. In insurance, its potential is being realized as game changing. Truman Esmond, AAIS Vice President of Membership and Solutions, spoke at a recent webinar hosted by The Institutes Griffith Insurance Education Foundation on how AAIS is utilizing blockchain to support industry.
In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.