Regulatory/Compliance

Artificial Intelligence is Modernizing Regulatory Compliance

Jan 18, 2022 / by Robin Westcott posted in Community, Machine Learning/AI, Issues & Trends, Data & Technology, Tech News, Regulatory/Compliance, Legislation & Regulation, AAIS News & Views, AAIS Insights, Data/Tech

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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.

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Shifting the Data Sharing Paradigm with openIDL

Jan 10, 2022 / by Matt Hinds-Aldrich posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Modeling/Predictive Analytics, AAIS Insights, Data/Tech, Modeling/Actuarial

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Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).

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Busy NAIC Fall Meeting Brings Forth Key Themes for 2022

Dec 22, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Industry Associations, Regulatory/Compliance, Legislation & Regulation

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The National Association of Insurance Commissioners (NAIC) recently wrapped up its fall meeting in San Diego, Ca., where it celebrated its 150th Anniversary. It was a hybrid event with an estimated 1,200 people attending in person and another 1,800 virtually. AAIS Views caught up with our Manager Government Affairs and Compliance, Lori Dreaver Munn and AAIS VP of Memberships & Solutions Truman Esmond, who both attended in person to hear about some of the key themes and takeaways from the meeting.

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AAIS’s Phil Skaggs Talks 2022 Cannabis Legal Expectations

Dec 15, 2021 / by AAIS posted in Community, Issues & Trends, Regulatory/Compliance, New/Emerging Risks, Cannabis, Commercial Lines, Legislation & Regulation, AAIS News & Views, AAIS Insights, Insurance Line of Business, Cannabis Insurance

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Recently, AAIS Assistant Counsel Phil Skaggs participated in a webinar hosted by LexisNexis as part of their Emerging Issues series entitled “What Cannabis Lawyers Should Know to Prepare for 2022.” To watch a recap of the webinar, click here.

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CT Commissioner / AAIS VP Talk openIDL, Blockchain, & Democratization of Data

Dec 13, 2021 / by AAIS posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech

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Connecticut Insurance Commissioner Andrew Mais and AAIS VP of Government Affairs, Legal and Compliance, Robin Westcott, recently appeared on AM Best TV to discuss our successful openIDL Proof of Concept (POC) surrounding a COVID-19 Data Call, and how this revolutionary blockchain platform is paving the path for better regulatory reporting across the insurance industry. Watch the replay in full here:

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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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Insurance Industry Grapples with Discrimination

Oct 26, 2021 / by AAIS posted in Community, Issues & Trends, Insurance News/Current Events, Industry Associations, Regulatory/Compliance, Insurance Operations, Working in Insurance, P&C Insurers, AAIS Insights

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Diversity, equity, and inclusion (DEI) continues to be a concern in our society and the issues it presents extend beyond the communities where we live to the places and industries where we work. AAIS Government & Industry Engagement Manager Lori Dreaver Munn recently presented at the Association of Insurance Compliance Professionals (AICP) Annual Conference on a more nuanced concern – improving DEI in insurance products.

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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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