Regulatory/Compliance (2)

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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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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Blockchain: The Next Big Thing

Oct 8, 2021 / by Robin Westcott posted in openIDL, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data/Tech, Modeling/Actuarial

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In August, AAIS Views detailed the results of our hugely successful Proof of Concept (POC) for openIDL (Open Insurance Data Link) that proved the blockchain technology can dramatically improve the insurance regulatory reporting proves for insurers and regulators. We also saw that insurer information could be correlated with data from other sources to reveal deeper insights, and that data could be leveraged by regulators, while remaining private, secure and in full control of participating carriers

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Getting Technical: How openIDL Came to Life

Oct 5, 2021 / by Isaac Kunkel, Chainyard posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data/Tech

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openIDL, the groundbreaking blockchain technology AAIS developed to streamline regulatory reporting and connect data across the insurance industry has a chance to revolutionize the entire insurance ecosystem. When you peek behind the curtain, you see just how much went into building out this platform collaboratively with stakeholders in the insurance and technology world.

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Report Highlights: openIDL Passes COVID-19 BI Data Call Test

Aug 24, 2021 / by Robin Westcott posted in openIDL, Data & Technology, Data Management/Distributed Ledger, COVID-19, Regulatory/Compliance, Blockchain, NAIC, Data Call, Business Interruption, AAIS Views

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On Aug. 16, at the 2021 Summer National Association of Insurance Commissioners (NAIC) National Meeting, AAIS VP of Government Affairs, Legal & Compliance, Robin Westcott, presented the results of a Proof of Concept (POC) testing whether openIDL could support a COVID-19 Business Interruption Data call issued by the NAIC.

The meeting served as the kickoff for the openIDL Regulatory Reporting Steering Committee (RRSC). Ms. Westcott provided highlights from the positive findings set out in the report published by AAIS declaring that blockchain/distributed ledger technology had passed the test enroute to even broader applications across the industry.

Following is a summary of Ms. Westcott’s presentation:

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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, Linux Foundation, 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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Examining the Evolution of Blockchain Applications in Insurance

Aug 13, 2021 / by Truman Esmond posted in openIDL, Insurance, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data, Modeling/Predictive Analytics, Data/Tech, AAIS Views

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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.

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Concerns and Opportunities Related to Pandemic Coverage

Aug 3, 2021 / by Nicole Milos posted in Community, Issues & Trends, COVID-19, Regulatory/Compliance, New/Emerging Risks, Legislation & Regulation, AAIS News & Views, AAIS Insights, AAIS Webinar Series, pandemic, Business Interruption, AAIS Views

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While the U.S. economy slowly returns to normal following the COVID-19 pandemic, the insurance industry continues to grapple with business interruption claims, court battles and the future of pandemic-related insurance. In Part II of our two-part Advisory Report, Nicole Milos, Assistant Counsel at AAIS, explains the systemic risk global pandemics pose to the insurance industry and how we’re leveraging data gathered during the pandemic to meet customer demand for future pandemic-type coverage.

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