Why is AI Governance Important for P&C Insurers?

The artificial intelligence (AI) landscape has changed significantly over the past year, presenting both fresh opportunities and new challenges to the property & casualty insurance industry. As AI continues to evolve, especially through advancements like GenAI, insurance companies must create strong governance frameworks to keep AI use transparent and ethical.

Our Top 5 Blog Posts of 2023

Throughout the past year, we’ve explored a diverse array of topics on our blog, aiding insurance organizations in staying abreast of industry trends, tackling common challenges, and refining their operations. Here are the five most popular posts among our readers this year.

S-Election and Business Entity Taxes

In the insurance sector, many businesses opt for C corporations or LLCs. These entities can leverage the Internal Revenue Code’s provision, known as an S-election, to pass income, losses, deductions, and tax credits to individual owners, avoiding double taxation of business income.

5 Unexpected Tasks When Registering as a Foreign Entity

When an insurance agency begins soliciting or transacting business outside its domicile state, it may need to register as a foreign entity with the Secretary of State’s Offices. It’s common for insurance professionals to be less familiar with this process, even compliance specialists may not be aware of some of the more “esoteric” tasks that certain states require.

5 Pro Tips for Compliance During M&A

Despite economic stresses, M&A activity remains a popular growth strategy for the insurance industry. However, overlooking regulatory compliance considerations in the planning and execution phases may lead to lengthy delays and unexpected costs. Here are five key tips to managing M&A compliance.

Annual Returns: When and What to File

Once a business registers with the Secretary of State’s Office in a domicile or foreign jurisdiction, it needs to keep that information current.
It’s common for various business types to have different filing requirements and deadlines—even within the same jurisdiction.

TAG, YOU’RE IT: Resolving Errors in E&S Filings and Reports

You’ve just finished processing a stack of surplus lines policy filings or a premium tax report or two.  A normal response is, “Phew!  I’m glad THAT’s over”.  Be careful, though; it may not be that straightforward.  If a filing or policy is tagged, indicating that a surplus lines transaction has inaccurate or missing information. , there’s more work to do. 

5 Pro Tips for Surplus Lines Compliance

When first starting business in the non-admitted market, the to-do list of compliance tasks can feel intimidating. There are lots of new requirements and procedures to master, and the stakes are high, for both your bottom line and your regulatory reputation. Here are five pro tips for surplus lines compliance.

Buying an Agency vs. Buying a Book of Business

Insurance agencies often ask for help with “tidying up” insurance licensing or Secretary of State filings for newly acquired or merged business entities. Unfortunately, sometimes it is not possible. In some cases, they haven’t bought the agency, only some or all of its book of business, or have no legal standing to take any action that impacts the licensing or other regulatory filings for the entity.