Compliance

Most insurance professionals understand that failing to meet their compliance obligations can result in censure by regulation authorities. Often, however, they underestimate the real harm such penalties can do

One of the great things about a career in our industry is the ability to pursue it anywhere, especially these days with more companies adopting remote-working strategies. Simply notify state regulators of a new home or business address within the mandated time frame. If a move takes a licensee across state lines, however, the process becomes more complicated.

Most insurance businesses grow through a mixture of organic growth and acquisitions or mergers. Each approach has its advantages and challenges. Finding the right balance between these strategies is critical to optimizing growth and maintaining regulatory compliance, especially these days.

With over fifty different limited lines of authority on offer in various states, it would seem to be the most unlimited type of insurance. It’s actually very simple; limited lines allow licensees to sell only more narrowly defined insurance products.

With valuations continuing to rise, insurance businesses looking to expand through mergers and acquisitions are increasingly turning to a different strategy: the producer lift-out. By hiring away top talent, a competitor can realize a far greater ROI than they can with conventional M&A activity. A

Often, agencies update their list of directors, officers, and similar leaders on their annual/biennial returns. Whether and when annual returns are due can vary based on the state and the entity’s legal structure. In some states, the entity will need to submit an amendment to its Certificate of Authority instead.

Insurance is a knowledge-intensive business. Acquiring this expertise represents a sizeable investment of time and money for both the individual and their employer. That’s why every successful insurance agency needs a robust knowledge management strategy.

As insurers and state regulators tally losses from Hurricane Ian, climate experts advise bracing for more intense storms as “traditional” weather patterns shift. To handle claims arising from such CAT events, some states contract with independent adjuster firms to supplement their own rosters. Many still rely on licensing emergency adjusters to meet consumers’ needs after disasters.