IICJ Paper Regulation After the Storm - Staying Current as United States Regulators React to Catastrophes David Newkirk, General Counsel, Swiss Re Corporate Solutions, USA

For insurers, the impact of a natural or man-made catastrophe continues long after the event is over. In the U.S., insurance is pervasively regulated, with consumer interests taking the forefront of most aspects of regulation. New statutes, regulations, directives, or compliance requirements may issue from a wide variety of regulatory bodies, including State Legislatures, Departments of Insurance, State Attorneys General, courts, and the U.S. Federal Government. The regulatory environment can change daily, requiring corresponding responses or changes in the claims, underwriting, policy administration, billing, finance, communications, media, and even IT departments of insurers. Keeping abreast of these changes requires preparation, process, and, most importantly, good communication. This article examines the varied sources of regulation and directives, best practices for monitoring changes and communicating required actions, and the longer term requirements that may persist for years. It advocates preparation for the inevitable – designation of key people across various functions, advance consideration of external parties such as MGAs, TPAs and others who act for the insurer, and development of a robust process before "the next bad thing." Finally, given that insurer's beneficial actions are often ignored by the media and public, while any negatives are spun and publicized, the article concludes with an examination of the important role.
Author
David Newkirk
David Newkirk
David G. Newkirk is the General Counsel of Swiss Re Corporate Solutions, the direct insurance business unit of Swiss Re. As General Counsel, he leads teams the provision of legal services for the business unit on a global basis. Previously, David was lead lawyer for Swiss Re's US Commercial Insurance segment. In both roles, he has helped his employer achieve regulatory compliance with post-disaster regulatory and legal changes on numerous occasions. He began his in house practice with GE Insurance Solutions in 1990. David has BA degree and a JD with high distinction from the University of Nebraska. He is licensed to practice law in Missouri and Kansas.
Company
Swiss Re Corporate Solutions
Backed by nearly 150 years of experience, significant capacity and the financial strength of the Swiss Re Group, Swiss Re Corporate Solutions is headquartered in Zurich, Switzerland, with over 50 additional offices worldwide. It solves the risk management and financing needs of corporations around the globe. Corporate Solutions offers more than 40 products across a broad array of sectors. It provides direct and excess insurance and facultative reinsurance to clients ranging from sole-proprietor law firms to Fortune 100 companies with complex property, casualty and financial service needs.
Country
USA More
Area of Law
Regulation More
Business Sector
Insurance More
Month Published
February 2014 More
Edition
Vol. 7, No. 26, Winter 2014 More
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