January 2, 2020
Happy New Year!
2020 is here and we would like to wish you a happy new year! We hope you had a joyous holiday.
We spent much of last year working on improving our products and platforms. During the early part of this year, you will begin to see some of these improvements released.
Compliance Review Refresh
One of the most exciting objectives we accomplished last year was improving the Compliance Review module of our software, SLIP and RAPID. Using updated technology, we revamped the Compliance Review system to streamline the process for agents and our field analysts.
One of the new features of the next generation Compliance Review is the ability for SLIP users to upload policy documentation requested during the review. The requested documents will now be listed in SLIP on the Compliance Review Documents screen, under Policy in the navigation menu.
If there are findings in the Compliance Review Exam Report, an agent may receive a Corrective Action Form (CAF). You will now be able to submit those in SLIP, as well, by clicking on the Respond to CAF button on the Compliance Review Documents screen.
These features will be available on Friday, January 3.
Spotlight On:
Coverage Codes
When writing surplus lines business, it comes as no surprise that the coverage code is critical. With scores of coverage codes, FSLSO has grouped them based on general types.
Visit our website to view the coverage codes or download a comprehensive list of the coverage codes.
Headlines
Insurers Using Data, Technology to Manage Emerging Risks
From the sharing economy to extreme weather, the insurance industry is dealing with a transforming landscape, according to a panel of insurance experts.
$584B at Risk From Cat Events in 2020: University of Cambridge Study
Providing an annual update of its study of the impact of catastrophic events on global GDP, researchers from the University of Cambridge find that roughly $584 billion could be wiped from the global economy from such events in 2020.
Drones, Satellites and Aerial Data-Gathering are Remaking Insurance Claims
Claims and legal experts examine how aerial and satellite imaging are changing processes and opening new vistas for insurers. Highlights of a recent AM Best webinar.
What's the Future of the National Flood Insurance Program?
Congress has passed two spending bills to fund the federal government. President Donald Trump is expected to sign them, avoiding a shutdown. One provision in those bills is a reauthorization of the National Flood Insurance Program. With the president's approval, the program will be extended through Sept. 30, 2020.
TRIA Reauthorized for Seven Years
The House of Representatives has passed bipartisan legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), as part of Fiscal Year 2020 appropriations legislation. The move sees TRIA remain in place for the next seven years.
NAIC 2019 Fall National Meeting
The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas.
“Unexciting” Rate Movements Forecast for 1/1 Renewals: Analysts
Analysts at JMP Securities are forecasting “unexciting” rate increases at the January re/insurance renewals, with more notable improvements likely to be seen later in the year during the April and June/July renewals. While the property and casualty (P&C) market does appear to be improving in all areas, it is doing so to varying degrees, according to JMP Securities.
Why Small Business Liability Insurance Must be Advanced Into the Digital Age
Liability insurance as we know it no longer suits a large fraction of today’s and tomorrow’s small-business owners. Brokers and insurers are at a crossroads on how to serve small businesses’ changing needs in the on-demand economy.
Canadian Lab Test Firm, LifeLabs, Pays Ransom After Data Breach
Hackers also obtained personal information of an unknown number of the company’s 15 million Canadian customers, who are primarily in Ontario and British Columbia. The information included health card numbers, names, email addresses, logins, passwords and dates of birth.
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