Cover Story

2021/ September 24

Fiduciary Professions: Legal Challenges and Solutions for Trustees of Trust-Owned Life Insurance

Guest Author Cover Story September 24, 2021

Active and careful management is required

By Grace Bronstein & Ian Weinstock

Many trustees mistakenly believe that life insurance is a static financial instrument. However, trust-owned life insurance (TOLI) requires active and careful management. Recent case law provides a roadmap for how trustees can adequately manage TOLI pursuant to the Uniform Prudent Investor Act (UPIA). Trustees should be aware of their exposure to liability, as there’s been an increasing trend towards lawsuits filed against trustees for policy mismanagement.

2021/ August 18

Consumer Groups Call on FIO to Dig Deep into “Unfairness” in Auto Market

Insurance Advocate Cover Story August 18, 2021

A group of consumer organizations urged the Department of Treasury’s Federal Insurance Office (FIO) to update a 2017 study on the affordability of auto insurance in historically underserved communities and to conduct a “deep and thorough investigation of unfair discrimination in auto insurance markets”. While state laws in all states but New Hampshire require drivers to purchase auto insurance, the group holds that it is often unaffordable for lower-income drivers and that industry pricing practices that rely on non-driving, socio-economic characteristics of customers disproportionately penalize people of color with higher premiums and fewer choices in the market.

2021/ June 14

E&S Role in New York Homeowner’s Market | Report

Insurance Advocate Cover Story June 14, 2021

This study of New York’s $3.7 billion dollar homeowners insurance market was underwritten by the Excess Line Association of New York. It was initiated to determine if the excess line market competes with the admitted market for homeowners insurance business in New York State. All analysis, findings and conclusions are solely those of NovaStance Analytics.

2021/ May 10

Small Commercial Insureds: Expectations for New Buyers Quantified in Key Survey

Insurance Advocate Cover Story May 10, 2021

Generational trends point to inherent differences and new business approaches
The market for small business insurance is evolving in many ways. With the number of small businesses on the rise, emerging risks and new products to cover those risks, and even shifting business models due to the pandemic, there are many opportunities for new small commercial sales.

2021/ April 26

Reg 187: Big “I” Victorious In Key Legal Battle

Insurance Advocate Cover Story April 26, 2021

Court sides with BIG “I” in Win for Agents and Brokers
Onerous and Confusing Regulation 187’s Controversial “Best Interest” Standard Called “Unconstitutionally Vague”

The New York Supreme Court handed a big win to the BIG “I” and to agents and brokers in the state as it reversed a 2019 ruling that the DFS was within its authority when it issued Regulation 187. Regulation 187, went into effect on August 1, 2019.

2021/ April 12

The Changing Insurance Landscape and Advisory Role of the Broker

Guest Author Cover Story, Covid-19 April 12, 2021

RESPONDING TO CUSTOMER NEEDS IN LIGHT OF COVID-19 AND GROWING CYBER DISRUPTIONS
By Tom Laughran and Liz Wilder
Businesses across the world have faced great headwinds over the past year. From the myriad ramifications the global pandemic has –and continues –to present, to the rising threat of cyberattacks, business leaders and owners are tasked with defending against a broader range of threats than ever before.

2021/ March 22

Client/Agent: THE NEW “SPECIAL RELATIONSHIP” DECISION

Guest Author Cover Story, Guest Article March 22, 2021

By Howard S. Kronberg, Esq.

On February 10, 2021 the Appellate Division First Department[1], affirmed the dismissal of a failure to procure action against a broker in the case of Trimasa Restaurant Partners[2]. This case is a significant decision in that it narrows, limits and thus clarifies the application of the special relationship doctrine, which has been used by plaintiff’s attorneys in E&O lawsuits since 1997 to attempt to hold insurance agents and brokers liable for things that they never agreed to do for their customers, like procuring coverage not specifically requested. Here, we will review the special relationship doctrine and the court’s decision in the Trimasa case.

2021/ March 8

The rise of the exponential underwriter

Guest Author Cover Story March 8, 2021

Leveraging a convergence of data, technology, and human capital to transform underwriting in insurance: As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernizing the underwriting function now

2021/ February 8

Is Artificial Intelligence the Answer to Insurance Fraud?

Guest Author Cover Story February 8, 2021

By Nigel Cannings

Ongoing investment suggests that the perception amongst insurance professionals is yes. According to a 2021 survey, approximately 31% of insurance CIOs reported that they had already deployed AI and an additional 23% will deploy in the next 12 months. Focusing on Fraud and a recent survey by the Coalition Against Insurance Fraud showed that 21% of respondents are planning on investing in AI for fraud detection over the next 2 years. Yet against this backdrop of adoption, we see that most insurance companies process only 10-15% of the data they hold.

2021/ January 11

The Post Covid Consumer: Buyers Unmask New Plans To Shave Costs And Shred Cares

Insurance Advocate cover, Cover Story, Covid-19 January 11, 2021

37,000 high income insurance clients of 150 high income agents Want “Fresh” when the Refresh Comes: Results of a survey by the Private Risk Management Association