Cover Story

by Bill Marcoux (Partner) and Nicholas Kourides (Senior Counsel), DLA Piper
Reprinted with permission.

Insurance regulation is at a crossroads. Faced with an increasingly globalized and dynamic industry, the painful lessons of the financial crisis, dramatic and disruptive advancements in the use of technology, creeping protectionism and nationalism in many markets, competing regulatory agendas and good faith differences in regulatory approaches, insurance regulators are at an important juncture and have the chance to chart their course for the near to mid-term. The choices they make could lead to greater regulatory effectiveness and efficiencies, or result in further Balkanization of regulation and an ever heavier, costlier and at times conflicting set of regulatory rules for insurers. The potential impacts on the insurance industry and those consumers who rely on it are significant.

LICONY concluded the organization’s long-running Annual Meeting & Planning Conference at The Sagamore Hotel on Lake George. The three-day event from Oct. 3-5 was attended by over 130 participants including senior level executives, general counsels and governmental affairs professionals of the life insurance industry.

Participants were attracted to the opportunity to attend content-rich panels that offered the latest updates on legislative and regulatory changes in the industry. Much of the information came right from the source, as members of the Department of Financial Services and the NYS Legislature were featured throughout the event.