1. Experience as to Airport Liability Insurance Insurance policies and Their Brokers.
A. Airport Liability Insurance Coverage Experience as an Insurance Regulator. I’ve had in depth and substantive expertise relating on to airport legal responsibility insurance coverage insurance policies (that are bought by property casualty insurance coverage corporations and by licensed property casualty insurance coverage brokers; reference herein to property casualty insurers and their brokers is thus inclusive of insurers and brokers promoting airport legal responsibility insurance coverage insurance policies) together with deciphering coverage language and figuring out the insurer’s obligations beneath such insurance policies.
As a regulator for eight years in three positions ((i) Assistant Legal professional Basic assigned to the Division of Insurance (Iowa), (ii) First Deputy Commissioner of Insurance, and (iii) Commissioner of Insurance), together with my employees, I accepted (or disapproved) of the language of airport legal responsibility insurance coverage insurance policies utilized by every of the 1,000 property casualty insurance coverage corporations doing enterprise within the state, promoting amongst different coverages, airport legal responsibility insurance policies. This regulatory motion additionally included the approval of most all coverage software types and coverage types themselves in use at present. As well as, I usually served as an Administrative Regulation Choose in issues relating on to airport legal responsibility insurance coverage insurance policies.
B. Airport Liability Insurance Coverage Experience: NAIC. Whereas Commissioner, I additionally served as a member of the Nationwide Affiliation of Insurance Commissioners (“NAIC”), (together with membership on its Government Committee), the nationwide group of all state insurance coverage commissioners. That group has obligations for establishing mannequin insurance coverage administrative rules and mannequin statutes for consideration by all the states. Whereas with the NAIC, I served as, amongst different issues:
C. Airport Liability Insurance Coverage Experience: American Academy of Actuaries. Alongside these identical traces, I served as common counsel and chief lobbyist to the American Academy of Actuaries, Washington D.C. The Academy is the nationwide skilled affiliation for actuaries. These professionals set up premium ranges for insurance policies. As well as, as a result of coverage language dictates premium ranges, actuaries are additionally energetic in figuring out coverage language.
D. Airport Liability Insurance Coverage Experience: CEO of A Main US Insurance Entity. After serving as a regulator, I served as President and Chief Government Officer for the Nationwide Council on Compensation Insurance (“NCCI”), New York Metropolis, a nationwide trade owned group with about 1,500 staff with annual revenues of about $150 million that did (and does) enterprise in about 40 states. NCCI was domiciled in Florida and did enterprise all through many of the United States.
Which means that whereas I used to be CEO, NCCI was topic to the total authority of the Florida Workplace of Insurance Regulation (“FL OIR”) and topic as properly to the Florida Insurance Code in addition to the jurisdiction of all Florida courts, state and federal. Along with Florida, NCCI was topic as properly to the authority of the assorted state departments of insurance coverage (‘DOIs”) as well as the state and federal courts of each of these states. Among my responsibilities at NCCI was (together with my staff) to formulate all workers compensation insurance policy forms as used in our 40 states of operation. This work included drafting all policy language (tailored to the specific state’s insurance coverage code) in addition to drafting all endorsements and all different coverage types. As well as, my obligations included gaining state insurance coverage division approval of all such coverage types as a situation precedent to their use as submitted by some 600 insurance coverage corporations. Lastly, I be aware that amongst others, the life insurance coverage profit beneath staff compensation is a crucial protection. I’m very conversant in the that means and relevance of particular state approval of coverage types, endorsements and purposes and associated paperwork and issues.
E. Airport Liability Insurance Coverage Experience: Reinsurance Arbitrator. I’m additionally one among about 200 licensed reinsurance arbitrators (by ARIAS-US) and have sat as an arbitrator on property casualty insurance coverage points in disputes about coverage language between reinsurers and their insurers.
2. Experience as to Duties of Airport Liability Insurance Companies Together with Declare Settlement Obligations.
A. Experience as to Duties of Airport Liability Insurance Companies (Property Casualty Insurers) as Commissioner of Insurance. I’ve additionally had vital expertise and duty in reference to figuring out and passing judgment on insurers’ obligations as to insurance coverage brokers and insurers declare settlement duties similar to these concerned right here. Specifically, in my three regulatory positions beforehand described, I had every day duty to guarantee and to carry accountable all the state’s 1,000 property casualty insurers for his or her associated obligations, inclusive of declare settlement obligations. I did so by a collection of motion steps and instruments. The motion steps and instruments included the next:
1. Unfair Claims Settlement Act. Like most each different state, Iowa enacted the mannequin NAIC Unfair Claims Settlement Practices Act (“UCSA”) which set forth requirements in opposition to which the Insurance Commissioner may move judgment on a property and casualty insurer’s claims settlement practices. As Commissioner and as First Deputy and earlier as Assistant Legal professional Basic assigned to the Division, I had every day duty to implement this act and guarantee all insurance coverage corporations have been in compliance with the act. That was the identical act as adopted in most each different state in considerably related type and enforced on common foundation by the DOIs.
2. NAIC Market Regulation Handbook. Along with the requirements set out in the united states, as Commissioner, I had as an out there software, the NAIC Market Regulation Handbook (“Examiners Handbook” or “Handbook”). This Handbook units forth requirements to evaluate insurance coverage agent and insurer declare settlement habits and is utilized by each division of insurance coverage in the US. The requirements have been universally agreed to by all the nation’s Commissioners of Insurance as adopted formally by them by the NAIC. The declare settlement requirements of the Handbook are universally acknowledged as acceptable requirements in opposition to which to evaluate insurer declare habits.
3. Market Conduct Examination. Frequently, my company carried out Market Conduct Examinations of property insurers using the Examiners Handbook to find out whether or not in truth the goal insurer was assembly all of their declare settlement obligations. This motion entailed bodily going into the insurers declare operations and learning declare recordsdata to find out any errant motion or inappropriate declare settlement habits. As additional mentioned beneath, errant insurers have been warned, disciplined and prosecuted as required.
4. NAIC Monetary Examiners Handbook. As Commissioner, I had out there one other software, particularly the NAIC Monetary Examiners Handbook (“Financial Examiners Handbook”). Amongst different issues, the Monetary Examiners Handbook units forth requirements to evaluate property casualty (inclusive of these property casualty insurers who bought airport legal responsibility insurance coverage insurance policies) insurer solvency on a triennial foundation. Amongst different paperwork reviewed by examiners in reaching monetary conclusions are agent contracts and policyholder issues. As with the Market Conduct Examiners Handbook, the Monetary Examiners Handbook is utilized by each division of insurance coverage in the US. Equally, these requirements have been universally agreed to by all the nation’s Commissioners of Insurance as adopted formally by them by the NAIC. The requirements of the Monetary Examiners Handbook are universally acknowledged as acceptable requirements in opposition to which to evaluate airport legal responsibility insurer habits.
5. Monetary Examinations. Frequently, my Division carried out monetary examinations of property casualty insurers using the Monetary Examiners Handbook to find out whether or not in truth the insurer was, and would seemingly stay, solvent. As with market conduct exams, monetary examinations entailed bodily going into the insurers’ operations and learning recordsdata and different gadgets to (i) guarantee compliance with agent and policyholder duties and (ii) to guarantee that monetary reporting as to agent and policyholder issues have been correctly carried out. As additional mentioned beneath, errant insurers have been warned, disciplined and prosecuted as required.
6. Complaints From the Public. Every day, my Division obtained incoming client complaints as to insurance coverage firm declare settlement practices. This division was staffed by Division attorneys who resolved the person grievance however, equally importantly, decided whether or not an insurer evidenced unacceptable declare settlement practices. That’s to say, employees attorneys decided whether or not the incoming client complaints in truth constituted a crimson flag as to the insurance coverage firm’s potential habits throughout the board.
7. Prosecution. To the extent insurer habits required formal motion (whether or not a results of complaints from the general public or a results of Division investigation by a Market Conduct Examination), my Division prosecuted such insurers beneath the state’s civil Administrative Procedures Act. In reference to such prosecutions, I served in numerous capacities throughout my eight years as a regulator as (i) prosecutor (as Assistant Legal professional Basic), (ii) as the choice maker as as to whether to provoke prosecution within the first occasion and (iii) because the Administrative Regulation Choose (“ALJ”) who presided over the prosecution and protection of the case and entered findings of truth and conclusions of regulation as to insurer declare settlement practices. I’ve served as an ALJ in scores of such instances the place the insurer’s declare settlement practices in property declare settlement issues have been the first difficulty and entered last selections in such issues.
B. Experience as to Declare Adjustment Duties of Insurance Companies From the Perspective of an Trade Government. Along with my expertise as a regulator, as mirrored above, I’ve had particular trade expertise (in different positions) as to insurer declare settlement practices. A few of these positions included the next:
1. CEO of a Main US Insurance Group, Regulated All through the US; Domiciled in Florida; President and Chief Government Workplace of the Nationwide Council on Compensation Insurance (NCCI; Boca Raton, Florida), 1990 – 1998. I referenced above, beneath coverage experience, my expertise at NCCI. Along with publicity as to insurance coverage coverage types, this identical NCCI expertise additionally offered vital background as to insurer declare settlement obligations.
NCCI: Declare Settlement. As well as, NCCI had a vested curiosity in member insurer declare practices in that the trade’s popularity for truthful underwriting and declare settlement practices finally impacted regulatory attitudes towards NCCI’s premium approval course of.
NCCI: Trade Requirements of Observe. Whereas President and CEO of NCCI, I visited and bodily toured and reviewed in extra of 400 insurance coverage corporations and gained direct publicity to the procedures and processes and normal trade practices of the U.S. insurance coverage neighborhood and its declare settlement practices. I’ve had in depth publicity to insurer practices and procedures.
2. Basic Counsel and Director of Authorities Relations to the American Academy of Actuaries (Washington D.C.), 1980 – 1983. I served as Basic Counsel and Director of Authorities Relations for the American Academy of Actuaries, together with advising on admissions, self-discipline, federal antitrust and common company regulation. I represented the 10,000 member skilled group earlier than Congress (e.g., Senate Committees on Banking, Commerce, Finance and Labor, and Home committees on Training, Labor, Power, and Methods and Means) and the assorted federal regulatory businesses.
The Academy is the skilled group of actuaries and consists of certified actuaries from all disciplines and all types of insurers. Academy members included affiliation with just about each industrial property insurance coverage firm in America. Such actuaries had duties referring to coverage language and coverage pricing. The Academy’s Board of Administrators was likewise made up of main insurance coverage firm executives from such property corporations.
3. Legal professional in Non-public Observe. As an lawyer in non-public apply, I represented quite a lot of agent and insurer pursuits and have become conversant in relevant regulatory and trade declare settlement requirements of apply. These pursuits included the place of Iowa Counsel to the Nationwide Affiliation of Unbiased Insurers. These pursuits additionally included intimate involvement with industrial property insurance coverage, as counsel to the:
Particular duties as counsel at each the Skilled Insurance Brokers of Iowa (who bought, amongst different coverages, industrial property insurance coverage) and the Iowa Affiliation of Life Underwriters (life, well being and annuity insurance coverage brokers) included in-depth familiarity with industrial property insurers, their brokers and their declare settlement practices. Particular duties on the NAII included every day counsel to member insurers as to their declare settlement duties.
C. Experience as to Insurance Brokers, Brokers and MGAs Who Work With Airport Liability Insurance policies.
1. Experience as to Insurance Brokers as a Regulator: Licensure. I’ve had in depth and substantive expertise relating on to the obligation of care that involves bear on insurance coverage brokers and businesses of their numerous relationships with property casualty insurance coverage corporations, together with insurers and brokers promoting airport legal responsibility insurance coverage insurance policies. As an Assistant Legal professional Basic (see above), I’ve prosecuted property casualty insurance coverage brokers, together with brokers promoting airport legal responsibility insurance coverage insurance policies, for violations referring to their obligation of care. As an insurance coverage regulator (see above), together with my employees, I’ve screened a whole lot of 1000’s of brokers for character and background (separate and other than subject material testing). As to subject material, I’ve formulated agent-licensing exams within the first occasion. Upon passage of the examination, I’ve licensed a whole lot of 1000’s of insurance coverage brokers.
2. Experience as to Airport Liability Insurance Brokers as a Regulator: Prosecution and CE. I’ve had full duty for persevering with training for licensed property casualty insurance coverage brokers (approving CE programs within the first occasion for acceptable content material; overseeing the administration of such programs and granting and denying credit score for such programs; be aware that such brokers are licensed concurrently to promote amongst different coverages, airport legal responsibility insurance policies). I’ve initiated agent revocation actions and prosecuted these actions to completion.
3. Experience as to Airport Liability Insurance Brokers as a Regulator: ALJ. I’ve sat because the Administrative Regulation Choose in such actions and entered findings of information and conclusions of regulation in scores of instances through which brokers have been prosecuted for violations referring to requirements of care in reference to property casualty insurance coverage issues inclusive of issues relating on to airport legal responsibility insurance coverage issues and I’ve had direct duty for the appointment course of by property casualty insurance coverage corporations (some 1,000 property casualty insurance coverage corporations) of all of their property casualty brokers. I’ve supervised as properly the continuing relationship of all property casualty insurance coverage corporations within the state with all of their appointed brokers.
4. Experience as to Insurance Brokers: Authorized Illustration. As a lawyer, I’ve defended property casualty insurance coverage brokers and brokers in opposition to allegations (in administrative regulation boards) of violations of their obligation of care.
5. Experience as to Insurance Brokers: Trade CEO. As President and Chief Government Officer of a serious Florida domiciled and licensed insurance coverage entity (NCCI) doing enterprise in some 40 states, I’ve had substantial working relationships with the U.S. insurance coverage agent and company neighborhood.
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