About Nathan Bacchus

Nathan Bacchus is senior government affairs manager at theRisk and Insurance Management Society (RIMS).
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FERMA Risk Manager Panel Focuses on Innovation

As part of the ongoing Federation of European Risk Management Associations (FERMA) Forum being held in Maastricht, Netherlands, FERMA is hosting a series of panel sessions focusing on three sides of the insurance purchasing relationship: risk manager, broker, and carrier. On Monday, September 30, leading risk managers from throughout Europe kicked the series off by giving their perspective on the current status of the industry and expectations going forward. Panelists included Tjerk van Dijk, director of insurance at Stork and Fokker; Annemarie Schouw, risk and insurance manager at Tata Steel Ijmuiden; Chris McGloin, vice president of risk management and insurance for Invensys; and Andrew-Richard Bradley, head of group risk services for Nestle Group.

This year’s theme for the FERMA Forum is “living and working in a riskier world,” so it came as no surprise that this year’s risk manager panel was focused on the insurance industry’s ability to adapt and innovate to keep up with new and evolving risks such as cybersecurity. “[Insurers’] innovation isn’t taking a quantum leap to where the new risks that the customers are facing are at,” said McGloin. “They’re trying to refine existing products that cover existing solutions and trying to improve those without sitting back and saying ‘what is it the client really wants around cyber or supply chain.

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’” Not all the blame was passed on to the carriers, however. Bradley gave an example of innovations that had been developed by a large insurer to address supply chain risks; however, clients were slow to purchase the products due to either the client’s lack of understanding or brokers’ inability to effectively sell the product. “Sometimes we’re a little unfair to insurers,” he added.

Issues surrounding contract certainty and clarity of policies were other areas that the panelists felt could be improved. When asked if the complexity of policy language affects the claims process, Schouw responded that there are exclusions put into policies “that can be explained in different ways.” McGloin added that it is often difficult to get insurers to change language to reflect established intent. “Sometimes an insurer will interpret the wording one day one way and the following day another way,” he said. “And that doesn’t bring the contract certainty or cover certainty that buyers need.

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The discussion wasn’t all negative. When asked to provide an overall score for the industry from one to 10, the panelists gave generally high marks.

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Brokers and insurers will have their opportunity to respond and to discuss other industry concerns in panels to be held on October 1.

FSB Suggests More Federal Oversight of U.S. Insurance System

On August 27, 2013, the Financial Stability Board (FSB) released an interim update on the progress the United States has made in implementing recommendations made during its 2010 Financial Sector Assessment Program (FSAP).

While the FSB does acknowledge that the United States has taken steps toward meeting recommendations through creation of the Federal Insurance Office (FIO), modernizing of solvency requirements, and increased coordination between U.S. state regulators and federal authorities, it concludes that “significant work is required to fully address the FSAP recommendations” in the area of insurance.

In a press release the FSB states that, “The architecture for insurance supervision in the U.S., characterized by the multiplicity of state regulators, the absence of federal regulatory powers to promote greater regulatory uniformity and the limited rights to pre-empt state law, constrains the ability of the U.S. to ensure regulatory uniformity in the insurance sector.”

Based on its perceived “drawbacks of the current regulatory set-up,” the FSB laid out several recommendations to enhance the U.S. insurance system: (1) further strengthening of the FIO; (2) further enhancement of insurance group supervision by establishing requirements for consolidated financial reporting for all insurance groups and by giving supervisors additional authority to fully assess the entire insurance group’s financial condition; and (3) implementation of FSAP recommendations concerning terms of state insurance commissioner appointments, rule-making powers of state insurance departments, and funding and staffing of insurance departments in order to strengthen specialist skills.

The FSB’s recommendations have been met with pushback from the National Association of Insurance Commissioners (NAIC). In a June 27, 2013 letter in response to an earlier draft of the FSB’s recommendations, the NAIC argued the report “focuses almost exclusively on the perceived cost of having a state-based system, but spends no time examining the benefits of this approach.” The letter goes on to argue that state commissioners are able to “act more quickly and in closer proximity to consumers,” which has led to an industry that is “competitive, profitable, solvent” while consumers “benefit from choice, security, and a local regulatory response that is second to none.”

Ben Nelson, Chief Executive Officer of the NAIC, went further in a September 17 interview with Bloomberg: “There is, I think, a philosophical difference about government here. We come from the Jeffersonian idea of the states.

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” He went on to say that “there is value in regulation that is closest to the people, because New York is different than Nebraska.

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The Financial Stability Board was established to coordinate the work of national financial authorities and international standard setting bodies at the international level. FSAP evaluations are conducted every five years and look at how a country’s financial sector compare to accepted regulatory international standards. For insurance, the study is based on the Insurance Core Principles (ICPs) developed by the International Association of Insurance Supervisors (IAIS). Recommendations from the FSB are advisory only and each country decides if and how to implement them.

This report was prepared by representatives from Deutche Bundesbank, Swiss National Bank, Japan Financial Services Agency, European Commission, European Systemic Risk Board Secretariat, Bank of Canada and the Insurance Regulatory and Development Authority of India. The FSB secretariat also provided support and contributed to the preparation of the report.

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PCI Poll Finds Public Support for TRIA

Nearly 68% of likely voters favor extending the Terrorism Risk Insurance Act (TRIA) beyond December 31, 2014 according to a poll released by the Property Casualty Insurance Association of America (PCI).

The poll asked likely voters various questions relating to TRIA and the economic implications of a terrorist attack. In addition to showing public support for an extension of the TRIA program, the poll clearly shows a belief that the federal government should have some responsibility for the economic losses associated with a terrorist attack. Over 72% of those polled believe that a combination of the federal government and private insurance companies should be responsible for the costs from injuries to workers and property damage in the case of a terrorist attack.

Over 90% believe that protecting against losses from terrorist attacks against the United States should be at least in part a federal responsibility.

Many in the insurance industry, including RIMS, have been arguing in favor of a long term extension of TRIA, but this poll presents the first real evidence that there is a support among the general public as well. “We saw remarkable agreement among voters that the responsibility for the costs from injuries to workers and property damages from a terrorist attack should be shared amongst the federal government and private insurance companies. We also saw a true sense of patriotism, there was no division amongst rural and urban areas. Citizens understand the national economic implications of a terrorist attack and the importance of having a plan in place,” said Marguerite Tortorello, PCI’s senior vice president public affairs.

While the results do seem to bolster the arguments made by TRIA advocates, it does show little public awareness of the program. When asked whether it was true that TRIA was created after 9/11 only 32.7% of those surveyed responded that it was true while 26.7% responded false and 40.5% did not respond. This isn’t too surprising as the public tends to lack awareness of government program specifics. On the positive side, once informed that TRIA was in fact created, 73.2% stated that they supported the decision to create the TRIA program.

California Seeks to Limit Pro Athlete Workers Comp Claims

Over the past few years, several former NFL players including Deion Sanders, Marshall Faulk and Michael Irvin have filed workers compensation claims in the state of California despite playing their careers outside of California. On September 9 the California legislature passed a bill intended to prevent these types of claims.

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The bill, AB 1309, would prevent professional athletes who have played less than 20% of their career in California, or have played seven or more seasons outside of California, from filing workers compensation claims in the state of California. Under current law anyone who pays state taxes in California are eligible for workers compensation benefits. This includes professional athletes who play for teams outside of California, but do pay state tax when they play away games in California.

Supporters of the legislation, including the National Football League and the Los Angeles Chamber of Commerce, claim that the legislation closes a loophole that is costing taxpayers money. “The state has a guarantee corporation, funded by taxpayers, that assumes responsibility for claims made and approved in the state, so out-of-state claims cause rates to be driven up for employers and taxpayers in the long run,” said Gary Toebben, Los Angeles Area Chamber of Commerce president and CEO.

The NFL Players Association (NFLPA) and AFL-CIO feel that athletes who play games in California, regardless of whether they play for a California team, should be entitled to benefits because they pay California taxes for the games they do play. The NFLPA claims that professional athletes pay $300 million per year in California income tax. Former NFL player Mel Owens, a county attorney for NBO Law who represents at least 1,000 retired football players suing for workers compensation in the state, claims that professional athlete claims in the state cost “one-tenth of one percent” of total losses to the California comp system. “Calling the California workers compensation law a ‘loophole’ is a fallacy—anyone that has played in California and got hurt in California pays state taxes and is entitled to benefits here,” said Owens.

According to state workers compensation records, there have been more than 4,400 claims filed by professional athletes in the state of California.

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Many of these are for head and neck injuries, with nearly 80% of them coming from former football players. By some estimates these claims could cost professional leagues as much as $1 billion to resolve. More than 2,300 of these claimants were also plaintiffs in the federal concussion lawsuit which the NFL recently settled for $765 million.

AB 1309 was passed by huge margins in both the California Assembly and Senate and is now on the desk of Governor Jerry Brown. The governor has until October 13 to sign or veto the bill.

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