Our partners over at Locke Lord have generously agreed to contribute to the InsurTech NY community with some educational pieces about the insurance industry and commonly used terms in it. We will be adding to this InsureTerms list periodically, so check back for more insights from Locke Lord’s team.
Insurance statutory accounting principles for insurance companies which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by a “permitted practice” of a state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement, managing general agreement and reinsurance agreement. SAP is an enterprise liquidation value oriented method of accounting, which is much different than U.S. Generally Accepted Accounting Principles, which an insurance holding company would normally use for preparing its financial statements. April 9, 2024 | Contribution by BCasey@lockelord.com
A Managing General Agent, which has both business and legal context meanings. In the business context, an MGA is an insurance producer that, under an agreement with an insurer, has the authority from the insurer to produce insurance business using the insurer’s policy forms and rates, or policy forms and rates developed by the MGA for use in the name of the insurer, and may also handle insurance claims for the insurance policies produced by the MGA. Oftentimes, an MGA will bring a reinsurance company partner to the transaction that will reinsure the “fronting insurer” for which the MGA acts. From a legal perspective, many state insurance departments issue a separate MGA license to a licensed insurance producer where it meets the legal definition of an MGA, which generally is an insurance producer that
April 9, 2024 | Contribution by BCasey@lockelord.com
ON LINKEDIN – At InsurTech NY March 20-21, speakers on panels shared insights on embedded insurance, underwriting innovation, and innovating during core systems upgrades…
IN PDF, March 22, 2024 – “Insurers had better get on board with artificial intelligence because it’s here to stay, say industry watchers. “I think that AI is already sticking,” said Todd Rissel, CEO of e2Value, Inc., a property appraisal company in Stamford, Conn., who was speaking at the Spring InsurTech Conference in New York this week…”
ON WEBSITE – InsurTech M&A seems to be showing signs of life. While there hasn’t been an influx of completed deals, more discussions have been taking place compared to last year, attendees at the Insurtech Spring Conference said…
IN PDF, April 1, 2024 – “Regulations, I don’t see them as a roadblock,” said Nanditha Nandy, head of data-driven underwriting solutions for Swiss Re, speaking at the InsurTech NY conference in March. “They are the necessary gatekeepers. If we are able to explain the decision-making, we should be fine.”
VIDEOS, April 5, 2024 – AM Best TV has covered the Insurtech 2024 Spring Conference thoroughly. Click here for a full breakdown of their content around the conference with topics like: “Insurtech Leaders Say a Strong Insurance Background Is Part of Successful Recipe”
VIDEO, April 2, 2024 – “Root CEO Alex Timm has said the insurtech appreciates the recent recognition it has received for its performance among investors, and argued that the auto specialist’s technology advantage is starting to become more evident as it outperforms the industry.”
ON WEBSITE, March 27, 2024 – “InsurTech NY — an insurtech community association, incubator, and investor — held its 2024 Spring Conference on March 20 and 21. Presentations and panels centered on the new wave of opportunities from AI and data analytics within insurance. We look at the key themes and use CB Insights data to dig into the underlying trends.”
ON WEBSITE, April 5, 2024 – “InsurTech NY founders: Group aiming to provide “ecosystem” to foster community. InsurTech NY’s co-founders David Gritz and Tony Lew have outlined the group’s mission of fostering community within the segment and to leverage their insights and relationships to invest and incubate start-ups to help them get off the ground.”
ON WEBSITE, April 11, 2024 – “Following InsurTech NY‘s Spring Conference, Arch’s Bryan Adams sat down with Michael Shashoua from Digital Insurance to discuss third-party data management. The pair explored both challenges and solutions for the insurance industry when it comes to handling third-party data. Bryan even shared two data-related trends on the horizon that have caught his interest.”