October 22, 2013
NRRA TAKES FIGHT TO PROTECT RRGs TO THE COURTS
Click here to watch NRRA members discuss efforts to achieve a consistent application of the federal Risk Retention Act, due to cases where they say state regulators have usurped aspects of the law on A.M. Best TV.
A.M. BEST TV COVERS NRRA CONFERENCE
NRRA leaders report on major issues facing RRGs at the recent conference in Washington, DC. Click here for the video coverage for interviews with General Counsel Skip Meyers, President-Elect Rod Nofziger, Litigation Committee Chairman Jon Harkavy, Executive Director Joe Deems and Board Member Mike Schroeder.
October 8, 2013
ROYCE TELLS NRRA HE PLANS HEARING TO INVESTIGATE NAIC
Washington, DC -- Congressman Ed Royce, a senior member of the House of Representatives Financial Services Committee, told NRRA at the Association’s conference last week that he will schedule a hearing to investigate the status of the National Association of Insurance Commissioners (NAIC) as a “de facto regulator” of state insurance departments through its accreditation process. Royce has long been a vocal critic of the NAIC for acting without authority in the dual capacity of trade association and regulator through its activity in standard setting and accreditation. Royce said NAIC “imposes its will on companies and states through its accreditation standards, while representing the U.S. on an international basis on rules it has no authority to enforce on a universal basis.” Royce noted that RRGs are protected, to some extent, by the federal Liability Risk Retention Act, but he encouraged NRRA to be vigilant in defending the industry.
RRGs, PGs, CAPTIVE MANAGERS, REGULATORS, SERVICE PROVIDERS DEBATE ISSUES AND SHARE INSIGHTS AT NRRA CONFERENCE
Issues ranging from non-domiciliary states’ attempts to reign in RRGs in violation of the Liability Risk Retention Act, to Cyber Security, to how the Affordable Care Act will impact the industry took center stage at last week’s NRRA annual conference in Washington, DC. Regulators from Vermont, DC, South Carolina, Delaware and Montana -- recognized as among the leaders in management of RRGs -- held a Town Hall session in which they described their efforts in the NAIC to gain better understanding of issues affecting the risk retention sector. Attendees were warned that the Affordable Care Act will have indirect impact on RRGs although it might appear that as writers of liability insurance they might not be affected. Attendees also were strongly advised to adopt programs to protect against cyber attacks -- noting that any company that holds confidential or proprietary data regardless of size is at risk. Presentations on these and many other topics discussed at the conference are available to conference attendees on the NRRA mobile app.
NRRA HONORS JON HARKAVY
Washington, DC -- Jon Harkavy, a leader in the alternative risk transfer insurance market and one of the architects of the Liability Risk Retention Act of 1986 (LRRA), received the National Risk Retention Association’s Karen Cutts Visionary Award at the Association’s 26th annual conference. The Cutts Award is given each year to an individual who has made an outstanding contribution to the risk retention and purchasing group sector of the insurance industry.
Harkavy is vice-president and general counsel of Risk Services LLC, a leading manager of captive insurance companies and risk retention groups. He is widely recognized as one of the most effective spokespersons for the alternative risk transfer sector of the insurance industry. He served as Director of Governmental Affairs and General Counsel of the Risk & Insurance Management Society (RIMS) from 1981 through 1989 where he represented insurance buyers in advocating passage of the LRRA.
“Jon Harkavy is a leader in captive management and an outspoken defender of Risk Retention Groups. He has been a strong force in the growth of our industry from its infancy to more than 250 RRGs that today collectively write more than $2.5 billion,” said Sanford Elsass, Chairman of NRRA. Harkavy, a former NRRA Board member, was reelected to the Board at the Association’s conference.
NRRA BOARD ELECTION
Sanford “Sandy” Elsass was elected to a third term as Chairman of the NRRA Board, and Rod Nofziger was reelected Vice Chairman and Chairman-Elect.
John Harkavy and Mark Maxson were elected to serve as members of the Board. Elsass is President of Encore Partners LLC, a consulting firm active in the alternative risk transfer sector. Nofziger is Chief Operating Officer of OOIDA, the trade association that represents some 150,000 independent truckers in the United States and Canada. Harkavy is Vice President and General Counsel of Risk Services, one of the largest captive managers of risk retention groups. Maxson is Executive Vice President of JLT Re North America. JLT is one of the world’s largest reinsurance broking and consulting firms.
VETERAN JOURNALIST JIM FORBES SAYS INSURANCE INDUSTRY MUST RELATE TO CONSUMERS ON A PERSONAL LEVEL
The industry needs to tell a positive story of how insurance protects human consumers in ways they can relate to -- personal stories that involve people, not statistics -- keynote speaker and Emmy Award winning investigative journalist Jim Forbes told attendees at the NRRA conference. He stated that the industry is caught up in the media-influenced political debate over the Affordable Care Act, and as insurers RRGs face the same perception problems as traditional carriers . Forbes called on NRRA and other industry organizations to cut through the clutter with positive stories about how insurance can and should serve consumers.
NRRA IN THE NEWS
National trade publications and video news networks provided in-depth coverage of the NRRA conference. Reporters and editors from A. M. Best News, World Risk and Insurance News (WRINtv) and Business Insurance reported on major sessions and interviewed NRRA leaders and speakers.
SPECIAL THANKS TO CONFERENCE SPONSORS
Chairman Sandy Elsass, Executive Director Joe Deems and the NRRA Board gave a big vote of thanks to the many sponsors of the NRRA conference. “Without the support of our sponsors, the Conference would not have been possible. This is the only national meeting devoted exclusively to risk retention and purchasing groups. Our sponsors are key to bringing the industry together to address major issues affecting the business,” Deems said. All sponsors are featured on the NRRA website, www.riskretention.org and on the NRRA mobile app for handheld devices.
CHICAGO NEXT YEAR
NRRA’s 2014 conference will be held in Chicago next year -- dates in October and hotel to be announced soon. Check our website, www.riskretention.org, for the latest information and be sure to save the dates.
September 25, 2013
NRRA CHAIRMAN DISCUSSES ISSUES FACING RRGs ON WORLD RISK AND INSURANCE NEWS AS CONFERENCE APPROACHES
Click here for Part I and here for Part II.