Jason Schupp is the founder and managing member of the Centers for Better Insurance. CBI is an independent organization making available unbiased analysis and insights about key regulatory issues facing the industry for use by insurance professionals, regulators and policymakers.
On May 21, the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA) and the Independent Insurance Agents & Brokers of America (Big “I”) released their proposal to address future pandemics: the Business Continuity Protection Program (BCPP). The attached document summarizes this proposal and identifies several key risks to consider as this […]
SUMMARY In the U.K., separate regulatory bodies are accountable to supervise prudential matters (solvency) and consumer protection (conduct). The Financial Conduct Authority (FCA) recently took several actions with respect to consumer protection in the context of COVID-19 using different tools than those available to U.S. insurance regulators. Resolution of Business Income Coverage Disputes The FCA […]
A discussion draft of the “Pandemic Risk Insurance Act” has circulated over recent weeks. Based on the Terrorism Risk Insurance Act, the text is an excellent jumping off point to think about what would work and what would not. The draft quickly forces to the surface an uncomfortable reality that a TRIA-style “make available” requirement […]
The nation’s immediate strategy to support businesses affected by the COVID-19 pandemic has now formed around a portfolio of emergency federal loan and grant programs authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As these programs become operational, policymakers are turning their attention to the risk of future pandemics. When confronting the […]