Total Credits: 1 including 1 CE Credits
This seminar is a fast-paced review of current events, trends, and issues of interest to insurance producers. The session begins with a quick update on federal insurance-related developments and then turns to a review of two important national cases over the prior 12 months.
Then, the session turns to a review of the developments in the National Association of Insurance Commissioners, the National Conference of Insurance Legislators, and the Insurance Services Office. In each instance, the focus is on changes in forms or coverage that producers need to understand on a look-forward basis.
Next, the seminar turns to developments in the field of cannabis and insuring risks in that industry. The contrast between developments in recently “green” states and those with a more mature cannabis industry are highlighted. The following section focuses in on recent cybersecurity developments, noting specifically the prospect of a change in governmental position regarding ransom payments.
The following section examines changing technology. The emphasis here is on developments with regard to autonomous vehicles and the insurance challenges they present, along with an update with regard to drone technology and the Federal Aviation Administration’s advancing regulations in this field. Simply put, with advancements in drone technology and reductions in market prices, the airways have been democratized. Producers need to be informed about the ever-increasing possibility that an insured may be using a drone, or perhaps even an autonomous vehicle, in their business.
The hour concludes with a forward-looking approach by examining four trends that many experts believe will impact the insurance industry for years to come. One of the four, social inflation, is believed to be already present in influencing rates and underwriting.
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Richard S. Pitts is a private practice attorney in the insurance industry. Rick serves as Vice-President and General Counsel to Arlington/Roe & Co., Inc., an insurance brokerage and managing general agent headquartered in Indianapolis. Rick also serves as general counsel to the Independent Insurance Agents of Indiana, Inc., as well as its sister organization in Kentucky. Rick speaks annually at the “Roadshows” in Kentucky and Indiana’s Agency Compliance Seminars and presents various seminars on insurance and employment related matters. Pitts has also presented continuing education seminars to insurance professionals nationally through industry groups including the National Alliance for Insurance Education and Research.
Rick is a 1983 graduate of Wabash College and a 1986 graduate of Indiana University School of Law – Indianapolis. Pitts clerked for the Honorable Patrick D. Sullivan, a judge of the Indiana Court of Appeals in 1986-87. Rick is admitted to practice before Indiana state and federal courts, the United States Supreme Court and the United States Court of Appeals for the Seventh Circuit and is a member of local, state and national bar associations. Pitts has tried multiple cases and participated in over seventy appeals.
Pitts is the recipient of the “Excellence in Continuing Legal Education Award” from the Indiana Continuing Legal Education Forum (ICLEF), having served as a panelist and lecturer on a variety of continuing education subjects. Pitts has co-authored two articles appearing in the Indiana Law Review.
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