Risk Management

Blockchain: Getting Smarter than Smart Contracts

Admittedly, my interest in blockchain has been fairly narrow. Given the role of PCS® in the global industry loss warranty ( ILW ) market, I’ve been particularly focused on how blockchain-enabled...

Will Catastrophe Bonds Experience a “Retail Revolution”?

During a track at the IFoA Asia Conference 2018 last week, a speaker laid out a “future state” vision that included access to insurance-linked securities (ILS)—or at least some version of ILS—for...

Reference Guide to Florida Verifications

When a crash occurs in Florida, the state sends an FR1/FR100 “Liability” Sanction Verification to the auto insurance carriers of the motorists involved in the incident. Florida advised carriers to confirm coverage for crash verifications if a motorist’s insurance policy meets the state’s minimum liability requirements, even if the VIN is registered in another state.

New Strategy to Reduce Uninsured Driver Rate

The Insurance Research Council (IRC) estimated Oklahoma’s uninsured driver rate to be 26 percent in 2012, the highest in any state. Though this most recent estimate is five years old, there is little evidence the rate has dropped significantly.

Rhode Island notification process

The Rhode Island Department of Motor Vehicles (DMV) issues three notices to motorists when proof of auto liability coverage is not found for a vehicle.

Illinois ALIR legislation signed

Illinois House Bill 2610 was signed by Governor Bruce Rauner on August 25, 2017.

Mississippi Insurance Verification System ready to launch

After testing a new insurance verification system in a months-long pilot with several insurers, Mississippi is ready to implement the new system, with a launch date set for Sept. 5, 2017. The...

Louisiana tracking uninsured motorists

In an effort to decrease the high number of uninsured motorists in Louisiana, the state has begun issuing fines to motorists detected as not having insurance coverage through the use of license pla...

Arizona implements self-update option for motorists

As part of the Arizona Department of Transportation (ADOT) efficiency initiative, the state is implementing a self-update option for motorists’ auto insurance. An insured is now able to update thei...

August 2017 Preview: Historical Catastrophe Activity

With summer well underway, beachgoers may welcome the warming Atlantic Ocean temperatures. But warm water and other factors have led researchers to update their 2017 hurricane forecasts since our...