Ep 14: Common Compliance and Regulatory Issues

by | Sep 13, 2017

Dan Maher is the Executive Director and Chief Operating Officer of the Excess Line Association of New York (“ELANY”). The Association is a statutorily created industry advisory association responsible for facilitating and encouraging compliance with New York’s excess line laws. He is also an attorney licensed to practice in the states of New Jersey and New York and a number of federal courts. Prior to joining ELANY in 1997, he was Senior Vice President and General Counsel with Lancer Insurance Company for fifteen years.

Dan is a registered lobbyist in New York State and has influenced a number of changes to New York State insurance laws. He holds the professional insurance designation Associate in Surplus Lines Insurance (ASLI) and is a frequent speaker on current issues affecting the property/casualty and Surplus Lines Insurance industry.

Dan joins me today to share his ideas on how to not incur the wrath of regulators. We discuss compliance and how to avoid fines. He also provides some concrete examples with regards to regulatory matters, mainly from his own experience.

 

“Unfortunately, there’s often a lack of training in the area of compliance.” –Dan Maher

 

– what you’ll learn –

  • What you should watch for when it comes to fines and disciplinary actions.
  • Why you need to be properly licensed for admitted and non admitted businesses.
  • The questions you need to ask when it comes to compliance.
  • One of the biggest areas where he sees fines in NY.
  • Simple issues that often cause problems in compliance.
  • What is the zero tax return?
  • How much you could pay in fines.
  • The role of consumer complaints in the process of regulation.
  • What a notice failure is.

this episode

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Key Takeaways:

  • You don’t want to anger regulators by not responding
  • It’s not just about the money you’re fined, it’s where it can lead your business.
  • You can get fined for not revealing that you’ve been fined.

This episode was brought to you by…

Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s premier insurance licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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