Insurance Business Practices & Technical Information
Wednesday, April 17th ACORD Webinar on E-signatures — www.acord.org/Knowledge/Education/webinars/Pages/Webinars.aspx
PIA National Representative to ACORD & ACORD E-Signature Working Group (WG) Chair Keith Savino (NJ) and several other ACORD and industry leaders to speak on E-signatures in insurance. Afterwards, PIA will post a webcast of this program.
More and more, e-format is the way "signature" needs in insurance/insurance related documents is going. In representing multi-carriers, it is very important to PIA agencies that the industry adopt common standards and procedures that share common meanings, practices and protocols. This is in addition to PIA agencies' (their customers and carriers) need for a secure and legally vetted/accepted system.
This is why PIA participates in this project. Keith Savino (NJ) is the PIA National representative to ACORD and serves as chair of ACORD's E-Signature WG. Keith also serves as chair of PIA National Business Issues Committee's (BIC) Technology/Technical WG. The BIC WG members suggest several quality resources for PIA members to access:
- July 2012 ACORD White Paper that summarizes this issues from the perspective of our agency members/industry.
- Electronic Signature in Global and National Commerce — provides a more detailed look at how e-signatures is moving through US Commerce (as a whole) and coordinating with global demands. As we know, "signature" needs related to insurance transactions many times requires the related/attached "commerce" forms and documents to be attached to insurance ones.
- This document also lists several other resources to include the NCOIL website that lists and updates e-signature for commerce's progress across the country.
This is why PIA participates in this project and has been posting resources for your reference.
For further resource articles, please visit www.acord.org/Search/results.aspx?k=E-signatures&s=All%20Sites.
PIA National and ACORD Webinar on Certificates of Insurance Now Available Online
In an effort to clear up several issues surrounding certificates of insurance, ACORD and PIA National held a webinar on July 19. A panel of experts provided an overview of certificates of insurance, what they mean, what they do not mean and things independent agents should know before issuing certificates.
- David Eppstein, Assistant Vice President, Regulatory Affairs, PIA National
- Adam Felton, Director of Insurance Services, PIA Services, Inc.
- Ann Henstrand, Chief Compliance Officer, Government & Industry Affairs, ACORD
- Kristina Dixon, U.S. Risk Underwriters, Professional Division
- Keith Savino, COO, WRG Insurance and PIA National ACORD Representative
INSTRUCTIONS: Click on the image below to see the archived PowerPoint presentation. If the program doesn't open as a slideshow, please click on the "Slideshow" tab to view the webinar with audio. Please turn up your computer's speakers.
Questions about the PIA National and ACORD Webinar on Certificates of Insurance? Please email email@example.com.
FTC "Red Flag Rules" Effective December 31, 2010
During the 2010 Congressional lame duck session, President Obama signed a bill authorizing implementation of the Federal Trade Commission (FTC) “Red Flag Rules,” including a clarification specific to doctors and attorneys. The rules went into effect December 31, 2010.
FTC will work with agents that are in the process of complying with these regulations within 30-days of the effective date.
PIA continues to strongly encourage members to review PIA’s August 2009 Practice Guidance Bulletin, which is still applicable. PIA members should also review PIA Privacy Compliance Outline and FTC Guide for Small Businesses. PIA National encourages members to be knowledgeable in the practice of insurance privacy and security law, regulations and rules in your state and those in which you practice the business of insurance.
The Key to Remember: The business and practice of insurance are not regulated by the FTC. However, insurance law (common and statutory/regulatory) already has these consumer protections as long-standing practice. These set of obligations define and limit our provided legal exemptions and require insurance persons to request, collect, use, retain and maintain only the information that is required to perform the insurance services requested, expected and required; to provide protection for data; to only share data that is required to perform duties with parties specific individuals needed.
For more information, contact Pat Borowski at firstname.lastname@example.org and (703) 518-1360.
The following resources may be accessed by current PIA members.A password is required. If you do not know your password, please follow the instructions on the login page that appears when you click on one of the links below.
PIA Update on FTC Red Flag Rules (PDF file, Updated August 10, 2009; Originally published May 2009)
Related Resource: Privacy Compliance Tools Kit for the Independent Insurance Agency
Market Activities Bulletin - "Certificates of Insurance" (PDF file, July 2009)
Disclaimer:Please keep in mind that the operations, procedures and policies of each PIA member agency will differ. PIA National’s makes this information available to you, as a valued PIA member, for general reference and informational purposes only. The material provided does not constitute legal advice and is in no way intended nor does it serve as a substitute for your informed consultation with qualified legal counsel and appropriate professional experts.
It is and will remain your ongoing obligation, in consultation with qualified professionals where necessary, to thoroughly review, assess and consider the varied issues, laws, regulations, rules, contracts, practices and procedures that affect your agency, its insurance partners, agency customers and the insurance marketplace. By engaging in this regular review, assessment and consultation with your chosen agency professionals and experts, it is you who will determine the specific actions, practices, procedures and instructions that you will need to develop and implement for your agency operations and compliance with applicable insurance laws, regulations and practices.