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Understanding the Insurance Industry: From Regulations to Operations
Length: 3 hrs
Insurance is regulated at the state level, but this has not always been the case. Philosophical differences regarding antitrust and regulation in general have altered the course of insurance regulation twice in just the last 80 years.
Within this heavily regulated industry, three distinct types or “styles” of insurance exist in the modern economy: 1) Private; 2) Social; and 3) Public Guarantee insurance. Other than most “public guarantee” schemes, insurance carriers provide the majority of insurance products consumed in the US.
Insurance carriers juggle five main functions and, to varying degrees, three minor functions. Major functions include: ratemaking; new business production; underwriting; loss adjustment; and investing. Minor carrier functions include engineering and loss control; legal counsel; and accounting.
This is a most important class if you desire to fully understand the insurance mechanism. In this class participants learn:
- The purpose of and need for insurance regulation;
- The regulatory past and present of insurance;
- The types of insurance products;
- The functions within an insurance carrier;
- The non-regulatory “authorities” insurance carriers depend upon to do their job; and
- The needs met by various insurance industry trade associations.
Type of Course: Property & Casualty
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.
During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:
- "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
- "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
- "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
- "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
- "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
- "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
- "Glossary of Insurance Terms;"
- "Choosing the Best Risk Financing Option;"
- "Writing Property and Liability Coverage for Condos;"
- "The Truth about Enterprise Risk Management;"
- "The Experience Mod Worksheet;"
- "What has ISO Done to us Now?" and
- "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"
Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.
A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist
