January 21, 2022
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The Lead
The 11th Circuit Court of Appeals in Atlanta upheld a previous ruling in favor of an insurance company in a pandemic-related business interruption case involving an operator of hotels and restaurants. The parties agreed that New York state law was applicable in the case, and the ruling found that the "alleged losses are not covered under the all-risks provision as a matter of New York law."
Full Story: Business Insurance (1/18) 
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Industry Update
A report by Fitch suggests there is sufficient capital in the reinsurance market, despite the impact of catastrophes in 2021. "While the issuance activity of traditional reinsurers slowed in 2021 compared to 2020, the better underlying profitability helped them to strengthen their balance sheets," Fitch notes.
Full Story: Reinsurance News (1/21) 
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Policy Watch
The US will require non-US essential workers to be prepared to show proof of vaccination when crossing land borders starting Saturday. The announcement from the Department of Homeland Security could affect workers such as nurses and truck drivers.
Full Story: Reuters (1/21) 
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Legislation passed by the Florida Senate would allow COVID-19-related liability safeguards for health care providers to remain in effect until June 1, 2023, rather than expire in late March 2022. An identical measure is in the state House Judiciary Committee.
Full Story: Tampa Bay Times (St. Petersburg, Fla.) (tiered subscription model)/News Service of Florida (1/20),  Florida Politics (1/19) 
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A New Jersey law that took effect Tuesday allows auto insurance policyholders with uninsured or underinsured motorist coverage claims to obtain damages totaling as much as triple their policy limits in certain circumstances. The New Jersey Insurance Fair Conduct Act allows for lawsuits alleging that a carrier has "unreasonably" denied or delayed coverage for such claims or has violated the state's Unfair Claims Settlement Practices Act.
Full Story: JD Supra/Troutman Pepper (1/19) 
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Business Best Practices
Many leadership development initiatives are focused on high performers or people who are already in leadership positions, so some of the people who could most use the training may be overlooked. One way to address this shortcoming is to assess candidates based on their room to develop rather than their current attributes.
Full Story: Harvard Business Review (tiered subscription model) (1/20) 
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Emerging Risk
Cargo theft patterns are changing, with locations such as warehouses and depots facing a growing share of the risk, according to a report by BSI and freight insurer TT Club. "There is little doubt that the problems of supply-chain disruption that are currently bedeviling the US freight transport system -- particularly that of container congestion at ports and inland hubs -- is creating increased opportunities for thieves," said TT Club's Mike Yarwood.
Full Story: Insurance Business America (1/19) 
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Video footage captured during last month's magnitude 6.2 earthquake near Petrolia, Calif., indicates "we have more work to do" in getting people to take precautions after they receive early warnings from the ShakeAlert system, writes University of Oregon psychology professor Dare Baldwin. ShakeAlert messages, which are delivered via cellphone, remind people to "drop, cover and hold on" to protect themselves during an earthquake, but many people do not seem to follow that advice, Baldwin writes.
Full Story: The Conversation (1/20) 
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Operational Risk
President Joe Biden has signed a memorandum giving the National Security Agency greater oversight of cybersecurity for the government's networks inside the Defense Department, intelligence agencies and affiliated federal contractors. The move will require the entities to strengthen their security practices to align them with civilian agencies working under an executive order from May.
Full Story: Federal News Network/WFED-AM (Washington, D.C.) (1/19),  The Wall Street Journal (1/19) 
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Regional Spotlight
States of emergency are in effect in Virginia and the Carolinas as a storm is poised to hit parts of the Southern US with ice, snow, freezing rain and sleet. The heaviest snow could occur in central North Carolina through southeastern Virginia.
Full Story: CNN (1/21),  The Weather Channel (1/21) 
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IASA News
This popular, digital-only edition textbook includes 27 chapters with changes captured through Dec. 31, 2021, including: 2021 risk-based capital (RBC) formula, valuation of assets, SAP to GAAP comparison, 2021 statutory annual statement and RBC reporting formats, accounting guidance, mergers, acquisitions and consolidations, and internal controls. Downloads are available for seven (7) days after purchase. One download per purchase/person. Order your copy today!
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IASA members Rachel Ferguson, CPA, and Tim Flaherty, CPA, have been named partners with Johnson Lambert cpas+ consultants effective Jan. 1, 2022. "Rachel and Tim embody leadership not only within the firm but also in the communities and the industries they serve," stated the media release. Both Rachel and Tim have held various volunteer and leadership roles within IASA and embody the talent and membership base that make up IASA's community. Read more here.
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No human being can possibly predict the future, let alone control it.
Peter Drucker,
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About IASA
For almost 100 years, IASA has served as the trusted source for knowledge and innovation that guides the community of insurance professionals. Our community roots, consisting of thousands of members and insurance constituents, in addition to 24 national chapters, runs deep. Our core values and beliefs have always focused on education and connection, and we will continue to drive:
Industry Progress
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Our Vision:
To be the definitive source of trusted knowledge, credible collaboration, and common business interests, that drives future industry innovation through the practice and alliance of insurance professionals.
Our Mission:
The IASA community accelerates professional growth to shape, influence, elevate and strengthen the insurance industry.
What We Do:
IASA, a non-profit 501(c)(3) will continuously foster an environment of selfless engagement, inclusivity, and conviction, advancing careers and personal growth of our members and constituents. We will produce the best education and learning opportunities in an open and sharing environment through our exceptional leadership that promotes excellence, collaboration, innovation, and community engagement.
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