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Ep. 189: Compliance Due Diligence: The Missing Piece of Insurance M&A

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Shownotes

Joyce King is ILSA’s Special Project Administrator, and Jo Ann Del Gatto is the Vice President of Education and Compliance at The Surplus Lines Association of California. Joyce has been with ILSA since 2005 and specializes in surplus lines tax filing requirements. Jo Ann is described as someone who is solutions-focused, an expert in strategic planning, and comes with plenty of experience in regulatory risks and compliance standards in both financial and insurance industries. 

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Joyce and Jo Ann join us today to discuss the guidelines businesses and agencies need to know before they consider an acquisition. They discuss the compliance and regulations that govern acquisitions as well as how penalties differ by state. They explain the importance of performing a compliance review before buying another agency, and why buyers will also inherit the administrative actions. Joyce and Jo Ann also share some of the more uplifting news they realized for the industry despite the effects of the COVID-19 pandemic.

“Every acquisition is a little bit different than the one before.”

Jo Ann Del Gatto

What you’ll learn:

  • Jo Ann’s childhood and how we met her.
  • Why Jo Ann believes the insurance industry is much more stable than other industries.
  • What an affiliation is and how it relates to insurance producers.
  • The complexities of acquisitions, licenses, and what you should consider as a business entity.
  • Administrative actions and what the acquiring company should be watching for.
  • How the compliance review program began for ILSA.
  • What you can expect from our compliance courses.
  • The most uplifting things to note in the industry in light of 2020.

Key Takeaways:

  • It’s imperative to have an acquisition checklist.
  • Always perform a compliance review prior to putting your agency on the market and before buying another agency.

Connect with our guests:

Joyce King:

Jo Ann Del Gatto: