Christa Rapoport is an Insurance Regulatory Affairs Attorney for Nelson Taplin Goldwater. In our last episode, Christa described what her life was like before she joined the insurance industry, matters handled by her firm, and why surplus lines are critical for growing businesses. She also touched on the role of cybersecurity in her line of work as well as shared her own experience with regards to the subject.
In this episode, Christa explains how surplus lines are regulated, how the market can cover non-traditional jobs, and differentiates a typical broker from an MGA. She also shares her opinion on cryptocurrencies and why it would be difficult for the insurance industry to create plans around them.
What you’ll learn:
- How the surplus lines market is regulated
- With advances in technology, states are conducting examinations much faster.
- The difference between a broker and a Managing General Agent.
- Statutory requirements with regards to refunding unearned premiums.
- How do unapproved trade names play into issues of surplus lines?
- Will cryptocurrencies ever be covered by the standard insurance market?
- It’s important to make sure you’re not paying fees to unlicensed folks.
- Bitcoin, the newest emerging risk, will it follow the pattern of self-insurance to surplus lines to standard insurance.