Around the P&C insurance industry: March 23, 2022
News from OIC, ACORD Solutions Group, Lemonade Foundation and more.
Financial Services Regulatory Authority of Ontario released its first insurance rule. The Unfair or Deceptive Acts or Practices Rule, which was recently approved by the Minister of Finance, applies to insurers of life & health and property & casualty, including auto, risks and related providers of goods and/or services. The rule will be effective April 1, 2022.
Certified Automotive Parts Association announced the election of five new insurer members to its Board of Directors. Joining the board are: Brian Fening; Liberty Mutual Insurance; Kim Hare, Farmers Insurance; Troy Penry, GEICO; Michelle Perez, Progressive Insurance; and Cheryl Schaefer, State Farm Mutual Insurance. The Board of Directors is comprised of members representing a cross-section of the aftermarket automotive industry, including distributors, insurers, collision repairers and quality experts.
OIC and Asta announced OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting. Syndicate 2880 was launched under the syndicate-in-a-box (SIAB) initiative and the syndicate will operate on the Lloyd’s platform under the Dubai International Financial Centre.
ACORD Solutions Group launched new data exchange capabilities for reinsurance treaty contract placement through ADEPT, a platform that links trading partners to structure, validate and reconcile their data. ADEPT was built to help the global (re)insurance community digitize a wide range of processes using ACORD standards, simplifying the way data is shared across the insurance value chain. ADEPT delivers global interoperability by connecting trading partners, regardless of geography and existing level of data exchange maturity, by integrating seamlessly with existing platforms, portals and infrastructure.
Applied Underwriters launched Applied Surety Underwriters to be based in Houston and serve a worldwide clientele. Since 2019, Applied has created operations and acquired niche books of business in the warranty, collectibles and other specialized markets. This new division will focus on large, commercial and contract surety business worldwide.
Lemonade Foundation announced the formation of the Lemonade Crypto Climate Coalition. The climate insurance will be architected as a stablecoin-denominated, decentralized application on Avalanche, an eco-friendly proof-of-stake blockchain. Farmers will be able to make and receive payments with ease from their phone using global stablecoins or local currencies, much as they do for banking and payments today. An initial rollout in Africa is expected within the year.
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