"The underwriting on these policies is very sophisticated, and has grown a lot more sophisticated as risk has increased," said Stephen Liverpool, general counsel of Raymond James Bank in St. Petersburg, Florida.
Junna Ro spent the last 15 years serving in a variety of in-house roles at CSAA Insurance Group, a AAA Insurer. There she worked as assistant general counsel, chief ethics and compliance officer and director of corporate compliance.
Companies may prefer to hire someone with industry experience, but some will be willing to hire someone who has never worked in the industry before but knows how the interplay between government regulators and lawyers works.
"The best advice is to make sure you have a consistent policy to apply across the board," Michelle Reed, a partner at Akin Gump Strauss Hauer & Feld in Dallas, said. "If you're consistent, you're less likely to face regulatory scrutiny. That's not to say that you won't be sued, but if you limit the risk you can nip that kind of litigation in the bud."
Get Answers Directly From the FC&S Experts
Submit your coverage interpretation question to the editors of FC&S for quick and reliable information.
FC&S Coverage Insider helps you stay on top of what's happening in the industry, bringing you the latest risk and coverage analyses, discussions, and more.