Pete Thrane is a partner with the law firm of Stinson Leonard Street. He helps insurance businesses manage the legal, regulatory and corporate law challenges of their business. Pete handles insurance transactions, formation and dissolution of insurers, product distribution mechanisms, governance matters, product development, producer licensing and compliance matters.

He joins me today to share his thoughts on dealing with regulators. He dives in on how to cooperate with regulators and shares some of his tips and strategies on how to make sure regulators don't contact you unless they have to.

 “It is easy to forget, in the course of our everyday life, that we are in an incredibly regulated business, one that really involves every aspect of the law.” –Peter Thrane

 Today on Spot On Insurance: 

• The regulations involved in insurance agency licensing.
• What insurance regulators are fundamentally all about.
• His general approach when dealing with regulators.
• The best way to get the regulator out from underneath the business of the licensee.
• What is regulatory reputation?
• The proper approach when regulators are calling upon two different categories: Agents licensing status and enforcement matters.
• When should you involve a lawyer?
• The general process regulators use to investigate and close a matter.
• If a disciplinary action is taken, how does that impact regulators in other states?

 Key Takeaways:

• If you treat your customers well, you will not hear from regulators.
• Regulators don't respond well to adversarial approaches.

 Connect with Peter Thrane:

• Stinson Leonard Street
• 612-335-1779
• [email protected]

This episode was brought to you by…

Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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