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Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge.  Today, ILSA Surplus Lines Supervisor Sherry Groves shares her dos and don’ts for surplus lines zero reporting.  Her secret for success: know the zero reporting requirements for each state where you are licensed.  Requirements vary widely, as do penalties for non-compliance.

And if you only learn one thing from this podcast, let it be this: Once you’re licensed for surplus lines, you may have compliance obligations – even if you haven’t transacted business.

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Luann Petrellis is an insurance professional that provides advice and consultation services for insurance restructuring and runoff transactions for every type of business. She has over 20 years of experience working in executive positions for global insurance and reinsurance companies such as Berkshire Hathaway, Inc. and White Mountains Insurance Group. Luann earned her J.D. from Temple University and has been named the 2018 Person of the Year by AIRROC.

Luann joins us to discuss the importance of insurance restructuring in the industry. She shares the lessons she learned while traveling the world and why she chose to become a lawyer. She describes how restructuring can help insurance businesses move forward with new management and the improvements that have been made in the industry in recent years. Luann also shares advice for those who may want to follow in her footsteps.

“Sometimes companies don't want to sell the whole company; they just want to sell that book of business.” - Luann Petrellis

Today on Spot On Insurance:

• What her life was like during her childhood and why she became a lawyer.
• How traveling all over the world molded her and the lessons she’s learned along the way.
• Where she found her passion for working in the insurance industry.
• The tool that helps companies sell books of business.
• Why she thought the US insurance market was inefficient when she arrived.
• The changes that took effect once the industry received a better education.
• Her plan to get her message heard in Puerto Rico.
• The advice she would give to those who want to enter the industry.

Key Takeaways:

• You learn a lot by traveling alone because you need to engage with people who may not know your language.
• The pay is sweeter when you enjoy the grind to get there.

Resources Mentioned:

• ARIAS Conference
• Book: Getting Real by Gretchen Carlson

Connect with Luann Petrellis:

• Email: [email protected]
• Phone: (610) 304-4524
• LinkedIn

This episode was 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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Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Luann Petrellis is an insurance professional that provides advice and consultation services for insurance restructuring and runoff transactions for every type of business. She has over 20 years of experience working in executive positions for global insurance and reinsurance companies .

Luann joins us to discuss the importance of insurance restructuring in the industry. She describes how restructuring can help insurance businesses move forward with new management.

Apple Podcasts Rate and Review for SpotOn

Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge.  Today, Brian Allen, Surplus Lines Supervisor for Insurance Licensing Services of America, Inc. (ILSA), shares his dos and don’ts for using Surplus Lines Export Lists.  His secret for success: export lists help surplus lines producers avoid unnecessary diligent effort searches, but be sure to check the most current list.  Products are added and removed from export lists all the time.

And if you only learn one thing from this podcast, let it be this: Know the diligent effort search requirements in each state where you plan to write surplus lines policies.

Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge.  Today, Brian Allen, Surplus Lines Supervisor for ILSA, shares his dos and don’ts for using Surplus Lines Export Lists.  His secret: export lists help surplus lines producers avoid unnecessary diligent effort searches, but check the most current list. 

And if you only learn one thing it's: Know the diligent effort search requirements in each state where you plan to write surplus lines policies.

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Justin Foa is the 5th generation head of Foa & Son International Insurance, a family company built around international brokerage and insurance since 1861. He is also an elected Board Chair of the Tanenbaum Center, a charity dedicated to religious tolerance and peacemaking. Before he was the President and CEO of Foa & Son, Justin gained experience outside the company in various executive roles.

 

Justin joins us today to share the challenges of running a multi-generational insurance company. He explains the origins of Foa & Son, the types of insurance they worked with at the time, and why they transferred from Europe to the US. He shares the lessons he’s learned from his father about business. Justin also discusses what it's like to be the one spearheading IBANY and the family’s legacy.

 

 

 

“Our clients know we're the last line of defense between an unforeseen event wiping out their business.” - Justin Foa

 

 

 

Today on Spot On Insurance:

 

• Why his company moved to the US from Europe.
• The challenges he experienced in college and leading the company.
• His work experience in various companies with different cultures.
• The lessons he learned from his father regarding business.
• The good and bad aspects of working in a family agency.
• His thoughts on using the latest technology in a traditional agency business.
• The programs his company have that promotes religious tolerance.

 

 

 

Key Takeaways:

 

• Getting the quote that is wrong for your client or not designed in the most efficient way is a waste of time.
• We are involved in that chain of disaster and disaster recovery.

 

 

Resources Mentioned:

 

• Tanenbaum Center for Interreligious Understanding
• Insurance Brokers Association of New York

 

 

Connect with Justin Foa:

 

• Foa & Son
• LinkedIn
• Email: [email protected]

 

 

 

 

 

 

This episode was 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.

 

 

Connect, Learn, Share

 

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Justin Foa is the 5th generation head of Foa & Son International Insurance, a family company built around international brokerage and insurance since 1861. Before he was the President and CEO of Foa & Son, Justin gained experience outside the company in various executive roles.

Justin joins us to share the challenges of running a multi-generational insurance company. He explains the origins of Foa & Son, and discusses what it's like to be the one spearheading IBANY and the family’s legacy.

Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge.  Today, Marisa Boucher from the Licensing Team at Insurance Licensing Services of America, Inc. (ILSA), shares an important update to our previous episode about fingerprint processing.  Her big news: Florida now allows non-resident licensing applicants to process their fingerprints electronically through IdentoGO.

And if you only learn one thing from this podcast, let it be this: Licensing requirements and procedures are constantly changing.  It’s essential to stay up-to-date on the latest developments.

Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge.  Today, Marisa Boucher from ILSA, shares an important fingerprint processing update. 

Her big news: Florida now allows non-resident licensing applicants to process their fingerprints electronically through IdentoGO.

And if you only learn one thing it's this: Licensing requirements and procedures are constantly changing.  It’s essential to stay up-to-date on the latest developments.

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John Prichard Jr. is the President of Oli Insurance Services, Inc. OLI is a company that helps other companies grow bigger and function better through market access, back-office support, and technology solutions. He has experience in executive management, industry practice development, and business outsourcing. He attended the University of the Pacific for his Bachelor of Science in Business Administration.

John joins us to share his journey in the insurance industry and the reason he started OLI. He explains why the insurtech industry is an exciting, yet sometimes disappointing, industry to work in. He discusses how his company selects the agencies they work with and the services they offer. John also shares valuable advice for those who want to start an insurtech company and what their goals should be. 

“The customer behavior these days is so different than it was five years ago, let alone ten years ago.” - John Prichard

Today on Spot On Insurance:

• Where he discovered his passion for insurance.
• Why he didn't want to work in the family business.
• The services they offer and their objective in the insurance industry.
• How they help agencies who partner with them.
• His thoughts on insurtech and how they validate different tech solutions.
• The types of agencies they work with on a regular basis.
• The classes they offer and why they mostly host them online.
• Important strategies new companies need to succeed.

Key Takeaways:

• Understanding what your customer wants and needs is key.
• No insurtech company is created equal.

Connect with John Prichard:

• OLI
• LinkedIn
• Email: [email protected]

This episode was 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.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!