RIMS: remember it’s not a sprint, it’s a marathon…

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Just got back from the insurance marathon, better known as the RIMS conference.  This above is the advice Dan Towle, Director of Financial Services for the State of Vermont, gives all of us who attend and work at the Vermont both. Indeed he is correct – I needed to put my feet up for two days after!  And it can be dangerous: we had to dodge the opening night fireworks when a malfunction sent the projectiles into the audience!

Four days in San Diego doesn’t sound like a hardship, does it? And especially when you have so many great people working with you over the course of the event. Besides Dan, there were a number of folks from the Department of Financial Regulation, including Dave Provost, Sandy Bigglestone, Dan Petterson, Jonathan Spencer (what is that story about a rabbit attacking you again?) and Stacy Alden.  Some of our members staffing the cause were Steve Killoran from Maple Capital, Chris Turley from TD Bank, Bob Gagliardi from AIG Insurance Management Services, and Pete Kranz from Beecher Carlson. Include me, Janice Valgoi from VCIA and the intrepid Maddie Moninghoff from Skillet Design & Marketing and every angle was covered.

RIMS is fun, but also a great way to meet our members who attend and talk to the many folks who are considering a captive. Even though over 10,000 people attend RIMS, Vermont stands out as the place to go to cover captives. Great work everyone!

Thank you all very much, and I always look forward to hearing from you!

Rich Smith,
VCIA President

Don’t call it Chi-Town

legacy.skyscrapercenterI just returned from the National Risk Retention Association (NRRA) national conference in Chicago this week. Just like “Frisco” is frowned upon by the denizens of San Francisco, natives of the Windy City look askance at folks who call their great city “Chi-Town”.  Lessoned learned.

Joe Deems and his crew had a good turnout for the conference. Vermont always has a good attendance for this conference, which is no surprise seeing that over a third of all active RRGs are domiciled in the Green Mountain State. Besides Dave Provost, Sandy Bigglestone and Dan Towle representing the State of Vermont, other Vermonters taking part included Nancy Gray from Aon, Kate Boucher from American Excess Insurance Exchange, Mitch Cantor from ICCIE, Len Crouse and Dustin Partlow from JLT Towner, Christina Kindstedt from Willis,  and John Prescott and Brad Klein from Johnson Lambert.  A panel of RRG owners and VCIA members Tim Padovese of OMIC and Siri Gadbois of EIIA, along with Nancy Gray, spoke to the importance of proactive leadership both within their organizations and outside to strengthen the RRG and captive community. And Lynn Crisci of HAI Group participated on a panel covering cyber security.

Skip Myers of Morris Manning & Martin (and another VCIA member!) provided a refreshing outlook on where the National Association of Insurance Commissioners (NAIC) focus is regarding RRGs. After many years of scrutiny that included the adoptions by states of model laws and regulations, and governance standards, it looks like the NAIC has run its course and has diverted its attention to other sectors of the broader captive insurance market (will it never end!).

Senator Ben Nelson, the CEO of the NAIC was the keynote speaker at the conference. While I applaud Senator Nelson’s willingness to address the industry, it was clear there is still misunderstanding at the NAIC regarding the role and importance of the RRG industry.  His basic take on RRGs is that they have a very limited scope that should not be broadened. Although he hinted that the market circumstances in the future may provide the impetus to expand the role of RRGs in the insurance market.  Hopefully the willingness to enter into a more open dialog can begin to break down misconceptions and bring better change to the RRG industry.

I will be back in Chi-Town (er, Chicago) this month for one of VCIA’s world-famous Road Shows on October 13th. Go to www.vcia.com for more information – hope you can join us. Thanks and keep in touch!

Rich Smith
VCIA President