Insurance industry veterans know that accounting staff responsible for preparing a carrier’s annual statement draw a sigh of relief after March 1, the deadline for filing. Many of them face a year-end crunch of manually assembling information from different places, systems, and spreadsheets. There’s also a scramble to secure Schedule F funding, in forms of letters of credit, trust fund and other collateral. The scramble for reducing or eliminating the Schedule F penalty is paramount.
OK, maybe I was dreaming that this was actually an Aretha Franklin song.
In an era where regulatory changes happen at the speed of the wind here in Chicago, there is a new ruling with the potential impact of knocking down buildings. What am I talking about?
First, let’s find out how a fiduciary is actually defined.
With the advances in Artificial Intelligence (AI) and the embedding of AI in automobiles, the Federal Government National Highway Traffic Safety Administration is considering whether to classify a computer running an autonomous vehicle as a driver. This decision was in response to the Google X self-driving car program to gain regulatory approval and design requirements to make these types of vehicles a reality. These vehicles are expected to be available to the market, being driven (no pun intended) by mostly younger owners, within a few years.