State Legislators and Regulators Receive Reinsurance Education

Griffith Insurance Education Foundation Hosts Workshop at NCOIL Meeting

COLUMBUS, Ohio, March 1, 2012 /PRNewswire-USNewswire/ -- Thirty-three legislators and regulators from 16 different states know more about reinsurance after attending a February workshop presented by The Griffith Insurance Education Foundation during the National Conference of Insurance Legislators (NCOIL) 2012 Spring Meeting. Both the Griffith Foundation and NCOIL share a collective mission to provide insurance education to legislators nationwide so that policymakers can make better informed decisions on insurance issues that affect their constituents.

The workshop, Reinsurance 101: How it Works and the Impact on the Marketplace, provided an overview of Property and Casualty Reinsurance basics. New Mexico State Senator and NCOIL President Carroll H. Leavell noted the timeliness of the topic given recent catastrophic losses and proposed regulatory changes. "Because reinsurance is essentially 'insurance for insurance companies,' it's an enormous component of any disaster recovery process. That makes it imperative for policymakers to understand the impact of any new legislation or regulation we may enact."  North America accounts for 39% of the $152 billion non-life reinsurance market worldwide.

Kathleen McCullough, PhD, Associate Professor in Risk Management and Insurance at Florida State University, conducted the special luncheon workshop and her presentation included topics such as:  

• Introduction to Basic Concepts
• Purpose of Reinsurance
• Types and Structure of Reinsurance
• Reinsurance Markets and Regulation
• Reinsurance Treaties

"Many legislators active in NCOIL chair or are members of the committees responsible for insurance in their respective state houses," said McCullough. "We packed a lot of information into one hour, but I think they all left better-equipped to consider any new initiatives that may surface in the coming months."

"Dr. McCullough provided an outstanding, non-partisan overview of a sometimes intimidating topic," said  Melissa Kuhn Wheeler, the Griffith Foundation's Development Director and Director of Public Policymaker Education. "An objective approach is always our goal and this NCOIL workshop was no different. We share the information and leave legislative conclusions to the individuals who make policy."  

About Griffith:  This 501(c)(3) non-profit promotes risk management and insurance study, offering resources to students, teachers, academic institutions, and public policymakers.  www.griffithfoundation.org

SOURCE Griffith Insurance Education Foundation