In our last article, we explored the association’s strategy and transparency in moving forward with an in person event. This week we are here to get a sneak peek at the In depth features of the program. The best people to talk with on this aspect of NRRA’s theme are the NRRA Chair, Nancy Gray, and its lead Conference Coordinator, Tim Sullivan.
To start this off, Nancy, can you give us an overview of what the committee had in mind in designing this particular program?
NG: Obviously, some very significant events impacted the industry since our last conference two years ago. They have affected RRGs in different ways so we really needed to drill down into them to see what our members and service providers have learned from them.
Looking at the program on your website, you have what appears to be a series of panel discussions that move very fast. How do you plan to cover all the material in that time period?
TS: As we traditionally do, there are no overlapping sessions. See: Conference Program. Each of the panels run 45 minutes, so that we can focus on specific issues RRGs want to know about. Also, as usual, with no separate exhibition hall for sponsors, everyone present gets to attend ALL sessions and can mix and mingle throughout the entire conference. You will also see that we likewise do not sacrifice networking breaks, lunches, and receptions which allow the speakers (who are also attendees) and the audience to further explore the topics.
Wow, that must be pretty intense. So, What is your plan here to have the topics complement one another?
TS: This year we will have nine (9) panel discussions dedicated to basic management concepts. Five (5) will relate to RRG strategies, new exposures, excess and reinsurance challenges, coverage opportunities and prospects for non-liability products for RRGs. The other four (4) will be dedicated to matters impacting financials, including capital and surplus, investment challenges ahead, how to anticipate and avoid exit solutions strategies, and maybe some cool stuff on artificial intelligence.
Q: Will there be more sessions using this strategy?
TS: Oh, yes. For example, we will have one specialized panel designing risk management protocols for cyber exposures to a hypothetical company, followed by a second panel addressing a (predictably) subsequent “D&O” claim against the board of directors of that same company arising from a cyber attack! That’s on Tuesday. (Again see link.) Wednesday is the full day, with a special regulators session, as well as reinsurance, investments, and new product ideas for the RRG industry. On Thursday, then, we will have two panel discussions dedicated to another one of today’s favorite topics: Social Inflation, discussing why and how ”nuclear” jury verdicts are on the rise. Everyone should want to stay for these since one “runaway” verdict would arguably put most companies out of business!
Q: So, before we wrap this up, what are the regulators going to talk about, and are you winning any new legal cases?
NG: NG: With some valuable input from NRRA, the NAIC has adopted some initiatives that are quite favorable for RRGs. Our regulators’ panel this year will feature the NAIC and bring everyone current on its newly-adopted Best Practices, FAQs and a revised registration form, incorporating the model laws now favoring RRGs, and more on NRRA’s pending NAIC initiatives. We are hoping to have in attendance some regulators from some of the non-domiciliary states to discuss their thoughts and concerns. And yes, we will provide members with our annual briefing on NRRA’s judicial victories for our members in the courts. We have something in this program for everybody.
Q: Well, you’ve convinced me. Where do I go to sign up?
TS: TS: Just go to our website at www.riskretention.org where you can register online or download the registration form and see our sponsorship benefits and sponsorship agreement. We look forward to seeing you there.
NOTE that hotel reservations can be cancelled with no penalty up to 48 hours before check-in. We plan to have appropriate safety precautions in place, and continue to optimistically follow Chicago’s currently favorable statistics showing a better than average increase and growth of travel and meeting accommodations due to decreasing incidents of COVID outbreaks and sickness.
For more information and to register, click here.