Year after year, SILA’s National Education Conference has consistently delivered as the must-attend event for compliance and licensing professionals in the insurance and securities industry. Hosted in sunny Hollywood, Florida, from October 22nd to 25th, the National Education Conference offers a space for licensing professionals to connect and learn about the latest trends impacting the industry. This annual event stands as an invaluable opportunity to stay ahead of the curve by gaining deep insights into the ever-evolving landscape of insurance regulatory compliance.
For those that couldn’t attend or even just looking for additional insights, we’ve provided an overview of key takeaways from the 2023 SILA National Education Conference.
A notable highlight of this year’s conference was the continued focus on fostering enhanced communication between carriers and agencies. Through specially designed sessions, industry stakeholders had the chance to engage in candid conversations, identify common points of friction, and seek clarity on nuanced regulations. This emphasis on collaboration and open dialogue helps to streamline compliance processes and enhance the working relationship between these essential entities.
Compliance professionals at carriers and agencies also benefited from dedicated sessions with a multitude of state regulatory representatives. These Q&A sessions incorporated a mix of popular member-submitted questions and live attendee queries, ensuring that compliance professionals had a forum to address a variety of concerns. The ability to engage directly with regulators offered many attendees clarity on the nuanced application of state-specific laws. In addition, both regulators and compliance professionals alike were able to discuss areas of friction and share best practices.
Reciprocity and uniformity
The ongoing journey towards regulatory uniformity within the industry was a focal point of discussion during the conference. Differing practices around adjuster licensing reciprocity and continuing education training were highlighted as a continued issue, underscoring the challenges associated with achieving complete uniformity. Notably, while resources such as the PLMA have played a significant role in promoting uniformity, not every state fully adopts the model. Reciprocity remains at the discretion of individual states, with some–including Pennsylvania, California, and New York–opting not to offer reciprocal licensing privileges.
On the horizon for securities firms, FINRA is actively exploring the possibility of creating an advisory group aimed at streamlining licensing and compliance for organizations that sell both insurance and annuities products. This effort will be underpinned by an assessment in 2024 to determine its feasibility and potential benefits. Additionally, FINRA is seeking approval from the SEC to utilize FINRA e-sign as the official record, potentially eliminating the need to retain wet signatures on file. However, this tool does not offer integration capabilities to other InsurTech solutions.
The 2023 SILA National Education Conference provided a dynamic platform for insurance and securities professionals to gain a comprehensive understanding of industry trends, regulatory challenges, and ongoing initiatives for greater compliance efficiency. The event continues to be a key space for industry experts and compliance professionals to stay connected, informed, and well-prepared for the ever-evolving landscape of insurance and securities licensing.
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