Regulators, Participants Discuss Insurtech in Silicon Valley

By Mayer Brown's Insurtech Team

Over a three day conference in Silicon Valley, regulators met with thought leaders and business leaders to discuss the changing technological opportunities facing the insurance industry.

The NAIC produced this video to touch on highlights of the meeting. Jamie Hale, Ladder CEO; John Standish, Infinilytics Co-Founder; Jessica Altman, PA Acting Insurance Commissioner; Michael Pieciak, VT Insurance Commissioner; John Doak, OK Insurance Commissioner; and Raymond Farmer, NAIC Secretary-Treasurer are featured.

Prior to the NAIC Silicon Valley meeting, NAIC CEO Mike Consedine addressed a tweet to the CEO of Lemonade Insurance Co., suggesting that third-party companies who receive “passive revenue” from posting Lemonade ads on their websites are receiving insurance commissions and may need to be licensed as insurance producers.

Lemonade’s CEO responded, via Twitter, that Lemonade has taken the insurance licensing regulations “very seriously” and is “fully compliant.”

We think the question of how unlicensed participants in an insurance marketing program can be compensated without running afoul of state insurance licensing requirements is one to watch closely and could have implications for the broader Insurtech industry.

12 Oct 2017

Tagged in: regulation

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