2023 NRRA Conference to Address Issues Impacting RRGs

The National Risk Retention Association (NRRA) National Conference 2023 will be held from November 13 to 15 at the Sofitel Magnificent Mile Hotel in Chicago, Illinois. The annual NRRA conference is the only captive conference to focus solely on the risk retention group industry.

Attendees at the NRRA Conference are immersed in the risk retention group industry and attendees will have the opportunity to network with industry leaders and innovators. In addition to networking opportunities, the NRRA conference features an educational program focused on issues relevant to RRGs.

The Regulators Panel at the conference—which will feature Sandy Bigglestone, Deputy Commissioner, Captive Insurance, State of Vermont Department of Finance Regulation (Vermont DFR); Christine Brown,  – Director, Captive Insurance Division, Vermont DFR; Victoria Fimea, Chief, Captive Insurance, Arizona Department of Insurance and Financial Institutions; and Sean O’Donnell, Director of Finance Examination, Risk Finance Bureau, District of Columbia Department of Insurance, Securities and Banking—will examine ongoing activities at the NAIC including work on model laws and regulations as they pertain to risk retention groups. The panel will explore the interests and perspectives of both domiciliary and non-domiciliary states and how those views may impact the operation of risk retention groups.

The London reinsurance market, most notably Lloyd’s of London, will also have a strong presence at the NRRA conference with both a panel and a roundtable discussion.  According to Ted Davey, an account executive at Gallagher Re, attendance from Lloyd’s underwriters had been “extremely limited mainly due to COVID travel restrictions” in recent years.  

However, work has been undertaken to increase over the course of the year and several syndicate underwriters will be attending the 2023 NRRA conference. According to Davey, discussions with the Lloyd’s team will address all issues involving RRG reinsurance purchases including the benefits of creating long-term relationships, detailing the need for focused risk management, the types of reinsurance available, and an explanation of how swing rated reinsurance costing works and its potential benefits for risk retention groups.  

Another session of note is “The Nexus Between Claims handling and Bad Faith and the Bottom Line.” That session, which will feature OOIDA COO Rod Nofziger and OOIDA Director of Claims Stephanie Hanna, will explore “claims handling practices that may be deemed bad faith actions” and how to avoid those bad faith actions as well the regulatory implications and recent court decisions on the matter.

The Conference will also feature an update on legislative threats to risk retention groups in states such as Florida and Nevada and NRRA’s continued advocacy for the risk retention group industry.

Room rate deals for the 2023 NRRA Conference expire on October 26. For more information and to register for the conference, visit the NRRA website at riskretention.org.