The ALS Group Risk Management Articles

The NYS Department of Insurance took the final step toward promulgating new regulations that would require agents and brokers in the state to disclose all forms of compensation they receive from insurers upon request. The regulation is open for public comment until January 16th at which point the NYSID will have the authority to adopt it. As expected there is widespread opposition from the Independent Agents & Brokers Association calling the measure “unwarranted”. Frankly we applaud the NYSID for their leadership and vision to compel transparency in this important area. The issue of compensation was surfaced in 2005 through a NYAG scandalous investigation into broker placement and compensation practices. This

What is it, and why do I care? Part One “What gets measured… gets managed!” This statement is the fundamental principle behind the concept of “Total Cost of Risk” (TCoR), and I’ve been saying this for years. The question that I am asked all the time is, “what is TCoR and why do I care about it?” There is risk associated with everything we do in life. In today’s world, business risk and the ability to quantify that risk in dollars is increasingly important. The purpose of any risk management program is to manage enterprise wide risks, which will ultimately lead to a reduction of the total costs associated with these