Round Table Discussion with America's Leader in Licensing, Surplus Lines and Regulatory Compliance - ILSA

Our Spot On Insurance podcast has grown into so much more than a show about insurance regulators, attorneys and companies. We’ve met some of the most amazing individuals from across the country and around the world. Even we can’t believe how far we’ve come. To celebrate our 100th episode, we’ve invited some of ILSA’s core members to be our guests for this milestone. We have Russ Foster, General Manager; Rabecca Garcia, Surplus Lines Tax Filings Manager; Sherry Groves, Surplus Lines Supervisor; Kristy Roberts, Licensing & Compliance Manager; Sabrina Slater, Annuals & Corporates Manager; Tameika Johnson, Annuals & Corporates Supervisor; Floyd King, IT Manager; and Joyce King, Quality Assurance Administrator.

In this episode, we discuss how the industry has changed over the years, and what we can look forward to – not just ILSA, but the insurance industry as a whole. The team discusses the career journeys that led them to ILSA, what it was like for them at first, and the lessons they’ve learned from the company. Then they unpack some of the more technical aspects of licensing and regulatory compliance and explain some of the consequences for non-compliance. Finally, they share great tips for industry newcomers before wrapping up with what makes ILSA such a great company to work for.

“Never settle for the initial training you receive. Always have a mindset of being an asset to the company.” - Kristy Roberts

In this episode, Team ILSA shares:

• How the insurance industry has evolved over the last 20 years
• ILSA’s role as a tech innovator and the new technologies they are exploring
• The importance of keeping current with surplus lines reports and taxes
• The various zero reports required from surplus lines licensees in certain states
• The role of declinations in placing business in the surplus lines market
• How changing tax ID numbers, corporate structures, leadership, etc. affect licensing and corporate compliance
• The compliance tasks associated with mergers and acquisitions and winding down a business
• How the various states handle cybersecurity issues and the tactics hackers use
• Their best advice for industry newcomers
• What makes ILSA better than other companies

Key Takeaways

• Blockchain is set to revolutionize the industry in ways many business owners can't imagine.
• Every state has different regulations about when surplus lines/zero reports are due or how you should pay fees.
• Most businesses don't look at the licensing ramifications and expenses that go behind changing a corporate structure.

I hope you’ll join us every week to hear more from industry thought leaders like our ILSA experts.  Follow one of the links below to subscribe:

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Love what you’re learning! Talk with you again soon.