S2:E3 | The Impact of Insurance on Compliance | Compliance In Context


Manage episode 294122616 series 2933235
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Welcome back to the Securities Compliance podcast. On today’s show, we do a deep dive on the 2021 Investment Adviser Section Report from the North American Securities Administrators Association highlighting 2020 activities for NASAA and its broader application to the compliance profession. For our interview segment, we welcome in Lilian Morvay to provide our listeners with valuable insights on the impact of insurance on compliance and how varying types of insurance (D&O, E&O, Cybersecurity, Professional Liability Insurance) affect how broker-dealers and RIAs are doing business today. Finally, we’ll wrap up today’s show with another installment of the History Has Your Back segment, where we look back at the life of fireman hero Ed Pulaski, and the importance of finding the right tool.


  • NASAA April 2021 Investment Adviser Section Report highlighting 2020 activities
  • Metrics surrounding state registrants
  • Model Rule on Written Policies and Procedures
  • Compliance Grid
  • Cybersecurity Checklist and additional guidance


  • What is the purpose of insurance and the importance of risk transfer?
  • Detailing different types of insurance impacting broker-dealers and RIAs
  • The intricate details surrounding cybersecurity insurance
  • What to consider when purchasing professional liability insurance
  • What do you do if you have a claim?

What’s on My Mind

  • Reviewing the life of hero firefighter Ed Pulaski
  • The Pulaski Axe
  • Why having the right tool can make all the difference


“One thing to consider from a client perspective, do you want to do business with a company that has not protected itself with a policy?”

“If you think about have professional companies protect themselves, think about yourdentist, think about your doctor, think about your attorney, think about your accountant—these individuals are providing a professional service, and there are times when they will commit a negligent act; they will inadvertently cause injury to their client. And the clients, have the opportunity to recover any damages or any losses related to that injury. Those services are insured by professional liability policy. Professional liability insurance policies are also available to companies that are in the financial sector—broker dealers, registered investment advisers.”

“It’s very important for broker-dealers when they are considering pursuing professional liability insurance, number one, to make sure that they have an insurance broker who’s very familiar with that type of policy.”

“Fortunately, there are a number of carriers that are extending coverage for broker-dealers and RIA’s for cyber.”


Compliance in Context

19 ตอน