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Crafting a Safety Net for Cosmetics Recall Challenges
Manage episode 408190721 series 2822097
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Learn how to traverse the evolving cosmetics industry regulatory landscape with CRC Group Casualty Brokers John O'Malley and Chris Martin. They discuss the changes brought into effect by the Modernization of Cosmetics Regulation Act as well as its ripple effects across the industry. From increased reporting and FDA registration to the increased risk of product recalls, this episode is a specialist’s guide in how product recall insurance can be your client’s safety net. Listen in and fine tune your approach to risk management and business resilience for your cosmetic industry clients.
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Chapters
1. Crafting a Safety Net for Cosmetics Recall Challenges (00:00:00)
2. As of 2024, the U.S. Beauty and Personal Care Products Market’s worth is estimated at $93.74 billion, and it’s expected to reach more than $106B by 2029. So, it seems like a law change could be a big deal, right? (00:01:32)
3. So, what specific requirements does MoCRA impose on cosmetic manufacturers, processors, and distributors? (00:02:25)
4. So historically speaking, have cosmetics manufacturers or distributors typically employed risk managers or others responsible for quality compliance? Who does the responsibility for compliance usually fall to? (00:03:57)
5. We talked a little about crisis consultants, but what is the role of insurance in these scenarios for cosmetics industry companies? (00:05:01)
6. Real World Example: Refuting false claims that a product attracts Wolf Spiders... (00:07:01)
7. Knowing that these companies previously didn’t have to register with the FDA, is product recall coverage something cosmetics companies are used to buying? Is there work for agents and brokers to do around raising awareness? (00:10:24)
8. At CRC Group we pride ourselves on being specialists that can get the job done for our retail partners. How can partnering with a CRC Group producer help agents with cosmetic industry insureds? (00:12:14)
9. Rapid Fire! (00:13:21)
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