Newsletter
Welcome to our latest newsletter! As a thought leader in the Insurance Industry for over 50 years we are always excited to share the latest sampling of insurance compliance related bulletins, regulations and legislative activity. Please feel free to share this newsletter with others that may be interested. Contact Us with any questions on the items in this newsletter or with any other compliance related matter we can assist you with. Enjoy!
New York Life Bureau of the Department of Financial Services has published filing guidance notes under the Accelerated Payment of Death Benefit Product Outline. Accelerated Payment of Death Benefit Outline - 2021
Michigan Department of Insurance and Financial Services issued a bulletin allowing issuers offering ACA compliant individual health coverage off-Marketplace to participate in a 90 day special enrollment period to the same extent as issuers offering ACA compliant individual coverage on the Marketplace. This is pursuant to President Biden's Executive Order 14009. Bulletin No. 2021-08-INS
Rhode Island's Superintendent of Insurance issued a bulletin giving guidance on annuity and long-term care producer training. Insurance Bulletin Number 2021-1
Rhode Island published Appendix forms for use under the Annuity Suitability law. Insurance Bulletin Number 2021-2
Nebraska has published the updated interest rate on death proceeds when a claim is not paid within 30 days of receipt of proof of death. The interest rate is 2.10% Notice 2021-1
Virginia's Insurance Commissioner issued an administrative letter reminding carriers that credit insurance experience must be submitted to the department no later than April 1, 2021 for the 2020 reporting year. In addition, adjustments to the prima facie rates applicable to credit life and credit accident and sickness of rate triennium commencing January 1, 2022 will be established and published later this year. Administrative Letter 2021-01
South Dakota HB 1003 adds new sections to the Reinsurance Law dealing with credit for reinsurance in reciprocal jurisdictions. HB 1003
Connecticut's Insurance Commissioner provides additional guidance to licensees concerning the Insurance Data Security Law and implementation date requirements. This bulletin spells out the requirements of the law and the deadlines for complying. Bulletin IC - 43
New York Department of Financial Services, Cybersecurity Division issued an industry letter regarding increased cyber-attacks on Instant Quote Websites. Carriers are encouraged to review those websites for evidence of hacking. Even if the NPI is redacted, hackers have shown they are adept at stealing the full unredacted NPI. Industry Letter dated February 16, 2021
California's Department of Managed Health Care adopted an emergency rule requiring health care service plans that cover dental services to provide a summary of dental benefits and coverage disclosure matrix (SDBC). This applies to both individual and group coverage. Regulation T. 28 s 1300.63.4
DC's Commissioner informed all insurers they are still operating under the previous orders and bulletin issued by the Commissioner due to the COVID-19 emergency. These orders provide relief to policyholders by prohibiting carriers from terminating insurance contracts due to nonpayment. Notice dated February 5, 2021
Florida amended its regulation dealing with Standardized Requirements Applicable to Insurers after Hurricanes or Natural Disasters to add provisions for life and health companies. These provisions deal with grace periods and temporary postponement of cancellations or non-renewals by life and health companies. The rule previously applied only to P&C carriers. Rule 690-142.015
Florida Department of Financial Services/Division of Securities adopts a rule amending the filing of financial statements for dealers, issuer/dealers and investment advisers with the Office of Financial Regulation. FAC Rule 69W-600.151
New Hampshire's Insurance Commissioner issued a bulletin setting forth financial filing requirements for March 1 through November 15, 2021 during the COVID-19 pandemic. Bulletin INS 21-007-AB
The Federal Financial Crimes Enforcement Network (FinCEN) issued an Advisory on COVID-19 Health Insurance and Health Care-Related Fraud. Financial red flag indicators are spelled out along with case studies and information on reporting suspicious activity. FinCEN Advisory FIN-2021A001
New York issued a Circular Letter reminding insurers that insurance law requirements for maternity care and preventive care and screenings related to pregnancy apply when an individual is acting as a surrogate. Insurance Circular Letter No. 1 (2021)
Ohio passed SB 9 which amended 3904.13 and enacted section 3901.89 to require health plan issuers to release certain claim information to group plan policyholders, upon request. This requirement is effective July 1, 2021. SB 9; 3901.89
Colorado adopted a Medicare Supplement rule which complies with the mandate of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). Among other items, it prohibits the sale of Medicare Supplement benefit policies that cover Medicare Part B deductible to defined newly eligible Medicare beneficiaries. This replaces Emergency Regulation 20-E-14 in its entirety. 3 CCR 702 Reg. 4-3-1
Colorado issued an emergency regulation regarding the process by which the Health Insurance Affordability fee is collected annually from insurers. This applies to all carriers that issue health benefit plans, including individual, small group and large group plans subject to the Colorado insurance laws. Emergency Regulation 21-E-01
New Mexico's superintendent of insurance issued a clarifying bulletin reminding carriers that different coverage standards cannot be imposed for in-person and telemedicine services for either physical or behavioral health. Bulletin 2021-003
Arizona omnibus bill amended Section 20-239, Electronic Communications and Records dealing with any notice or document for a policyholder that is posted on an insurer's website. Section 20-283 deals with exceptions to producer licensing. Other sections apply to various kinds of insurance. SB 1049
Maine adopted a regulation establishing licensing requirements for pharmacy benefit managers. Insurance Rule Ch. 210
Michigan issued a bulletin setting forth the updated maximum amount of pre-death assignment when a life insurance policy or annuity contract proceeds are used as payment for cemetery or funeral services or goods. Bulletin No. 2021-09-INS
Tennessee's Division of Securities codified a longstanding policy that was developed in the 1980s into a new Rule, Recission Offers. Under the rule, all recession offers that satisfy the requirements of the rule and are approved in advance by the Securities Division are exempted from the registration requirements of 48-1-104. The elements of a recission offer are set forth as well as what a person must do after the rescission offer is extended. This rule is effective May 4, 2021. Tennessee Rule 078-4-2-.11