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!
Missouri passed a law giving the Director of Insurance the ability to give continuing education credits when a producer is a member of a local, regional or state professional insurance association. HB 604; 375.029
Hawaii's Insurance Commissioner issued a Memorandum outlining changes as a result of Hawaii adopting certain provisions of the NAIC Producer Licensing Model Act and the Reinsurance Intermediary Model Act. Memorandum 2021-9LIC
Texas Department of Insurance published a bulletin setting forth a summary of changes to the agent licensing requirements in HB 4030. Bulletin B-0019-21
Maine amended its current annuity rule to adopt the best interest standard of conduct for producers and insurers. Insurance Rule Ch. 917 s 1+
Texas' Insurance Commissioner issued a bulletin outlining the requirements contained in HB 1777. These changes involve annuity best interest training requirements, disclosure forms, and a minimum nonforfeiture interest rate change to annuities. Bulletin B-0021-21
Virginia amended its current annuity rule to adopt the best interest standard of conduct for producers and insurers. 14 VAC 5-45-10 thru -47
South Carolina's Director of Insurance announced notice of tentative 2022 Credit Accident and Health Insurance rates and the opportunity to request a hearing. Bulletin 2021-05
Hawaii adopted the NAIC Insurance Data Security Model Law. SB 1100
Idaho advised of the updated rate of interest on deferred payment of cash surrender benefits under a life insurance or individual deferred annuity when payment of the surrender value is requested by the policyholder with surrender of the policy. The Idaho State Treasurer announces a new interest rate each year. Bulletin 21-03
District of Columbia's Commissioner issued a notice giving guidance on insurance policy cancellations and premium payments when the COVID19 public health emergency expires or is lifted. Notice dated July 19, 2021
Federal Health and Human Services Department extended the existing federal public health emergency. HHS Renewal of PHE dated July 19, 2021
IRS released guidance on temporary premium assistance for COBRA and the related tax credit under the American Rescue Plan Act of 2021. This Notice supplements previous guidance under Notice 2021-31 and addresses additional issues. IRS Notice 2021-46
Michigan's Insurance Director published a Memorandum rescinding several bulletins and orders due to the state having lifted all Emergency Orders regarding the COVID-19 pandemic. Insurers have a grace period until November 1, 2021, to hold policyholder, stockholder and board meetings on a remote basis. However, the grace period does not apply to filing requirements which effective July 26, 2021, have reverted to the filing requirements contained in the DIFS Annual Forms and Instruction Booklets. Memorandum dated July 26, 2021
Ohio's bulletin sets forth the new position of the Department of Insurance regarding premium grace periods during COVID-19 without an Ohio emergency order in place. Insurers are encouraged to continue to provide payment flexibility to their insureds during the COVID-19 global pandemic. Bulletin 2021-03
Texas' Insurance Commissioner issued a bulletin informing carriers that the Governor rescinded specified suspensions issued in response to the COVID-19 pandemic, effective September 20, 2021. Specific details are contained in the bulletin. Bulletin B-0020-21
Alabama's Insurance Department issued a bulletin indicating the filing fees effective October 1, 2021. Bulletin 2021-06
HHS, DOL and the Treasury have jointly issued FAQs, Part 47 regarding mandated preventive health services coverage for HIV Preexposure Prophylaxis (HIV PrEP). FAQs About ACA Implementation Part 47 dated July 19, 2021
Federal Departments of the Treasury, Labor, Health and Human Services, and Personnel Management issued an interim final regulation under the No Surprises Act. This rule seeks to protect individuals from large unexpected medical bills for services rendered by providers who do not participate in the health plan's provider network. The new rule affects health plans, health insurers and health care providers and applies to plan years beginning in 2022. 86 FR 36872
North Carolina's Commissioner of Insurance re-published a Bulletin written August 3, 1999, to give guidance to carriers regarding rebates and inducements. Bulletin 99-B-2
Iowa revised the interest rate from 1% to 0.15% used to calculate minimum nonforfeiture amounts for individual deferred annuities. HF 838; 508.38 3b.(1)
Arkansas' Insurance Department issued a bulletin directed to Pharmacy Benefit Managers (PBM), Health Insurers and HMOs regarding Maximum Allowable Cost (MAC) Appeals to the Arkansas Insurance Department by pharmacies following a MAC appeal denial by a PBM. Bulletin 11-2021
Connecticut passed a law prohibiting an insurer from discriminating against an individual solely based on his/her status as a living organ donor for life, disability income and long-term care insurance. Violation of this law is an unfair trade practice. HB 6387 s 2
Connecticut passed a law dealing with a carrier's use of genetic testing information. This applies to life, annuities, credit life or accident, disability, long-term care, accidental injury, specified disease and hospital indemnity insurance policies. SB 841
Connecticut's Unfair Insurance Practices Act has been amended to add that carriers cannot discriminate based on sexual orientation, gender identity or status as a victim of domestic violence. HB 6590
California passed a law requiring that unclaimed property of at least $2,000 cash must be paid via electronic funds transfer to the Controller provided it meets other requirements. Prior law required property of at least $20,000 cash must be paid via EFT. SB 308