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!
Wisconsin's Insurance Commissioner gave guidance to carriers regarding agent appointment renewal invoices for 2021. Bulletin dated October 27, 2021
Mississippi adopted the NAIC amendments to the Suitability in Annuity Transactions Model Regulation. The purpose of the regulation is to require producers to act in the best interest of the consumer when making a recommendation of an annuity. Insurers must establish a system to supervise recommendations to consumers so that the insurance need and financial objectives of consumers at the time of the transaction are appropriately addressed. Rule 19.2-18.01
Texas promulgated Annuity Suitability Disclosure forms that are substantially similar to the NAIC forms. 28 TAC 3.9722
Delaware's Insurance Commissioner increased the application fee and the Authority fee for a domestic company seeking a Certificate of Authority to do business. Other requirements are set forth including but not limited to minimum deposit and minimum financial requirements. Domestic and Foreign Insurers Bulletin No. 1 (Revised)
Colorado amended a regulation requiring managed care plans to maintain an adequate network and to pay claims and appeals from a provider or health care facility in a certain manner. 3 CCR 702-4; Amended Regulation 4-2-74
New York's Department of Financial Services promulgated a new section to Insurance Regulation 62 pertaining to how payment must be made by an insurer when inaccurate network information is provided by an insurer to an insured. It also pertains to surprise billing practices. 63rd Amendment to 11 NYCRR 52, Insurance Regulation 62; Section 52.77
Virginia's Insurance Commissioner issued an Administrative Letter outlining the requirements to comply with Virginia's Arbitration Process for Balance Billing Claims. Administrative Letter 2021-04
Federal Assistant Secretary for Planning and Evaluation (ASPE), U.S. Department of Health and Human Services (HHS) released an Issue Brief regarding the "No Surprises Act." This Act, which was part of the Consolidated Appropriations Act of 2021, was signed into law on December 27, 2020. This law is effective on January 1, 2022. The Issue Brief provides an overview of the federal law and contains a section on state Surprise Billing laws. HSS Issue Brief dated November 22, 2021
Colorado promulgated an amended regulation dealing with credit for reinsurance. This regulation brings Colorado into alignment with revisions to the NAIC Credit Insurance Model Regulation. 3 CCR 702-3; Amended Regulation 3-3-3 Credit for Reinsurance
New Mexico notified credit life and credit accident and health insurers of changes in presumptively acceptable rates based on the 2020 statistical statements. Bulletin 2021-025
Iowa has updated its Guaranty Association Notice. Bulletin 21-05
CMS has published a Proposed Key Dates Table for 2022 for Qualified Health Plan (QHP) in states with Exchanges that use the federal platform. Other Tables for 2022 are also included. Proposed Key Dates Tables for Calendar Year 2022 published by CMS
Oregon amended its 2022 Standard Bronze and Silver Health Benefit Plans. Rule OAR 836-053-0013
New Mexico informed every current and prospective New Mexico Fully Insured Large Group Issuer of new requirements. All issuers must include three endorsements prepared by the Superintendent of Insurance to all Evidence of Coverage documents for plans that go into effect on and after January 1, 2022. Bulletin 2021-023
Washington promulgated a Student Health Plans Rule, R 2021-13 to implement HB 1009. This law requires Student Health Plans that provide maternity coverage to also provide similar coverage for termination of pregnancy. WAC 284-43-7210 through 7250
Washington promulgated a rule that addresses requirements for coverage of telemedicine services by health plans and payment parity. The rule implements the requirements set forth in ESHB 1196. WAC 284-170-130, WAC 284-170-433
Idaho's Department of Insurance promulgated a new rule regarding Medicare Supplement changes as a result of SB 1143. This rule contains two major changes dealing with enrollment and premium rates. Rule IDAPA 18.04.10
Alaska's Insurance Director notified insurers, resident and nonresident licensees of changes in licensing processes and fees. The Division will now accept electronic address change amendments for business entities through www.nipr.com or one of its authorized business partners and they will be approved within 24 - 48 hours of submission. Unless the licensee is moving to or from Alaska, there is an additional $50 paper processing fee if a paper address change is submitted. Bulletin B 21-07
IRS released proposed rules that would make permanent and automatic the 30-day extension for furnishing ACA reporting forms to individuals. This rule also proposes other ACA Reporting Relief and deadline extensions. The IRS indicates taxpayers may rely on the rules now. IRS Reg-109128-21, 26 CFR Parts 1 and 301
IRS released the 2022 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, Qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHERAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit and Archer MSAs. IRS Rev. Proc. 2021-45
Washington has developed a standard template language to serve as a single notice of consumer rights under both the Washington Balanced Billing Protection Act (BBPA) and the federal No Surprises Act (NSA). The template must contain a unique form number in the lower left-hand corner and be filed. Notice titled Your Rights and Protections Against Surprise Medical Bills and Balance Billing
California's Insurance Commissioner informed all admitted life insurance companies of the California Supreme Court Decision governing life insurance grace period and notice to designees in the case of McHugh v. Protective Life (2021) 12 Cal. 5th 213. Bulletin 2021-8
New Mexico notifies all major medical carriers subject to the jurisdiction of the Superintendent of Insurance of required monthly enrollment reporting beginning January 18, 2022. This is a standing data call. Bulletin 2021-026
Texas Department of Insurance has delayed the initial data submission deadline of information on Mental Health and Substance Use Disorder Parity from December 1, 2021 to January 15, 2022. 28 TAC Chapter 21, Subchapter P
Wisconsin passed the Revised Uniform Unclaimed Property Act (RUUPA) which contains certain provisions applicable to abandoned insurance policies. AB 325