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Property Casualty News May 2023
Property & Casualty News
May 2023
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!
AGENT / PRODUCER LICENSING AND APPOINTMENT
Alabama removed the requirement that insurance producers, independent adjusters, apprentice independent adjusters, and title insurance agents complete a prelicensing course prior to earning a license. HB 60
Washington eliminated the requirement that a person applying for a producer license complete a prelicensing course of study for the lines of authority for which the person has applied. HB 1061
ARBITRATION
Tennessee made numerous changes in the Uniform Arbitration Act including definitions, awards, and enforceability. HB 1162
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE
Idaho adopted a rule clarifying the requirements for cancellation and non-renewal of underinsured and uninsured motorist coverage. IDAPA 18.02.02
CAPTIVES
Arizona amended its statute on captive insurers to revise the terms relating to foreign captive insurers. HB 2005
CLAIMS / CLAIMS ISSUES
Wyoming's Insurance Department issued a bulletin providing guidance regarding adjustment claims involving damage to property other than claims under a motor vehicle policy. Insurers selling either ACV or replacement cost policies should be prepared to identify the policy language upon which they rely if they intend to pay an amount less than the actual cost of the repair, including the basis for the amount of depreciation. Bulletin dated April 19, 2023
CONFIDENTIALITY / PRIVACY
Iowa enacted legislation creating new protections on consumer data privacy, including duties to protect privacy, exemptions for certain data, and affording the attorney general with enforcement authority. SF 262
CYBERSECURITY
Arkansas enacted legislation concerning cybersecurity insurance and establishing the Arkansas Self-Funded Cyber Response Program. HB 1780
Louisiana reissued and revised a bulletin regarding the Insurance Data Security Law (IDSL). The bulletin serves as a reminder of the duties imposed by the IDSL, including the duty to maintain a written information security program (ISP). The bulletin includes an updated list of jurisdictions who have adopted ISP requirements that are the same or substantially similar to Louisiana. Bulletin 2021-04 (Revised and Reissued)
ELECTRONIC TRANSACTIONS
Arkansas' Insurance Department issued a bulletin to all Property and Casualty insurers outlining what is permissible when electronically delivering policies and claim payments to insureds. It also addresses what documents must still be delivered physically, including claim denials, notices of nonrenewal, and notice of cancellation. Bulletin 9-2023
FILINGS: PROPERTY / CASUALTY
Georgia amended its rate and form filing rule for private passenger auto insurance to allow for an automatic effective date of 60 days following filing, with certain exceptions. HB 221
GUARANTY ASSOCIATION
Florida's Office of Insurance Regulation issued an order approving an emergency assessment for members of the Florida Insurance Guaranty Association. FIGA 2023A Assessment Order
INDUCEMENTS
Arkansas amended its definition of rebates to modify the minimum value of token gifts to be $100 or less in wholesale value. HB1525
MISCELLANEOUS
California released a notice to all insurers notifying them of changes to the department's electronic funds transfer bank account and routing numbers. Notice dated 5-3-2023
Nebraska adopted the Pet Insurance Act effective January 1, 2024. LB 296
Oregon updated its definition of domestic partnership under the Oregon Family Fairness Act to include partners of any sex. The definition of domestic partnership was changed to reflect a civil contract entered into between two individuals who are at least 18 years of age, are otherwise capable, and at least one of whom is a resident of Oregon. HB 2032
Washington amended its telephone solicitation law to address robocalling and telephone scams and to prohibit abusive telephone communications that mislead or harm residents. HB 1051
PERSONAL LINES INSURANCE
Maryland amended its law regarding mandatory coverage for condominiums to require that owners of detached units must maintain coverage on the entirety of the unit against common elements. HB 98
Wyoming amended its Privacy of Consumer Financial and Health Information regulation pertaining to products and services primarily for personal, family, or household purposes. It does not apply to products or services for business, commercial, or agricultural purposes. This regulation deals with the protection of non-public personal information. Chapter 54, Section 1
POLICY LANGUAGE
Colorado amended laws addressing translations of English language policies and the requirements to certify the accuracy of the translation. HB 1004
PREMIUM TAX
Kentucky released a bulletin concerning 2023-2024 Local Government Premium Taxes, including updated forms and link to the Local Government Premium Tax Risk Location chart. Bulletin 2023-002
PROFESSIONAL LIABILITY INSURANCE
Vermont eliminated the requirement that a patient who is terminally ill must be a Vermont resident in order to be prescribed medication in accordance with the Patient's Choice at End of Life Laws. HB 190
Washington enacted legislation relating to licensure of music therapists to provide clinical and evidence based music interventions. HB 1247
REPORTS - DATA CALLS & OTHER REPORTS
Arkansas is asking all property and casualty insurers to respond to a data call regarding tornado claims as a result of storms on March 31, 2023. Reports are to be made monthly through November 15, 2023. Bulletin 8-2023
Florida amended its rule requiring reporting on commercial and residential property policies to incorporate a new quarterly reporting form. FAC 690-137.009
Rhode Island's Superintendent of Insurance issued a list of carriers that must participate in the 2023 Auto Body Labor Rate Survey. The information is due no later than September 1, 2023. Bulletin 2023-4
The Texas Insurance Commissioner issued a data call to insurers writing personal automobile and residential property insurance policies in Texas via the HelpInsure.com website. Bulletin B-0003-23
TRADE PRACTICES
Iowa adopted amendments to its unfair or deceptive acts definition. HF 316
Maryland adopted revisions to its law excluding certain practices from the definition of rebating. As defined in the revised law, an insurer may offer certain products or services that educate, assess, monitor, control, or prevent risk of loss. SB725
WORKERS' COMPENSATION
Connecticut's Workers Compensation Commission released the 2023 fee schedule for hospital and ambulatory surgery centers. Memo 2023-01
Tennessee amended its workers' compensation law and made various changes. One change is that the court may require the employer or carrier to pay an additional sum of up to 25% of medical expenses if, following notice, they fail to provide reasonable and necessary medical expenses and treatment. SB 263
Tennessee created the Garrison-Jordan Survivor Benefit Act. It increases the death benefit available if a deceased employee leaves dependents. Other changes relating to surviving spouse and children were made. SB 97
Virginia's Bureau of Insurance issued an administrative order concerning the National Council on Compensation Insurance’s Experience Rating Plan Manual and Statistical Plan Manual. Administrative Order 12170
Washington enacted legislation defining an attending provider for workers' compensation claims to also include licensed psychologists for claims that are solely for mental health conditions. HB 1197
Washington enacted legislation that gives an injured worker rights under a "compelled examination." Rights include the ability to take audio and video, have one person present to observe the examination, and other rights. HB 1068
Newsletter
Life and Health News May 2023
Life and Health News
May 2023
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!
AGENT / PRODUCER CONTINUING EDUCATION
Mississippi passed an insurance producer licensing law that excludes an individual who is 65 years old and has been licensed continuously for 25 years, from completing continuing education requirements. HB 1084
AGENT / PRODUCER LICENSING AND APPOINTMENT
California issued a reminder to licensees regarding the annual requirement to update changes in licensing information. Notice Dated March 29, 2023
ANNUITIES / ANNUITY CONTRACTS
Tennessee's Insurance Commissioner issued a bulletin to clarify the rule regarding suitability in annuity transactions that will go into effect on January 1, 2024. Bulletin 23-02
Washington enacted the best interest standard for annuity transactions effective January 1, 2024. HB 1120
CLAIMS / CLAIMS ISSUES
Maryland amended its requirements for notice of an adverse decision and made changes to the process a health insurer must follow. SB 724
CONFIDENTIALITY / PRIVACY
Iowa enacted legislation creating new protections on consumer data privacy, including duties to protect privacy, exemptions for certain data, and affording the attorney general with enforcement authority. SF 262
CYBERSECURITY
Utah amended its Protection of Personal Information Act to revise to whom disclosure must be made when there is a system security breach of personal information. SB 127
DEATH BENEFITS
Arkansas amended its law exempting death benefits from actions by creditors. The amendments provide clarification of benefits covered by the exemption. HB1313
DENTAL INSURANCE
Michigan's Insurance Director published the 2024 Form and Rate Filing Requirements for Stand-Alone Dental Plans on and off the Marketplace. Bulletin 2023-09-INS
North Dakota passed a new law that requires an individual or group dental policy to authorize the assignment of reimbursement for services directly to the provider of services. If the insured or beneficiary authorizes it, the carrier must pay the claim amount it would have reimbursed to the insured directly to the provider. SB 2135
DISCRIMINATION
Tennessee enacted a law that deals with discrimination relative to genetic information. A life insurance carrier cannot cancel coverage, require an applicant to take a genetic test as a pre-condition of insurability, or require a complete genome sequencing of an individual's DNA. In addition, a carrier cannot access sensitive medical information, including genetic data, without the individual's written consent. A carrier can obtain genetic information within an individual's medical record for underwriting. HB 1309
FILINGS: HEALTH
Massachusetts issued guidance for filing forms and rates in compliance with the merged small group/individual market. The notice provides general information and instructions for filing. Filing Guidance Notice 2023-A
Rhode Island's Insurance Superintendent issued guidance regarding accident, health and sickness filing requirements which have not changed in recent years. All health insurance policies or certificates that provide coverage for essential health benefits and limited benefit coverage must be filed and approved prior to use. Limited benefit includes disability income, short term limited duration plans, and indemnity insurance such as cancer or hospital indemnity. Bulletin 2023-3
FRAUD / ANTI-FRAUD
Oklahoma's Insurance Department shares instructions on paying the Anti-Fraud Assessment Annual Fee due by July 1, 2023. Paper filings and checks will no longer be accepted. Notice dated April 5, 2023
HEALTH INSURANCE - COMPREHENSIVE
Arkansas adopted a statute requiring coverage for the screening of birth mothers for depression. Screening must be provided at the time of birth. HB1035
HEALTH INSURANCE / HEALTH RATES
California's Insurance Department issued a press release reminding insurers that California continues to require coverage for certain preventive health care measures, including HIV prevention medication, screening for sexually transmitted disease and breast and colorectal cancer screening. Press Release 3-30-2023
Idaho approved a bill clarifying and expanding the availability of virtual health care. HB 162
New Mexico passed a law requiring health plans and policies issued or renewed on and after January 1, 2024, to cover biomarker testing for diagnosis, treatment, disease management and ongoing monitoring of a health condition. HB 73
Virginia amended the health insurance law allowing a carrier to vary its premium rates based on tobacco use. Currently, premiums may be up to 1.5 times higher for a tobacco user than a nonuser. This law was amended to eliminate the tobacco surcharge for individual or small group health insurance issued or renewed on or after January 1, 2024. HB 1375
IIPRC / INTERSTATE COMPACT
North Dakota enacted a law developing uniform standards for individual and group life, annuity, and disability income products covered by the Interstate Insurance Product Regulation Commission. This law is effective August 1, 2023. SB 2172
INDUCEMENTS
Arkansas amended the definition of "rebates" to modify the minimum value of gifts to $100 or less in wholesale value. HB 1525
Maryland updated its anti-rebating law to allow for situations when an insurer may provide products or services which educate or allow the person to assess, monitor, control or prevent risk of loss. SB 725
LIFE INSURANCE / LIFE CONTRACTS
The California Insurance Department issued a bulletin notifying all life insurers of the amount of the aggregate annual PBR assessment for FY 2022-23. Bulletin 2023-3
MISCELLANEOUS
Delaware issued a notice reminding health insurers to respond to the Health Insurance Carrier Survey. Responses should be submitted via email no later than September 15, 2023. Bulletin 52 (Reissued)
PHARMACY BENEFIT MANAGERS
Michigan's Insurance Director informed Pharmacy Benefit Managers that a new law gives the Director authority to license and regulate PBM effective 1/1/2024. While registration is not required, the Director recommends PBMs complete the PBM Registration Form as soon as possible to ensure they receive timely notifications regarding licensing and other regulatory requirements. Bulletin 2023-14-INS
New York amended the Registration of Pharmacy Benefit Managers regulation to change the effective date from January 1, 2023, to January 1, 2024. First Amendment to 11 NYCRR 451, Regulation 221
POLICY LANGUAGE
Colorado enacted legislation amending its certification requirements for English-language policies translated into a language other than English. HB 1004
REPORTS - DATA CALLS & OTHER REPORTS
Pennsylvania issued a data call requiring insurers that transacted individual or group Medicare Supplement business in 2022 to report certain data by May 31, 2023. Data Call dated March 2023
THIRD PARTY ADMINISTRATORS
New Jersey's Insurance Department issued standardized annual financial reporting requirements for third party administrators to ensure that data is properly captured. Renewals may begin April 1. Extension requests must be submitted by May 15. Notice dated March 27, 2023
Newsletter
Property Casualty News April 2023
Property & Casualty News
April 2023
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!
ADJUSTERS
Kentucky adopted amendments to its laws governing the qualifications and duties of insurance adjusters. HB 232
New Mexico requires an individual who applies for a public adjuster license to file a surety bond in the aggregate amount of not less than $10,000. The bond is conditioned to pay actual damages to a member of the public or the state of New Mexico if the adjuster violates the law. The bond will remain in effect for the duration of the license. HB 229
ADVERTISING / SALES & MARKETING
Arkansas amended the definition of "rebates" to modify the minimum value of gifts to $100 or less in wholesale value. HB 1525
Tennessee extended the telemarketing provisions that apply to telephone solicitations to text message solicitations. SB 868
AGENT / PRODUCER CONTINUING EDUCATION
California's Licensing Division published notice of required producer education for anti-fraud training. Beginning March 1, 2023, both the pre-licensing training as well as continuing education must include the anti-fraud content. Notice Dated March 10, 2023
AGENT / PRODUCER LICENSING AND APPOINTMENT
California issued a notice reminding licensees of the annual requirement to report changes in background information. Notice Dated March 29, 2023
West Virginia will begin company appointment renewal processing for producers through the National Insurance Producer Registry (NIPR) on June 6, 2023. Notice dated March 15, 2023
AUTOMOBILE INSURANCE
Utah modified the statute of limitations involving personal injury from a motor vehicle accident or property damage to a motor vehicle. This law also changed the timeline within which a person must commence action for uninsured motorist coverage, plus others. HB 388
West Virginia enacted the Electronically Distracted Driving Act which provides limitations for the use of wireless telecommunication devices and stand-alone electronic devices for personal and commercial motor vehicle drivers. HB 2218
CLAIMS / CLAIMS ISSUES
Arkansas, as a result of the severe storms, released an emergency order requiring all insurers with affected claims to immediately begin adjusting claims and to contact all insured claimants within 10 days. Emergency Order 4-1-2023
COMMERCIAL LINES INSURANCE
California announced an agreement to increase coverage under the FAIR plan, raising the plan's commercial coverage limit to $20 million. 3-29-2023 Press Release
West Virginia amended its Good Samaritan Law relating to actions for injuries. Certain persons who render aid or emergency care to a person at the scene of an accident, disaster or emergency are not liable for civil damages for acts or omissions. HB 2605
CONFIDENTIALITY / PRIVACY
Iowa enacted legislation expanding consumer data privacy, including the consumer's right to delete personal data, request copies and opt-out of the sale of data. The new law is effective January 1, 2025. SF 262
CYBERSECURITY
Utah amended its disclosure requirement for system security breaches. SB 127
DISASTER / CATASTROPHIC EVENT
West Virginia's Insurance Commissioner ordered that all COVID-19 Emergency Orders related to insurance are rescinded as of March 24, 2023. Emergency Order Notice 23-EO-01
DISCLOSURE REQUIREMENTS
Louisiana promulgated Regulation 124-Catastrophe Claims Process Disclosure Guide. Property and Casualty insurers must provide this disclosure to policyholders presenting a claim for an event declared by the governor to be a state of emergency. The disclosure form must be delivered to the policyholder by mail, electronic delivery or by hand on the date the adjuster commences an initial investigation of the claim. Regulation 124
FILINGS: PROPERTY / CASUALTY
The District of Columbia amended the filing requirement for motor vehicle and homeowner rates from "file-and-use" to prior approval, with a 90-day review period. In addition, insurers must provide the policyholder with at least 60 days’ notice of any rate increase of 10% or more. DC B 147
FINANCIAL REGULATION
Idaho issued a bulletin announcing adoption of the March 2023 version of the NAIC Accounting Practices and Procedures Manual and the January 1, 2023, edition of the NAIC's Valuation Manual for use in preparing 2023 quarterly and annual statements. Bulletin 23-05
FRAUD / ANTI-FRAUD
Oklahoma's Insurance Department announced that the Anti-Fraud Assessment Annual Fee is due by July 1, 2023. It must be paid electronically, and paper filings and checks will no longer be accepted. Notice dated April 5, 2023
GUARANTY ASSOCIATION
Kentucky enacted various amendments to the Kentucky Insurance Guaranty Association Act, including changes to scope, definitions, and technical amendments. HB 210
HOLDING COMPANIES
Tennessee amended its Holding Company Law compliant with NAIC standards regarding an annual group capital calculation. SB 239
LIABILITY INSURANCE
Florida made numerous changes to civil law, including modification to the comparative negligence standard. The bill also made changes addressing awards for attorney fees, bad faith cases and the statute of limitations for bringing a negligence action. HB 837
West Virginia created the Motorsport Responsibility Act. This law describes the liability of motorsport operators and participants among other requirements such as inspection, maintenance and record keeping, etc. HB 2569
MISCELLANEOUS
Kentucky enacted legislation providing the framework for a regulatory sandbox, allowing for relief of certain regulatory requirements which might otherwise inhibit innovative offerings. HB 264
PREMIUM TAX
Colorado has amended premium tax for unauthorized insurers to provide that the premium tax rate on unauthorized insurance premiums is consistent with the rate for surplus lines insurance. HB 1111
PROPERTY INSURANCE
Louisiana's Insurance Department published notice of comprehensive reforms, aimed at attracting more insurers to the market and lowering the cost of homeowner's insurance. The package includes incentives to build and upgrade roofs to the FORTIFIED standard. Notice Dated April 4, 2023
WORKERS' COMPENSATION
Indiana issued guidance to be used in evaluating and processing Workers Compensation PPI injuries. Notice dated March 20, 2023
Massachusetts announced manual pages have been posted to its website for new rates taking effect July 1, 2023. Circular Letter No. 2415
Oregon provided a list of insurers and self-insured employers required to electronically submit detailed workers' compensation medical bill and payment data to the Oregon Department of Consumer and Business Services under OAR 436-160-0405. Bulletin 359 (Revised)
Virginia's Insurance Commissioner approved the recent National Council on Compensation Insurance Experience Rating Plan Manual, Filing #E-1409. Administrative Order 12168
West Virginia amended certain workers' compensation laws dealing with deliberate attempt to harm by an employer or employee, damages for non-economic loss and clarifying proof of loss, among other items. HB 3270
Newsletter
Life and Health News April 2023
Life and Health News
April 2023
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!
AGENT / PRODUCER CONTINUING EDUCATION
California's Licensing Division published notice of required producer education for anti-fraud training. Beginning March 1, 2023, both the pre-licensing training as well as continuing education must include the anti-fraud content. Notice Dated March 10, 2023
ANNUITIES / ANNUITY CONTRACTS
South Dakota amended provisions regarding producer recommendations and responsibilities for annuities. HB 1091
CLAIMS / CLAIMS ISSUES
Michigan's Insurance Director informed carriers of filing requirements in connection with the mandated standardized electronic prior authorization process for health benefit claims. All insurers who issue or administer a health benefit plan must demonstrate compliance in a SERFF filing by May 1, 2023. ACA insurers must include the information in their ACA filing. Bulletin 2023-05-INS
DISCRIMINATION
Michigan's Insurance Department published this bulletin to inform insurers of amendments to the Elliot-Larsen Civil Rights act (ELCRA). Amendments to the bill prohibit discrimination in the insurance and financial services industry on the basis of sex, sexual orientation, gender identity or gender expression. Bulletin 2023-07-BT/CF/CU/INS
ELECTRONIC TRANSACTIONS
South Dakota passed a bill that amends provisions regarding electronic delivery of group health insurance documents. SB 62
ESSENTIAL HEALTH BENEFITS
Connecticut's Insurance Department informs carriers in the individual and small group health insurance markets of required revisions to non-grandfathered policies in order to meet revisions to essential health benefits. The bulletin also covers rate filings, maximum copayment amounts and formulary and network adequacy filings. Bulletin HC-90-23
Maryland published a bulletin for carriers who offer non-grandfathered health benefit plans in the individual or small group market of required revisions to certain essential health benefits. Bulletin 23-5
EXCEPTED BENEFITS
New Mexico's Superintendent of Insurance declared a moratorium on review and approval of excepted benefits filings until the final excepted benefits regulation goes into effect. A regulation was promulgated at 13.10.34 NMAC with an effective date of July 1, 2023. There is a pending rule promulgation to extend that effective date. Bulletin 2023-005
FILINGS: HEALTH
Alabama's Department issued a bulletin advising health insurers of filing deadlines for plan Year 2024. Bulletin 2023-01
Connecticut's Insurance Department published a bulletin concerning health insurance rate filing submission guidelines. Bulletin HC-81-23
Massachusetts published filing guidance notifying insurers of the timing and content of upcoming merged market (individual and small group) filings. Filing Guidance Notice 2023-B
Mississippi's Insurance Department issued filing guidance to all issuers of single risk pool and small group health insurance products and stand-alone dental plans issued inside and outside of the federally facilitated marketplace. The filing deadline is May 18 for form filings and June 30, 2023, for rate filings. Bulletin 2023-1
Washington's Insurance Department reminds disability income insurers they must file rates prior to use. All insurers must comply with separate requirements pertaining to experience rated groups. Advisory T-2023-03
FINANCIAL REGULATION
Arkansas' Insurance Department published notification for domestic companies that, effective March 2023, it has adopted the NAIC Accounting Practices and Procedures Manual as of March 2022. Bulletin 1-2023
HEALTH CARE EXCHANGE / MARKETPLACE
The Federal Department of Health & Human Services published its 2024 Qualified Health Plan (GHP) Data Submission and Certification Timeline. This applies to health plans and stand-alone dental plans. CMS Bulletin dated March 10, 2023
HEALTH INSURANCE - COMPREHENSIVE
Louisiana's Department of Insurance created amendments to the Basic Health Insurance Plan Pilot Program including modifications to accident and health insurance. LAC 37:XIII.Chapter 31
Maryland's Insurance Department published a bulletin notifying insurers in the individual and small group market of certain updates to the Maryland Benchmark Plan. Based on updated guidance, requirements for certain essential health benefits (EHB) are revised. BULLETIN 23-5
West Virginia passed a law to reduce cost sharing on insulin to $35 per month and $100 for covered devices. The law permits testing equipment to be purchased without a prescription. SB 577
West Virginia updated its law regarding prior authorizations. Prior authorizations must be submitted via an electronic portal, and the time frames for requests and the appeal process have been reduced. Other updates have been made to the process. SB 267
MARKET CONDUCT EXAMINATIONS
Kentucky's Insurance Department announced adjustments to a number of error tolerance rates used in Market Conduct Examinations. The bulletin includes the new rates. Bulletin 2023-01
PHARMACY BENEFIT MANAGERS
Wyoming passed the Prescription Drug Transparency Act which prohibits certain actions by pharmacy benefit managers, allows individuals to choose in-network retail pharmacies, changes the process for maximum allowable cost appeals, and allows pharmacies to file appeals in electronic batch formats, among other provisions. SF 151
PRE-NEED CONTRACTS
California's Department has implemented a rule setting out requirements for funeral providers to make reasonable efforts to return the benefits of an unclaimed preneed funeral account. T. 16 Sec 1267
Michigan's Insurance Department issued a bulletin advising of the updated maximum amount of benefits that can be assigned pre-death. The maximum assignment value for June 1, 2023, through May 31, 2024, is $12,720. Bulletin 2023-04-INS
REINSURANCE
Arizona's Department amended its reinsurance rule to update definitions. R20-6-307
REPORTS - DATA CALLS & OTHER REPORTS
Delaware's Department published a bulletin with information about completing the 2023 Affordability Standards Data Submission (ASDS) for health insurance, due 6-15-23 for individual and small group and 9-1-2023 for large group. Bulletin 138
Delaware's Insurance Commissioner requested that all carriers marketing health insurance complete a survey by September 25, 2023. In addition, the commissioner requests carriers to update the survey every three years so the information remains up to date. Bulletin 52 (Reissued)
RESERVE VALUATION
Indiana adopted a new rule setting uniform standards for reserve financing arrangements for certain term and universal life products. 760:1-82-1
SUITABILITY
Georgia has amended its Suitability in Annuity Transactions regulation, incorporating the most recent NAIC updates, requiring that annuity recommendations be in the best interest of the customer. 120-2-94
Illinois published a bulletin allowing insurers a grace period to implement certain changes to Part 3120 (Suitability in Annuity Transactions Model). Companies must now comply by August 1, 2023. Bulletin 2023-04
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