Resources
Newsroom
Newsletter
Property Casualty News March 2023
Property & Casualty News
March 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
Arizona updated its license types and names that the Department issues to P&C agents and organizations, among others. Rule Table A dealing with Licensing Time-Frames had not been updated since 1999. Rule R20-6-708
Connecticut's Licensing Division of the Insurance Department issued a FAQs document regarding renewals of Adjuster and Motor Vehicle Physical Damage Appraiser licenses. Notice dated 3/1/2023
AUTOMOBILE INSURANCE
Connecticut's Insurance Department issued a notice to insurers regarding recent Hyundai and Kia theft issues. Insurers are reminded they must file their underwriting rules used to determine whether or not to write such business and any modifications to their rules. Notice dated February 16, 2023
Maryland's Insurance Commissioner informs P&C carriers writing motor vehicle coverage of the Department's position on refusing to insure specific Hyundai or Kia models. Carriers may not refuse to insure a risk for which it has a filed rate. Carriers wishing to amend a rate related to these vehicles must first consult the Department. Bulletin 23-3
Michigan reminds insurance companies they must offer coverage to all "eligible persons" and that failure to do so may constitute a violation of the Essential Insurance Act. This reminder is due to some insurers refusing to insure certain Kia and Hyundai automobiles based on the fact they lack particular anti-theft technology or there has been an increase in thefts of those vehicles. Bulletin 2023-03-INS
Virginia's Bureau of Insurance established certain standard automobile insurance forms for uninsured motorist coverage effective July 1, 2023. Administrative Order 12165
CLAIMS / CLAIMS ISSUES
New Mexico promulgated an amendment to its Trade Practices and Fraud rule. Catastrophic claims must be settled within a 90-day period after the assignment of a catastrophic claim number when a catastrophic loss has been declared. 13.7.4.1 NMAC
DISASTER / CATASTROPHIC EVENT
California Governor Gavin Newsom proclaimed that the COVID-19 emergency no longer exists as of February 28, 2023. Emergency Proclamation dated February 28, 2023
DISCRIMINATION
New York passed a law that prohibits insurance carriers from cancelling, refusing to insure, increasing premium, or limiting coverage solely on the basis that a claim has been made against a policy in the preceding 60 months for a loss that is the result of a hate crime. This applies to specific policyholders. AB 2207
HOLDING COMPANIES
Kentucky amended its insurance holding company system regulation. 806 KAR 37:010
MARKET CONDUCT
Kentucky's Department of Insurance changed its Error Tolerance Rates applied in market conduct examinations to allow for a more thorough analysis of insurance operations conducted in Kentucky. Bulletin 2023-001
MISCELLANEOUS
Arkansas amends its Good Samaritan Law to indicate a person or non-profit organization who renders or sponsors suicide prevention intervention with no compensation, is not liable for civil damages in any action for any act or omission unless it was not in good faith and was the result of gross negligence or willful misconduct. SB 48
Mississippi passed a law that amends the sworn declaration requirements for reciprocal insurance and revises requirements of the Board of Directors for the reciprocal. HB 1162
PERSONAL LINES INSURANCE
Nevada's Division of Insurance provided guidance to P&C insurers writing personal lines. Insurers are required to cease adverse credit based re-scoring as a result of any change in the policyholder's consumer credit report or insurance score which occurred on or after March 1, 2020.
Premium increases given at renewal may need to be refunded. Carriers must confirm compliance with the Insurance Department. Notice dated February 23, 2023
Virginia's Insurance Bureau reminded insurers of the requirement to file all updated dwelling property and homeowners insurance policy forms and endorsements by certain deadlines. Forms must be filed by May 1, 2023, and approved forms must be used for policies issued on or after December 31, 2023. Notice dated February 22, 2023
PROPERTY INSURANCE
California published its annual notice to Residential Property Insurers, Licensed Independent Insurance Adjusters, Agents, and Brokers of the laws applicable to property insurance policies, including those related to a declared state of emergency. The most recent copy of the Commissioner's notice must be provided to claimants within 15 days after receiving notice of claim due to a state of emergency. Notice dated February 27, 2023
California's Insurance Commissioner notifies insurers writing residential or commercial property insurance of a new insurance pricing regulation. This regulation recognizes and rewards wildfire safety mitigation efforts made by homeowners and businesses. Insurers are to establish a process for releasing wildfire risk determinations no later than April 12, 2023 and create a right for their policyholders to appeal that determination. Bulletin 2023-2
Florida's Insurance Commissioner notifies all personal and commercial residential property insurers of new law, Senate Bill 2-A. This law makes revisions to prompt pay laws for property insurance, authorizes the use of electronic methods to investigate a claim, maintaining certain records, and establishes claim filing deadlines. Informational Memorandum OIR-23-01M
Louisiana's Insurance Department encourages property insurers to participate in the voluntary property insurance market by enacting the Insure Louisiana Incentive Program. This program addresses the crisis in availability and affordability of insurance brought about by catastrophic losses from Hurricanes Laura, Delta, Zeta, and Ida. Emergency Rule 48, LAC 37 XI.4801
REPORTS - DATA CALLS & OTHER REPORTS
Florida's State Board of Administration amended a rule specifying certain deadlines and requirements for insurers that participate in the Florida Hurricane Catastrophe Fund. FAC Rule 19-8.029
North Carolina's Department of Insurance informs certain P&C insurers writing homeowners coverage of the annual data report of homeowner policy writing, including homeowners wind and hail, in the beach and coastal areas. Data must be submitted by April 1, 2023. Bulletin 23-B-01
TAX CREDITS
Idaho's Insurance Department announces its intent to allow a refund of any amount overpaid on the carrier's 2021 premium taxes due to two guaranty association assessments levied upon P&C carriers on November 17, 2021 and November 1, 2022. Bulletin 23-03
WORKERS' COMPENSATION
Indiana's Compensation Rating Bureau announced an annual premium call due by March 31, 2023. This pertains to the Indiana Assigned Risk Reinsurance Pool. Circular Letter 2023-02
Minnesota Workers' Compensation Insurers Association announced expanded ability to respond to a variety of work comp related inquiries when members utilize an on-line chat feature. WC Circular 23-1817
Oregon's Workers' Compensation Division announced a revised Request for Hearing Form 2839. Bulletin 285
Pennsylvania's Insurance Department provided instructions for completing the Workers' Compensation Special Schedule "W" data call. The data call is due by April 15, 2023. 2022 Special Schedule W - General Instructions
Newsletter
Life and Health News March 2023
Life and Health News
March 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
New Hampshire's Insurance Department updated its continuing education regulation for producers. Ins. 1301.01
Wyoming's Insurance Department announced new continuing education rules. The biggest changes are the new carry-over rules and new rules on how often licensees may receive credit for taking the same class. Memorandum dated December 23, 2022
AGENT / PRODUCER LICENSING AND APPOINTMENT
Kentucky adopted amendments to its regulations for licensing and continuing education of producers. 806 KAR 9:025
ANNUITIES / ANNUITY CONTRACTS
Colorado adopted, effective March 30, 2023, the terms of SEC Regulation Best Interest into its state securities regulation. A violation of the rules would be considered an unfair and dishonest dealing. 3 CCR 704-1 Ch. 1
Illinois updated its suitability in annuity transactions regulation to align to the most recent NAIC Model. 50 Ill. Adm Code 3120
Tennessee amended its annuity regulation to adopt the Suitability in Annuity Transactions Model Regulation updates. Regulation 0780-01-86
ARBITRATION
Delaware amended its regulation regarding arbitration of disputes between health insurance carriers and covered persons or authorized representatives. 18 DE Admin Code 1315
CLAIMS / CLAIMS ISSUES
Delaware issued a bulletin reminding health insurance carriers of the requirement to fully reimburse non-network emergency providers within 30 days of receipt of a clean claim. Bulletin 71
COMPLAINTS
Illinois amended its complaint handling regulation to clarify that the regulation applies to any licensee that the department licenses, registers, or grants a certificate of authority. 50 IL Adm. Code 926.20
CYBERSECURITY
Kentucky's Insurance Department renders its interpretation of insurance data security and cybersecurity requirements in the Advisory Opinion dated 01/03/23. Advisory Opinion 2023-01
DISCLOSURE REQUIREMENTS
Utah's Insurance Department performed a routine review of its Illustrations regulation and made clerical and stylistic changes. The changes do not add, remove, or change any requirements. Rule R590-177
DRUG / PRESCRIPTION COVERAGE
Colorado enacted a regulation addressing cost sharing for prescription insulin. Any carrier that issues coverage for insulin must cap the amount an individual is required to pay to not exceed $100 for a 30-day supply. 3 CCR 702-4, 4-2-68
FEE SCHEDULES
California published notice of the list of examination fees for the upcoming fiscal year. Notice Dated 1-23-2023
FILINGS: HEALTH
Arkansas enacted new legislation enhancing coverage for prostate cancer screenings. HB 1042
Delaware reissued a bulletin to remind insurers of the requirement to pay an annual assessment, funding the Delaware Health Market Stabilization and Reinsurance Program. Bulletin 113
Maryland issued a bulletin providing insurers guidance on the filing requirements for individual and small employer form and rate filings. Bulletin 23-2
Minnesota enacted a new statute addressing reproductive health rights. 145.409
Wyoming revised the Coordination of Benefits regulation to provide uniformity in order to avoid claim delays between carriers. Regulation Chapter 10 s 1
HOLDING COMPANIES
Kentucky updated its regulations, requiring certain filings by members of a holding company system, and identifying those transactions that are subject to filing. 806 KAR 37:010
PRE-NEED CONTRACTS
Colorado adopted a regulation for the licensing of preneed funeral contract sellers. The regulation includes bond requirements and annual renewal fees. 3 CCR 702-2
REINSURANCE
New Jersey spells out the application and filing procedures for reinsurers who wish to apply for status as a reciprocal jurisdiction reinsurer. Also includes a listing of current reciprocal jurisdiction reinsurers. Notice dated January 25, 2023
REPORTS - ANNUAL / QUARTERLY STATEMENT
South Dakota passed a law that eliminates the need for a health carrier to file an annual certificate of compliance with its annual statement indicating it has established and maintained grievance procedures. HB 1012
REPORTS - DATA CALLS & OTHER REPORTS
Alaska issued a bulletin reminding insurers of the annual data reporting requirements concerning health insurance policies and claims paid and to provide an annual certificate of compliance. Companies with no data reporting required must email the department by May 1, 2023. Bulletin B 23-01
Kentucky adopted a regulation outlining the process for an insurer to report compliance with the Mental Health Parity and Addiction Equity Act. Reporting is required annually by April 1. 806 KAR 17:585
New Mexico's Superintendent of Insurance notified major medical insurers of the filing requirements for the annual member grievance compliance filing. Bulletin 2023-003
New York's Department of Insurance notifies all life insurers and accredited life reinsurers that they must respond to interrogatories regarding liquidity and severe mortality for the general account and guaranteed separate accounts. The inquiry should be completed by the Chief Financial Officer and submitted via the Department's portal by May 1, 2023. Liquidity and Severe Mortality Inquiry dated February 7, 2023
THIRD PARTY ADMINISTRATORS
Nebraska's Insurance Department clarified third-party administrator (TPA) licensing requirements including a description of those entities that are not required to hold a TPA license. Notice dated February 10, 2023
TRADE PRACTICES
Wyoming revised its trade practices law to amend references to insurance rebates. SF 6
UTILIZATION REVIEW - HEALTH CARE
Delaware's Insurance Commissioner encourages carriers and pharmacy benefit managers to waive any prior authorization and utilization review requirements for brand name equivalent drugs currently in severe short supply nationwide. These drugs include antibiotics to treat COVID, flu and RSV, and ADHD medications due to the current mental health crisis impacting the country. Domestic and Foreign Insurers Bulletin 137
Newsletter
Property Casualty News February 2023
Property & Casualty News
February 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
Delaware reminded non-resident licensees of the deadline to renew licenses by February 28, 2023. The notice includes fees and continuing education requirements. Notice of Non-Resident License Renewal
Kentucky adopted amendments to its regulations for licensing and continuing education of producers. 806 KAR 9:025
Nebraska's Insurance Department announced that PSI has been selected to administer insurance licensing examinations. The number of test sites in the state more than doubled. Notice dated January 11, 2023
AUTOMOBILE INSURANCE
California's Insurance Department issued a bulletin reminding automobile liability insurers to file prior approval rate applications due to updates in financial responsibility laws. Bulletin 2023-1
North Carolina's Insurance Department reported that a rate filing requesting an increase for automobile insurance was filed by the North Carolina Rate Bureau. The requested overall statewide increase requested is 28.4% effective October 1, 2023. The Department will review the data and rule on the rate increase. Notice dated February 2, 2023
Virginia's Insurance Department reminded all insurers licensed to write motor vehicle insurance, property and casualty interested parties, and all licensed rate service organizations of the need to accommodate the non-binary gender designation in their filed manual of rates and rating rules. Virginia law prohibits insurers from refusing to issue coverage based on gender identity. Notice dated January 3, 2023
CAPTIVES
Hawaii published a notice to all captive insurers authorized in the state providing guidance on filing requirements for reporting due in 2023. Memorandum 2023-1C
COMMERCIAL LINES INSURANCE
Colorado adopted a regulation addressing reimbursement claims for clean-up and mitigation of hazardous substance incidents. 8 CCR 1507-22
CREDIT FOR REINSURANCE
The District of Columbia adopted amendments to the Credit for Reinsurance Act to conform to updates in the NAIC Model. 26A DCMR 2805
DISASTER PREPAREDNESS
Missouri's Department of Commerce and Insurance asked all insurers writing policies covering real or personal property in Missouri to update their disaster contact information. Primary and Secondary Regulatory Contacts and a Communications Contact should be completed on an Excel spreadsheet form provided by the Department. Responses can be emailed to CompanyContacts@insurance.mo.gov. Bulletin 23-01
FILINGS: PROPERTY / CASUALTY
Louisiana published a notice reminding companies to update certain key contact information such as "Consumer Complaint Contact." The update must be filed with the insurance department no later than March 1. Notice must be submitted using the Licensee Contact Module of the Industry Access System. Notice Dated January 20, 2023
LIABILITY INSURANCE
Illinois published the 2023 Dram Shop Liability Limits under the Liquor Control Act calculated on the consumer price index over the past 12 months. Judgment or recovery for loss due to persons injured, killed, or incurring property damage will not exceed $82,804.58 per person. Recovery for loss of means of support or loss of society resulting from the death or injury of any person, will not exceed $101,205.60. 2023 Dram Shop Liability Limits
MISCELLANEOUS
Massachusetts published a bulletin notifying Commercial Insurers offering Medical Malpractice coverage of recent amendments prohibiting discrimination against a provider who offers reproductive or gender-affirming health care services that are unlawful in another state. Bulletin 2023-02
Washington repealed the temporary prohibition on the use of consumer credit history to set rates for auto insurance, homeowners, and renters' insurance. This action is the result of the court's ruling in National Association of Mutual Insurance Companies, et al v. State of Washington. WAC 284-24A-090
Washington's Insurance Commissioner informed insurance producers, title insurance agents, adjusters, and other persons licensed under RCW 4817.475 of expectations for the timely handling of electronic mail communications sent by the Office of the Insurance Commissioner. Technical Assistance Advisory dated January 13, 2023
PERSONAL LINES INSURANCE
Louisiana's Insurance Commissioner informed all property and casualty and surplus lines insurers issuing homeowners policies of additional living expense coverage under La. R.S. 22:1338. This law may require an insurer to render an advance payment of three months of additional living expenses of 3 months when a total loss is sustained. Insurers are also directed to amend and file policy forms. Directive 220
PREMIUM TAX
California's Insurance Department issued a bulletin reminding insurers of upcoming premium tax filing due dates. Notice Dated January 31, 2023
PROPERTY INSURANCE
California's Insurance Commissioner issued a bulletin notifying residential and commercial property insurers of new pricing regulations to align with state wildfire safety efforts. Insurers must also release wildfire risk determinations to residents and businesses no later than April 12, 2023, and allow appeals from those determinations. Bulletin 2023-2
Colorado adopted an emergency regulation concerning time limits on payment of policy benefits in the event of a catastrophic disaster. 22-E-21
Louisiana's Insurance Department requested all property and casualty insurers and surplus insurers writing property insurance coverage to properly evaluate their use of crime ratings in the underwriting and rating practices of properties in certain cities and parishes so policyholders can be treated fairly. Bulletin 2023-01
REPORTS - DATA CALLS & OTHER REPORTS
Florida issued a data call notice requiring companies to annually report personal and commercial residential property claims litigation data. The upcoming deadline is March 1, 2023, for the data period January 1-December 31, 2022. Notice to Industry January 11, 2023
Indiana issued a data call for the Indiana Assigned Risk Reinsurance Pool, requiring members to complete annual reporting by March 31, 2023. Circular Letter 2023-02
North Carolina's Insurance Department informs member insurers of the North Carolina Insurance Underwriting Association they are required to submit an annual data report by April 1, 2023, regarding homeowner policies written in the beach and coastal areas. Bulletin 23-B-01
Oklahoma's Insurance Department reminds property & casualty carriers with direct written premium in several categories of personal and commercial lines that they are required to submit 2022 Pre-Disaster Data. This data is due by March 1, 2023. Oklahoma Pre-Disaster Data Call
Pennsylvania's Insurance Department announced it is conducting a medical malpractice data call to study the availability of additional basic coverage capacity in the medical malpractice market. All data is due by March 6, 2023. Medical Malpractice Data Call Letter dated January 27, 2023.
SERVICE CONTRACTS / WARRANTY INSURANCE
Arizona's Department of Insurance updated its requirements for companies offering service contracts, including those for approval of forms. R20-6-407
SURPLUS LINES
Montana published a list of Surplus Lines Companies Eligible in Montana for 2023. In addition to the U.S. companies on the list, producers may place insurance with an alien company that appears on the NAIC's Quarterly listing. Notice dated January 26, 2023
WORKERS' COMPENSATION
Alabama's Workers' Compensation Division published a new mileage reimbursement rate. Beginning January 1, 2023, the rate was increased to $.655 per mile. Notice Dated December 30, 2022
Alaska's Department of Labor and Workforce Development published the average weekly wage and minimum/maximum compensation rates for 2023. Bulletin WC 22-09
Iowa issued notice of an assessment to insurers and self-insured employers, due by March 7, 2023, to meet the liabilities of the Second Injury Fund. Notice of Second Injury Fund Assessment
North Carolina Rate Bureau announced that insurer members must notify the Rate Bureau of their intent to participate in the Assigned Risk Take-Out Credit Program no later than February 20, 2023. The program provides "credit" to insurers for workers compensation premium moved from the residual market to the voluntary market. The credits are applied to the insurer's voluntary premium used in calculating its plan participation base. WC Circular Letter C-23-1 dated January 30, 2023
Oklahoma's Workers' Compensation Commission announced to carriers, third-party administrators, self-insured employers, and group self-insured associations that a revised MFDR Form 19 is now being used. The change more clearly identifies the medical provider as the claimant on the form. Alert dated January 30, 2023
Newsletter
Life and Health News February 2023
Life and Health News
February 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
The California Department of Insurance approved revisions to its ethics curriculum to include one hour of study on insurance fraud. The notice includes frequently asked questions about the change. Licensing Notice Dated January 12, 2023
AGENT / PRODUCER LICENSING AND APPOINTMENT
Delaware's Department of Insurance issued notice to all non-resident producers and adjusters that all non-resident licenses must be renewed by February 28, 2023. The notice provides details about renewal fees, continuing education requirements, and procedures for renewing or surrendering a license. Non Resident License Renewal Notice 2023
ANNUITIES / ANNUITY CONTRACTS
New York amended the insurance law dealing with dividend-paying deferred income annuities and disclosure requirements. SB 7744
CAPTIVES
Hawaii's Insurance Department has issued a memorandum describing the requirements for captive insurance companies to file 2022 annual reports. Memorandum 2023-1C
CLAIMS / CLAIMS ISSUES
Nebraska's Insurance Department released an updated interest rate that is to be added to death claims if a life insurance carrier does not pay a claim within 30 days of receiving proof of loss. Effective October 20, 2022, the judgment interest rate is 5.981%. Effective January 19, 2023, the judgment rate is 6.812%. Notice 2022-1 dated January 4, 2023
CYBERSECURITY
Kentucky's Insurance Department issued an advisory opinion to carriers, agents, and other entities licensed to conduct insurance in the state regarding cybersecurity. Until a regulation is passed, the opinion clarifies requirements for reporting and handling cybersecurity risks under HB 474 passed in early 2022 with staggered effective dates starting January 3, 2023. Instructions are given on how to report a cybersecurity event to the Department. Advisory Opinion dated January 3, 2023
DEFERRAL OF CASH SURRENDER BENEFITS
Idaho's Department of Insurance issued a bulletin announcing the interest rate payable on deferred payment of cash surrender benefits under a life insurance policy or individual deferred annuity. Back to July 1, 2022, insurers must pay a minimum interest rate of 7.375%. Bulletin 23-02
DISASTER PREPAREDNESS
Maryland's Insurance Administration issued a bulletin requiring all insurers doing business in the state to report to the department certain information about the insurer's disaster response plan. The information to be reported includes contact information that may be used by the consumer. Responses are due by close of business April 14, 2023. Bulletin 23-1
DRUG / PRESCRIPTION COVERAGE
Colorado's Prescription Drug Affordability Board has adopted new regulations addressing the affordability of prescription drugs. The regulation establishes a methodology for establishing an upper limit on the amount to be paid for prescription drugs. 3 CCR 702-9
EXCEPTED BENEFITS
Virginia updated its rule governing accident and sickness excepted benefit policies, short-term limited duration insurance, and individual and small group market health benefit plans. Rule 14 VAC 5-120-10
FINANCIAL REGULATION
Kentucky's Department of Insurance issued an advisory opinion explaining the requirement for insurers, exceeding the $500,000,000 premium threshold, to file an annual report on internal controls. The opinion clarifies the grace period for insurers who previously fell below the threshold. Advisory Opinion 2023-02
Michigan adopted legislation requiring that each multiple employer welfare arrangement (MEWA) doing business in that state file certain annual and quarterly financial reporting, including audited financial statements. SB 1085
FRATERNAL BENEFIT SOCIETIES
Ohio amended its fraternal benefit law to modernize solvency requirements and oversight. HB 575
HEALTH INSURANCE - COMPREHENSIVE
Massachusetts' Department of Insurance adopts amendments to its Small Group Health Insurance provisions. Amendments address renewability, rate filing, disclosure, and reporting requirements. 211 CMR 66.02
HEALTH MAINTENANCE ORGANIZATIONS
Illinois adopted amendments that expand coverage for certain infertility treatments and clarify certain policy exclusions. 50 ILL Adm. Code 2015
HOLDING COMPANIES
Illinois amended its regulation allowing insurance holding company groups to request an exemption or to otherwise qualify for a limited filing in certain conditions. 50 Ill. Adm. Code 652.55
MEDICARE SUPPLEMENT INSURANCE
Nevada amended its Medicare Supplement regulation to prohibit an insured from re-enrolling in the same policy he/she is currently enrolled in thereby lowering the premium rate. Other updates were also made. Regulation NAC 681B
Oregon amended its Medicare Supplement regulation to allow guaranteed issue for individuals who lose Tricare or disabled individuals who move to Oregon from a state that does not allow coverage for persons under age 65. Additional updates were made. Regulation OAR 836-052-0138
MISCELLANEOUS
California's Insurance Department issued a revised notice regarding the requirement for producers to include their California license number on emails. The notice answers additional questions about the requirement. Revised Notice dated December 22, 2022
Louisiana's Department of Insurance reminds all risk bearing entities in the state to provide certain contact information by March 1 of each year. Updates to that information are required within 30 days after a change. Notice dated January 20, 2023
New Mexico streamlined its prior authorization process for health insurance carriers. Carriers must begin evaluating prior authorizations issued during the preceding calendar year and make an annual report and necessary changes. Regulation NMAC 13.10.31.12
PHARMACY BENEFIT MANAGERS
New Mexico announced to Pharmacy Benefit Managers that the checklists and forms with requirements for applying for or renewing a license, payment of fees, and submitting the required annual report can be found on the Department's website. Bulletin 2023-001
New York delays certain requirements for Pharmacy Benefit Managers for a year to be effective January 1, 2024, instead of January 1, 2023. These requirements pertain to maximum allowable costs, appeals, and other items. First Amendment to 11 NYCRR 451, Insurance Regulation 221
Tennessee adopts a new Pharmacy Benefit Manager rule relating to appeals, reimbursement methodology, audits, and professional dispensing fees. Rule 0780-01-95
REINSURANCE
Colorado's Department of Insurance adopts a new regulation governing reserve financing for term and universal life insurance products. 3CCR 702-4
Massachusetts' Department of Insurance adopts a new regulation governing reserve financing for term and universal life insurance products. 211 CMR 59.01
Nevada adopted a regulation that establishes uniform standards governing reserve financing arrangements for certain types of life insurance policies. The Actuarial Method is used to determine the required level of primary security for an affected reinsurance treaty. Regulation NAC 681A s 2
Oregon promulgated a regulation that establishes uniform standards for term and universal life insurance reserve financing agreements. This pertains to life insurance policies containing guaranteed non-level gross premiums, guaranteed non-level benefits, and universal life insurance policies with secondary guarantees. Regulation OAR 836-012-0200
RESERVE VALUATION
Colorado's Division of Insurance adopted and promulgated a regulation setting the minimum standards for reserves held by insurers providing individual and group health, sickness, and accident insurance. 3 CCR 702-3
STOP LOSS
Nevada updated regulations dealing with stop-loss insurance and requirements relating to group health plans. An insurer that issues a stop-loss policy must annually provide certain information to the insurance commissioner. Regulation NAC 689B.350
SUITABILITY
Tennessee adopts Suitability in Annuity Transaction amendments in accordance with the NAIC model law. Rule 0780-01-86
THIRD PARTY ADMINISTRATORS
Nebraska's Insurance Department reminds third party administrators of the requirement to file an annual report for the preceding calendar year by March 1. The information and documents that must be filed are outlined in detail. The Notice states that annual reports not properly completed or submitted by March 1 will result in the forfeiture by the third-party administrator of $50.00 each day thereafter such failure continues. Notice dated December 30, 2022
- Category
- All
- Article
- Download
- Year
- 2026
- Archive
- All Dates