Resources
Newsroom
Newsletter
Property Casualty News January 2023
Property & Casualty News
January 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
California Producer Licensing Bureau issued an amended notice regarding a new law which requires licensees to include their license number on emails beginning January 1, 2023. Revised Licensing Notice dated December 22, 2022
California's Producer Licensing Bureau reminds individuals who sell credit insurance they must be licensed as a credit insurance agent or endorsed by their credit insurance agency and organization. Instructions as a result of a new law passed in 2022 are provided. Licensing Notice dated December 16, 2022
AUTOMOBILE INSURANCE
New York amended requirements for a policy to include supplemental spousal liability insurance to persons who are insured for loss resulting from the ownership, maintenance, and use of a motor vehicle, unless declined in writing. AB 1029
South Carolina's Director of Insurance informed carriers transacting private passenger automobile insurance they may receive a check representing their portion of the uninsured motorist distribution based upon its 2022 market share. The Director requests carriers to account for the funds as other income in accordance with NAIC statutory guidance. South Carolina drivers seeking to drive uninsured must pay a $550 annual fee deposited into the Uninsured Motorist Fund. Funds are disbursed annually among insurers writing this coverage. Bulletin 2023-1
CREDIT FOR REINSURANCE
District of Columbia amended its Law on Credit for Reinsurance Act of 1993 that were required for the District to maintain NAIC accreditation. 26A DCMR 2805
CYBERSECURITY
Kentucky's Insurance Commissioner clarified the reporting and handling of cybersecurity events under HB 474. Advisory Opinion 2023-01
DISASTER / CATASTROPHIC EVENT
California's Insurance Commissioner informed all property and casualty carriers providing homeowners and commercial property insurance in the wildfire areas of certain interpretations of policy language in adjusting claims. The insurance code and California courts address the "efficient proximate cause" doctrine, and carriers should not deny claims unless a diligent investigation regarding the cause of loss has been undertaken. Notice dated January 4, 2023
Colorado enacted a regulation protecting homeowners who have suffered a loss during a disaster, such as massive fires, from insurers that cause unreasonable delays in claim handling. The regulation identifies specific acts that may constitute unfair claim settlement practices. Emergency Regulation 22-E-21, 3 CCR 702-5
Georgia's Insurance Commissioner encourages insurers to promptly acknowledge receipt of all weather-related claims and make appropriate assignments for their investigation. Policyholders should continue to receive timely service and should not experience delays in receiving benefits they deserve based on the volume of claims filed with a particular insurer. Directive 22-EX-7
North Carolina's Commissioner of Insurance requested that carriers writing commercial and personal property and casualty coverage, that have customers residing in Moore County and the surrounding area, extend alternate methods of premium payments. These residents suffered extended power outages from December 3 through 8, 2022. Advisory dated December 6, 2022
DISASTER PREPAREDNESS
Louisiana's Insurance Commissioner advised all insurers and third-party administrators of updated requirements for catastrophe response plans. In addition, these plans must be filed with the insurance department no later than June 1, 2023. Bulletin 07-01 (Revised and Reissued)
Louisiana's Insurance Commissioner created a Catastrophe Claims Process Disclosure Guide. All property and casualty insurers must provide a copy of the guide to a policyholder whenever a state of emergency is declared by the Governor and the policyholder is asserting a claim for damages caused by the disaster event. Insurers may access relevant documents on the Department's website. Bulletin 2022-09
DISCRIMINATION
New York amended its executive law to prohibit discrimination based on citizenship or immigration status. AB 6328
FINANCIAL REGULATION
Kentucky's Insurance Commissioner advised all insurers authorized to do business in Kentucky of the reporting of Management's Report of Internal Controls over Financial Reporting to the Department. The Department provides its interpretation of certain statutes. Advisory Opinion 2023-02
HOLDING COMPANIES
Michigan amended its Holding Company law to add section 500.1325c. HB 6302
LIABILITY INSURANCE
Louisiana's Insurance Commissioner advised all authorized property and casualty carriers transacting insurance in Louisiana on how a liability insurance policy issued in Louisiana must address liability coverages that allow legitimate defense costs to consume any portion of the liability limits of the underlying policy. Specific details are included. Advisory Letter 2023-01
MISCELLANEOUS
Ohio passed a law requiring the Superintendent of Financial Institutions to establish a regulatory sandbox program where novel financial products and services can be tested on a temporary basis without obtaining a license or authorization that would otherwise be required. SB 249
PREMIUM TAX
New Hampshire's Insurance Department published 2022 Premium Tax Instructions for property and casualty companies and risk retention groups. Recommended filing method is online however, paper forms are accepted. Informational Notice dated December 30, 2022
PROPERTY INSURANCE
Virginia amended a rule extending the deadline for submitting filings to comply with "Rules Governing Standards for the Content of Dwelling Property Insurance Policies" and "Rules Governing Standards for the Content of Homeowner Policies". Filings must be submitted by May 1, 2023 for policies issued on and after December 31, 2023. Rule 14VAC5-341
REINSURANCE
New Jersey's Insurance Department published a list of reinsurers who qualify as "Certified Reinsurers". All insurers domiciled, licensed or eligible to write surplus lines insurance in New Jersey are allowed to take full credit for reinsurance ceded to the listed reinsurers when collateral is posted at the minimum required percentage until December 31, 2023. Notice dated January 1, 2023
REPORTS - DATA CALLS & OTHER REPORTS
Florida's Insurance Commissioner issued a Data Call Notice to carriers writing Personal and Commercial Residential Property Insurance. Companies are required to report personal and commercial residential property claims litigation data no later than March 1, 2023 for the calendar year 2022. Data Call Notice dated January 11, 2023
SURPLUS LINES
New Jersey published its list of eligible foreign, domestic, and alien surplus line insurers. Notice dated January 3, 2023
WORKERS' COMPENSATION
Alaska's Workers' Compensation Division published notice that the Workers' Compensation Medical Fee Schedule published January 1, 2023, will not take effect until January 29, 2023, due to unanticipated delays. The fee or charge for medical treatment or service provided from February 23, 2022 through January 28, 2023 shall be calculated under the Medical Fee Schedule effective January 1, 2022. Bulletin 23-01
Arizona's Industrial Commission announced operational changes in the Industrial Commission of Arizona Ombudsman Office. It will become part of the Legal Division and facilitate communications between unrepresented injured workers, employers, insurance carriers, adjusters, and third-party administrators. Notice dated December 20, 2022
Connecticut's Workers' Compensation Commission announced the mileage reimbursement rate payable for all travel expenses increased to 65.5 cents per mile. This is effective January 1, 2023 and matches the federal mileage reimbursement rate. Notice dated January 6, 2023
Indiana's Compensation Rating Bureau provided information on the Second Injury Fund assessment and the policy surcharge factor. Each carrier must calculate and apply its own factor to policies. Informational Circular 2022-07
New York passed a law providing that determinations by the Workers' Compensation Board shall not be given collateral estoppel effect in any other action or proceeding arising out of the same occurrence, other than the determination of the existence of an employer/employee relationship. SB 9149
Newsletter
Life and Health News January 2023
Life and Health News
January 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
Louisiana's Insurance Department repealed the requirement for pre-licensing producer education. Rule 9, 37 XI.501
AGENT / PRODUCER LICENSING AND APPOINTMENT
Nebraska's Insurance Department published Requirements for an Apprentice Insurance Producer License. The Department recognized a need for apprenticeship opportunities for those interested in becoming a resident insurance producer. Guidance Document IGD-F8
Wyoming's Insurance Department informed carriers of the timelines and procedures to follow for the 2023 annual appointment renewal process for agents. Bulletin 12-2022
ANNUITIES / ANNUITY CONTRACTS
Massachusetts' Insurance Department amended its rule dealing with annuity transactions to incorporate the latest changes in the NAIC Suitability in Annuity Transactions Model Regulation. 211 CMR 96.01
CREDIT INSURANCE
Massachusetts Insurance Department announced new deviated case rates for credit life and credit accident and health insurance sold by motor vehicle dealers. These rates will be effective from January 1, 2023, through December 31, 2025. Bulletin 2022-10
DENTAL & VISION INSURANCE
New Mexico's Insurance Department amended its rule dealing with minimum standards for dental and vision plans. NMAC 13.10.35.1
DISASTER PREPAREDNESS
Louisiana issued a bulletin noting that the Dep0artment requires all insurers and third-party administrators to maintain and file their catastrophe response plans with the Insurance Department by June 1, 2023. Bulletin 07-01
DISCRIMINATION
New York passed a law prohibiting insurance discrimination against insureds due to hate crimes. An insurer cannot cancel, refuse to issue or renew, or increase premium solely on the basis that one or more claims have been made against a policy in the preceding 60 months for a loss that is the result of a hate crime. AB 8869
DRUG / PRESCRIPTION COVERAGE
Colorado's Division of Insurance amended its regulation dealing with non-discriminatory cost-sharing and tiering requirements for prescription drugs. This applies to the Affordable Care Act compliant individual and small employer health benefit plans issued or renewed on or after January 1, 2023. 3 CCR 702-4
FILINGS: HEALTH
Oregon's Insurance Department announced that it has updated the product standard filing checklist for Group Similar Supplemental Coverage and Champus/Tricare Supplemental Coverage that supplements and fills gaps in the primary health benefit plan. Product Standard 440-5352
HEALTH INSURANCE - COMPREHENSIVE
Delaware's Insurance Department notified insurers providing health insurance coverage of a new law limiting the amount that may be charged for diabetes equipment and supplies, other than insulin, to no more than $35 per month. The law is effective January 1, 2024. Domestic/Foreign Insurers Bulletin 135
HOLDING COMPANIES
Louisiana Department of Insurance revised the Holding Company regulation. One of the changes implements revisions to the NAIC model regulation #450. This relates to transactions subject to notice regarding agreements for cost sharing and management services, and group capital calculations. Regulation 31
Michigan amended its insurance Holding Company law regarding procedures for the annual capital calculation among other changes. HB 6300
MISCELLANEOUS
District of Columbia adopted the Uniform Power of Attorney Amendment Act of 2022 and repealed the Uniform Durable Power of Attorney Act and Uniform Statutory Form Power of Attorney Act. B 121
New Hampshire added a new rule dealing with minimum standards for family and medical leave wage replacement coverage. This rule applies to all individual and group policies that provide coverage for family and medical leave wage replacement benefits (FLMI). Ins 8001.01+
Ohio passed a law allowing the Superintendent of Financial Institutions to establish a regulatory sandbox program. This program will allow interested individuals to test novel insurance services and products on a temporary basis without obtaining a license or authorization otherwise required. SB 249
REINSURANCE
Connecticut's Insurance Department informed all accredited reinsurers of the 2022 and 2023 financial filing requirements. Bulletin FS-4AR-22
New Jersey amended its regulation pertaining to life and health reinsurance agreements. The regulation sets forth requirements for insurers that cede insurance, so their financial statements properly reflect their financial condition. Ins 308.01
REPLACEMENT - LIFE & ANNUITY
Utah amended its life and annuity replacement rule. The rule expands the options a producer can utilize to the forms in both Appendix A or Appendix C rather than just Appendix A. R590-93-4
REPORTS - DATA CALLS & OTHER REPORTS
Arkansas' Insurance Commissioner issued a bulletin that requires health insurers and health maintenance organizations to file a written report by March 1, 2023, discussing how or the extent to which enrollees realized cost savings under their fully insured plans. This is in accordance with the Arkansas Fairness in Cost Sharing Act. Bulletin 9A-2022
Louisiana issued a bulletin reminding health issuers and health maintenance organizations of the requirement to submit an access plan pursuant to the Network Adequacy Act beginning January 1, 2023. Due to a change in the law, more issuers are now required to file a plan. Bulletin 2022-08
New Mexico's Insurance Superintendent issued a bulletin informing fully insured major medical health carriers of a provider credentialing report due on May 1, 2023, for coverage sold in 2021 and 2022. The report is due biennially each May 1 going forward. Dental is excluded from this reporting cycle. Bulletin 2022-024
New Mexico's Insurance Superintendent issued a bulletin ordering all carriers selling fully insured student health insurance plans to students attending school in New Mexico to file a report containing certain data by February 3, 2023. Bulletin 2022-021
RESERVE VALUATION
Connecticut's Insurance Department informs companies writing life, accident and health, and deposit-type contracts that changes to the Principle-Based Reserving Valuation Manual are effective January 1, 2023. Bulletin FS-45
TRADE PRACTICES
Arkansas' Insurance Department informs health insurers and health maintenance organizations that duplicative or excessive medical record requests could result in trade practice penalties. Hospitals and provider organizations have complained of receiving duplicative requests for medical records to adjudicate claims or to process prior authorizations. Bulletin 14-2022
UNCLAIMED PROPERTY
California revised the amount of cash unclaimed property that must be transferred electronically to the State Controller's office from $20,000 to $2,000. A penalty of 2% of the amount of payment is assessed for payments in other than electronic payment format. 2 CCR 1155.150
Newsletter
Property Casualty News December 2022
Property & Casualty News
December 2022
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
Florida adopted a rule amending the number of hours necessary for approved continuing education courses taught to insurance licensee applicants. Other requirements are set forth. FAC Rule 69B-228.080, .180
Louisiana's Insurance Department repealed the requirement for pre-licensing producer education. Rule 9, LAC 37 XI.501
AGENT / PRODUCER LICENSING AND APPOINTMENT
California's Producer Licensing Bureau of the Department of Insurance reminds all licensees that most types of insurance producers, as well as independent insurance adjusters, public insurance adjusters and analysts must include their license numbers on emails effective January 1, 2023. Notice dated November 14, 2022
Kentucky adopted a regulation allowing for a limited lines self-service storage space insurance producer license. 806 KAR 9:380
Nebraska's Department of Insurance developed an Apprentice Insurance Producer License. Through the Apprentice Insurance Producer License, those who want to enter the insurance industry as a producer can start with a temporary license and a mentor. Notice dated December 2, 2022
ARBITRATION
Oklahoma's Insurance Commissioner notified all carriers, producers, and adjusters that the Department is informing consumers more actively about the EAGLE Mediation Program which was established in 1999. Insurers are requested to readily participate in the mediation process. Notice dated November 10, 2022
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
California's Insurance Commissioner notified all admitted and non-admitted insurers writing residential property insurance of a mandatory moratorium on cancellations and non-renewals of policies after declaration of a wildfire emergency. Bulletin 2022-15
CREDIT FOR REINSURANCE
District of Columbia amended its law on Credit for Reinsurance. B 441
FLOOD INSURANCE
Delaware enacted the Private Primary Residential Flood Insurance Model Act. SB 282
MISCELLANEOUS PROPERTY / CASUALTY
Michigan's Department of Insurance and Financial Services published the annual adjustment of the fire insurance maximum escrow under the Michigan Insurance Code. Bulletin 2022-20-INS
Michigan's Director of Insurance published an updated list of Michigan Municipalities Participating in the Fire Insurance Withholding Program, effective January 1, 2023. Notice dated December 1, 2022
REPORTS - DATA CALLS & OTHER REPORTS
Florida's Office of Insurance Regulation informs insurers of a data call for monthly catastrophe reporting for Hurricane Nicole through February 2023. Notice dated December 2, 2022
RISK RETENTION GROUPS
Connecticut's bulletin provides guidance to risk retention groups doing business, registered, or domiciled in Connecticut. Bulletin FS-4RR-22
SURPLUS LINES
Montana's Insurance Department published the list of eligible surplus lines companies effective 11/30/2022. List dated November 2022
UNCLAIMED PROPERTY
California revised the amount of cash unclaimed property that must be transferred electronically to the State Controller's office from $20,000 to $2,000. A penalty of 2% of the amount of payment is assessed for payments in other than electronic payment format. 2 CCR 1155.150
Mississippi's Attorney General published its opinion regarding the Uniform Disposition of Unclaimed Property Act. Mississippi does not require self-insured workers' compensation groups to report or remit to the Treasurer intangible personal property presumed abandoned. Attorney General Opinion dated November 22, 2022
WORKERS' COMPENSATION
Alaska's Division of Insurance announced approval of the 2023 Workers' Compensation Filing for Voluntary Loss Costs and Assigned Risk Rates. Regulatory Order R 22-04
California's Division of Workers' Compensation announced adjustment of the Hospital Outpatient Departments and Ambulatory Surgical Centers section of the Official Medical Fee Schedule (OMFS) to conform to the quarterly changes in the Medicare payment. DWC Release Notice 2022-98
California's Division of Workers' Compensation announced the 2023 minimum and maximum temporary total disability rates. DWC Notice Release 2022-95
Connecticut's Workers' Compensation Board informed carriers and other interested parties that all costs for which reimbursement is sought at the time of settlement must be itemized for review by the Administrative Law Judge. Flat fee costs will not be approved without documentation. Memorandum 2022-13
Florida's Department of Financial Services, Division of Workers' Compensation announces the maximum weekly compensation rate for work-related injuries and illnesses occurring on and after January 1, 2023. Informational Bulletin dated November 30, 2022
Hawaii's Disability Compensation Division published the 2023 maximum weekly wage base and maximum weekly benefit amount. Notice dated December 1, 2022
Nebraska's Workers' Compensation Court announced that the maximum weekly income benefit will increase to $1,029.00 for work related injuries and illnesses occurring on and after January 1, 2023. WC Notice dated November 16, 2022
Nevada's Division of Industrial Relations Workers' Compensation Section clarifies for insurers, third party administrators and other parties of the conditions under which an award for a permanent partial disability may be paid in a lump sum. Memorandum dated December 1, 2022
North Carolina's Industrial Commission announced that inaccuracies were found in the Professional Fee Schedule Table, Durable Medical Equipment Fee Schedule Table and Clinical Laboratory Fee Schedule Table. These inaccuracies have been corrected and apply to dates of service on and after January 1, 2022. Notice dated November 30, 2022
Newsletter
Life and Health News December 2022
Life and Health News
December 2022
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
California's Producer Licensing Division of the Insurance Department informs producers and other interested parties of SB 1242, Insurance Code Section 1725.5. This new law requires most types of insurance producers to include their license number on emails beginning January 1, 2023. Notice dated November 14, 2022
Wisconsin published the dates and requirements to process company producer renewal appointments and terminations. Bulletin dated November 10, 2022
ANNUITIES / ANNUITY CONTRACTS
Alaska's Insurance Department issued a bulletin to clarify the effective dates for compliance with continuing education requirements and disclosures under the recently promulgated annuity suitability regulation. Bulletin B 22-07
Arkansas' Insurance Commissioner issued a bulletin providing guidance regarding the insurance producer's "best interest" duties or obligations under Arkansas Rule 82, Suitability in Annuity Transactions. Bulletin 12-2022
Maryland's Insurance Commissioner advised charitable gift annuity special permit holders to submit certain required information in their attestation of reserve adequacy. Bulletin 22-16
Wyoming notified insurers and producers of proposed new annuity training requirements in connection with proposed updates to Chapter 64, Regulation Governing Suitability in Annuity Transactions. The intended effective date of these changes is January 1, 2023. Memorandum dated November 4, 2022
CAPTIVES
Connecticut's Insurance Department issued a bulletin reminding captive insurance companies domiciled or licensed in Connecticut that they are required to file annual financial reports with the Commissioner. Bulletin FS-4C-22
CREDIT FOR REINSURANCE
The District of Columbia amended the law on Credit for Reinsurance to allow insurers to receive credit when reinsurance is ceded to an assuming insurer that meets certain requirements. B 1005, Act 24-589
CREDIT INSURANCE
South Carolina's Department of Insurance issued new rates for Credit Accident and Health Insurance sold in connection with loans. Amended Order 2022-02
DEPARTMENT OF INSURANCE
Oklahoma's Insurance Department notified carriers and producers that its Consumer Assistance Division has begun informing consumers about the EAGLE Mediation Program established in 1999. This program helps settle disputes early enough to avoid lawsuits. Carriers are asked to readily participate in the mediation process. The Department will track carriers who do not agree to participate. Notice dated November 10, 2022
FILING REQUIREMENTS / PROCEDURES
Arizona issued an Order updating Life and Health Filing Exemptions. Docket Order 22A-051-INS
FINANCIAL REGULATION
Tennessee's Insurance Commissioner issued a bulletin nothing that all financial statements filed with the Department by carriers must comply with AG 48 to satisfy Tennessee requirements. AG 48 is Actuarial Guideline XLVIII Actuarial Opinion and Memorandum Requirements for the Reinsurance of Policies Required to be Valued under Sections 6 and 7 of the NAIC Valuation of Life Insurance Policies Model Regulation. Bulletin 22-03
HEALTH INSURANCE - COMPREHENSIVE
Delaware notified all insurance carriers that beginning on January 1, 2024, carriers must cover annual behavioral health well checks. Bulletin 134
HOLDING COMPANIES
Maine promulgated amendments to its Insurance Holding Company Act. The changes are based on amendments to the NAIC Model 450 adopted in 2020 and 2021 addressing Group Capital Calculation and the continuity of essential services provided by affiliates. Rule Ch. 180 s. 18
MISCELLANEOUS
Georgia's Commissioner of Insurance informed insurers doing business in Georgia that they can participate in a program to receive tax credits for participating in the state's Qualified Education Expense Tax Credit Scholarship Program. Bulletin 22-EX-6
PREMIUM TAX
Kentucky's Insurance Commissioner notified all entities required to submit a Local Government Premium Tax Annual Reconciliation Report that the Department will no longer accept reports filed through any process other than by direct upload into the Department's eServices portal. Use of a third-party service to complete the SFTP process to submit annual reconciliation reports is no longer permissible. Bulletin 2022-03
REPORTS - DATA CALLS & OTHER REPORTS
Louisiana's Insurance Commissioner provided guidance to all insurers and entities licensed in Louisiana regarding the Demographic Hiring Survey. Only employees working in Louisiana need to be reported. Bulletin 2022-07
STANDARD VALUATION LAW
Nebraska's Insurance Department announced that it adopted the updates made to the Standard Valuation Act, Valuation Manual adopted by the NAIC as of August 13, 2022, effective for the 2023 reporting year. Guidance Document IGD-F7
New Hampshire's Insurance Department promulgated changes to Valuation of Life Insurance Policies. Ins. 3507.01 +
THIRD PARTY ADMINISTRATORS
New Jersey's Department of Insurance issued guidance on annual third party administrator financial reporting requirements. The due date for filing various reports and the $100 filing fee is June 1. Written extensions may be requested by May 15. Notice dated October 17, 2022
Wyoming's Department of Insurance issued updates to the Third Party Administration Regulation. License application and renewal requirements are outlined. As a result of these changes, most TPA forms have also been updated. Memorandum dated November 7, 2022
TRAVEL INSURANCE
Iowa promulgated an amended regulation regarding travel insurance. The amendment provides for a limited license for persons who sell travel insurance. Regulation 191-10.51, ARC 6548C
- Category
- All
- Article
- Download
- Year
- 2026
- Archive
- All Dates