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Property Casualty News November 2022
Property & Casualty News
November 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!
AUTOMOBILE INSURANCE
Delaware amended its law dealing with motor vehicle financial protection products. It adds a definition of "Guaranteed Asset Protection Waiver" and provides that "guaranteed asset protection waiver" is exempt from insurance regulation. HB 429
Michigan's Insurance Department Office of Consumer Finance issued a bulletin clarifying the Motor Vehicle Sales Finance Act's prohibition of the sale of automobile insurance in automobile dealerships. Violations may result in revocation or suspension of an installment seller's license. Bulletin 2022-18-CF
New York amended its vehicle and traffic law regarding catalytic converters. All new motor vehicle dealers and qualified dealers are required to stock an etching kit capable of etching a traceable serial number onto the catalytic converter of a new motor vehicle that can be clearly seen and quickly linked back to the vehicle. Dealers must report information every 60 days. SB 9428
CREDIT FOR REINSURANCE
The District of Columbia amended its 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, DC Act 24-589
FILINGS: PROPERTY / CASUALTY
New Mexico's Insurance Commissioner advises all insurers and advisory organizations that filed Property & Casualty rates covering risks in New Mexico of information regarding Automatic Rate Escalations. Anyone who filed rates that utilize automatic rate escalations beyond a reasonably foreseeable period are required to correct and refile the rates within 6 months of the date of this bulletin. Bulletin 2022-020 dated November 1, 2022
Oklahoma's Insurance Commissioner issued a notice to Property & Casualty Insurers and Advisory Organizations of an order exempting certain commercial insurance products from policy form and rate filing approval requirements. Case No. 22-0660-PRJ Order issued October 26, 2022
PERSONAL LINES INSURANCE
Colorado promulgated a regulation that identifies specific acts or practices regarding law and ordinance coverage that may constitute unfair claim settlement practices. This applies to homeowner insurance policies that have loss claims and have law and ordinance coverage. This regulation is effective December 15, 2022. 3 CCR 701-5, Regulation 5-1-21
PREMIUM TAX
Kentucky's Insurance Department notified all insurance companies and surplus lines brokers subject to Kentucky local government premium taxes of reconciliation report filing procedures and changes in how to submit reports. Bulletin 2022-03
PROPERTY INSURANCE
California amended Section 2644.9, Mitigation in Rating Plans and Wildfire Risk Models which is part of the Insurance Commissioner's "Safer from Wildfires" framework. This requires insurance companies to submit new rate filings incorporating wildfire safety standards created by the Insurance Department. It also establishes a process for releasing wildfire risk determinations to residents and businesses within 180 days of October 14, 2022. Reg. Title 10, Section 2644.9
REPORTS - DATA CALLS & OTHER REPORTS
Illinois' Department of Insurance notifies all domestic insurers that it will participate in the NAIC Climate Risk Disclosure Survey. The deadline for the 2021 survey response is November 30, 2022. Companies that have not previously submitted a survey response via a participating state will be granted an extension to comply, which means they will begin reporting in the 2022 reporting year with a deadline of August 30, 2023. Bulletin 2022-16
The Texas Insurance Department has issued a data call to certain property & casualty lines of insurance for annual experience and workers' compensation deductible plans due by February 10, 2023. The lines of insurance include private passenger and commercial automobile, homeowners, multiple peril, workers' compensation, commercial and residential fire and allied lines, and others. Bulletin B-0009-22
SURPLUS LINES
New Jersey's Insurance Department notified all surplus lines producers of an updated list of all Active Surplus Lines Insurance Companies. Notice dated November 1, 2022
THIRD PARTY ADMINISTRATORS
New Jersey published a notice to Third Party Administrators licensed in New Jersey regarding changes in the annual reporting process that is due by June 1. Note that the requirement to file unaudited financial statements previously due by March 1 is no longer required. There are other changes also. Notice dated October 17, 2022
WORKERS' COMPENSATION
Alaska's Workers' Compensation Division published the Workers' Compensation Board's List of Second Independent Medical Examiners. Bulletin WC 22-05
Colorado's Division of Workers' Compensation amended claims adjusting requirements to incorporate recent law changes. 7 CCR 1101-3, Rule 5
Delaware made several changes to its Workers' Compensation Law. SB 315
Delaware's Compensation Rating Bureau reports the Insurance Department approved their Amended Filing No. 2202. Specific carrier action is required. Circular No. 1016
Maryland released the Specific Conversion Factor (MSCF)/Multiplier for the Maryland Workers' Compensation Commission Medical Fee Schedule. These factors are effective for services incurred in calendar year 2023. Notice dated November 1, 2022
Montana's Department of Labor and Industry published the updated rates for mileage reimbursement, meals and lodging for workers' compensation. Notice dated October 1, 2022
New York’s Compensation Insurance Rating Board (NYCIRB) announced that the New York Division of Insurance approved amendments to its Experience Rating Plan. Also, certain COVID-19 claims losses will be included in experience rating calculations. NYCIRB Bulletin R.C. 2868 dated 10-24-22
Oklahoma's Workers' Compensation Commission announced that due to an increase in the state average weekly wage, the maximum compensation benefit rate for injury illness or death will increase beginning January 1, 2023. WCC Notice dated October 26, 2022
The Texas Insurance Department announced that a Workers' Compensation Form adopted on July 17, 2022, has been corrected and should be used immediately by workers compensation insurance carriers. The form is DWC Form-003, Employer's Wage Statement. All corrections to pending and approved alternate forms must be made by December 31, 2022. Notice dated October 14, 2022
West Virginia announced the Workers' Compensation Assigned Risk Rates by Class effective November 1, 2022. Employers unable to obtain workers' compensation coverage through the voluntary market can obtain coverage through the Residual Market. WC Notice dated November 1, 2022
Newsletter
Life and Health News November 2022
Life and Health News
November 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
Florida's Department of Financial Services, Division of Insurance amended the number of hours required for approved continuing education courses. FAC 69B-228.080, .180
Hawaii's Insurance Commissioner issued a memorandum to inform all insurers, licensees, registrants and continuing education providers of changes and mandatory requirements for individuals and business entities due to the transition to NAIC's State Based System (SBS). Memorandum 2022-10 LIC
Oklahoma's Insurance Department issued a notice to remind all carriers it is important to keep their producer licensing contact email information updated to ensure prompt receipt of notices. Key dates regarding renewal appointments are included. 2022 Appointment Renewal Notification
Wyoming revised its regulations governing continuing education. Chapter 20, Sections 1 – 15
ANNUITIES / ANNUITY CONTRACTS
Alaska updated rules on suitability in annuity transactions. 3 AAC 23, 26
North Carolina adopted a suitability in annuity transactions rule effective January 1, 2023. 11 NCAC 12.0462
CREDIT FOR REINSURANCE
Florida's Office of Insurance Regulation updated its reinsurance regulation to follow changes to the NAIC model regulation relating to credit for reinsurance. FAC 69O-144.001+
CYBERSECURITY
Maryland's Insurance Commissioner issued a bulletin to remind carriers of their obligation to report cybersecurity events within three business days after determination an event has occurred. Notice forms and instructions are included. Bulletin 22-13
DEPARTMENT OF INSURANCE
Colorado adopted a new regulation requiring companies doing insurance business in Colorado to maintain a registered agent in the state. The Insurance Division will not serve as registered agent for these companies. Regulation 1-1-10
Maryland notified all insurers offering insurance in Maryland that a change has occurred in the ACH and Wire Payment numbers for premium tax and industry assessments. The Department encourages the use of OPTins to pay premium tax and fees. Bulletin 22-14
FRAUD / ANTI-FRAUD
California amended provisions concerning acts of insurance fraud. The Commissioner is authorized to convene meetings with insurance companies or self-insured employers to discuss specific information concerning suspected, anticipated, or completed acts of insurance fraud. A district attorney may do the same and invite the commissioner to attend. The bill gives conditional immunity from civil liability for libel, slander, or any other relevant cause of action in certain circumstances. AB 1681
HOLDING COMPANIES
Texas' Department of Insurance adopted a rule based on the NAIC model act and regulation for the group capital calculation. The new rule will require certain insurers to file a group capital calculation with their registration. 28 TAC 7.125
INTERNAL AND EXTERNAL REVIEW
The Texas Department of Insurance adopted a rule concerning independent review of preauthorization exemptions. This rule implements HB 3459 passed in 2021. 28 TAC 12.601
MISCELLANEOUS HEALTH / ACCIDENT
California passed a law that requires student health Insurance coverage to be considered individual health insurance coverage for policy years beginning on January 1, 2024. AB 1823
New York approved changes to a law that allows victims of domestic violence the opportunity to designate an alternate address for health insurance claims or billing purposes. SB 7263; Ins. Law s 2612
The IRS updated benefit limits on employee benefit plans for 2023. Changes are included for Flexible Spending Account contribution limits, Health Savings Account maximum contributions, and the minimum deductible under a High Deductible Health Plan. IRS Revenue Procedure 2022-38
Washington amended a rule to require that notices of adverse benefit determination be reader friendly and contain specific wording no later than January 1, 2023. WAC 284-43-3070
NONFORFEITURE
Oklahoma's Insurance Department issued a bulletin providing its position on endorsements offering enhanced cash surrender value (ECSV) benefits. Until the NAIC clarifies whether ECSV endorsements violate the Standard Nonforfeiture Law, filings for ECSV endorsements will not be approved by the Department. Bulletin 2022-8
NOTICE TO INSUREDS
Montana amended rules on life insurance illustrations to allow for consideration of sex and marital status pursuant to HB 379. ARM 6.6.706, .707
PRE-NEED CONTRACTS
Alabama's Insurance Department clarified its position on the use of graded benefit provisions in life insurance policies or annuities used to fund preneed contracts. Bulletin 2022-05
REGULATORY REPORTING REQUIREMENTS
Illinois is now participating in the NAIC Climate Risk Disclosure Survey. Domestic carriers with $100 million or more in premiums must complete the survey by November 30, 2022. Company Bulletin 2022-16
STANDARD VALUATION LAW
Alabama adopted the 2023 Version of the Valuation Manual, as revised by the NAIC in 2022, to be effective January 1, 2023. Regulation 481-1-161-.09
Newsletter
Property Casualty News October 2022
Property & Casualty News
October 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
Oklahoma's Insurance Commissioner issued a notice to remind Licensed Insurance Consultants and Customer Service Representatives that they are required to be licensed as Insurance Producers as of November 1, 2022. Notice dated September 8, 2022
AUTOMOBILE INSURANCE
California amended a law to increase the minimum amounts of liability insurance coverage an owner or operator of a motor vehicle must maintain. SB 1107
Michigan's Insurance Director informs No-Fault Automobile Insurers and Health Care Providers of the Michigan Court of Appeals Opinion in Andary v. USAA Cas Ins. Co, Mich App; NW2d (2022) (Docket 356487) issued on August 25, 2022. Bulletin 2022-17-INS
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Oregon's Insurance Department amended a rule to clarify notice requirements for midterm cancellations of commercial package policies. Rule 836-085-0055
CYBERSECURITY
Maryland's Insurance Department issued a bulletin to remind carriers and third party administrators of their obligation to notify the department of cybersecurity events and provides instructions on how to provide the required notice. Bulletin 22-13
DEPARTMENT OF INSURANCE
California passed a bill that allows the Insurance Commissioner to seek restitution for a victim harmed by a person who sells insurance without a license. SB 1040
DISASTER / CATASTROPHIC EVENT
California's Insurance Commissioner reminds all admitted and non-admitted insurers of a mandatory moratorium on cancellations and non-renewals of residential property insurance after a state of emergency was declared due to wildfires. The law prohibits insurers from non-renewing or canceling residential policies within fire zip codes for one year following the emergency. Bulletin 2022-14
FILINGS: PROPERTY / CASUALTY
Oklahoma changed the address to which certain property and casualty filings may be submitted. Rules 365:15-1-3, 365:15-7-3
FRAUD / ANTI-FRAUD
California amended a law dealing with the time frame within which an insurer must send information to the Insurance Department concerning a fraudulent claim. The time has been changed to within 60 days after the insurer has completed an investigation and suspects or knows fraud may have occurred. SB 1242; Ins s 1872.4
HOLDING COMPANIES
The Texas Insurance Commissioner adopted a rule based on the NAIC model regulation for the group capital calculation. The new rule will require certain insurers to file a group capital calculation with their holding company registrations. 28 TAC 7.215
MISCELLANEOUS
Connecticut's Insurance Department issued a bulletin giving guidance to all domestic insurance companies regarding managing the financial risks for climate change. Bulletin FS-44
Maine passed the Pet Insurance Act to take effect on January 1, 2023. The new law is based on the NAIC model law. Bulletin 464
Michigan's Insurance Director released an updated list of Michigan municipalities participating in the Fire Insurance Withholding Program. Department Notice Edition 148 dated October 1, 2022
PROPERTY INSURANCE
Arkansas' Insurance Department informed all licensed Property Insurers, Farmers Mutual Aid Companies and Associations of an assessment by the Arkansas Rural Risk Underwriting Association due by December 31, 2022. Bulletin 13-2022
REGULATORY REPORTING REQUIREMENTS
Maryland's Insurance Department notified insurers that its ACH and Wire Payment numbers for premium tax and industry assessments have changed. It also recommends the use of OPTins for premium tax payments. The Department's Bank of America Account is no longer functional. Bulletin 22-14
SURPLUS LINES
New Jersey's Department of Insurance published three updated lists: (1) accredited reinsurers; (2) reinsurers domiciled and licensed in another state which employs substantially similar standards; and (3) reinsurers that maintain trust funds. Carriers domiciled, licensed or eligible to write surplus lines insurance may take full credit for reinsurance ceded to the lists of reinsurers until September 1, 2023. Notice dated September 1, 2022
TITLE INSURANCE / AGENTS
Maryland's Insurance Commissioner notified all title insurers and title insurance producers of prohibited practices in the payment of compensation under the insurance laws in light of changes in the Business Occupations and Professions law regarding payment of compensation. Bulletin 22-12
Texas' Insurance Department issued a mandatory data call for title insurance companies and agents to submit business data by November 7, 2022. This data is used to set title insurance premium rates. Bulletin B-0007-22
WORKERS' COMPENSATION
Arizona's Industrial Commission published the new minimum wage based on the increase in inflation per the Consumer Price Index. The minimum wage for 2023 increased from $12.80 to $13.85. Notice dated September 16, 2022
Arkansas' Workers' Compensation Commission updated the Weekly Workers' Compensation Rates for 2023. AWCC Advisory Notice 2000-1
California passed a law that allows a Licensed Clinical Social Worker to be added by an insurer or self-insured employer to a workers' compensation provider network. SB 1002
California's Division of Workers' Compensation adjusted the Pathology and Clinical Laboratory section of the Official Medical Fee Schedule to conform to relevant 2022 changes in the Medicare payment system. DWC Notice dated September 30, 2022
Massachusetts' Workers' Compensation Rating and Inspection Bureau expanded the eligibility requirements for the Massachusetts Medical and Indemnity Data Call. Calls are mandatory for carrier groups and individual member insurers not affiliated with an insurance group with at least .05% market share. This is reduced from the previous 1% market share. Circular Letter 2408
Oregon's Workers' Compensation Division notifies insurers and self-insured employers of the annual increase in Retroactive Program benefits and the methods used to calculate the benefits and determine the amount of Retroactive Program reimbursement. Bulletin 389
Newsletter
Life and Health News October 2022
Life and Health News
October 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 COMPENSATION
New York's Insurance Department adopted a rule to increase the maximum training allowance subsidy limits to reflect inflation for certain Life Insurance and Annuity business. 2nd Amendment to Regulation 50 (11 NYRCC12)
ANNUITIES / ANNUITY CONTRACTS
Colorado has amended its regulation concerning Best Interest Obligations and Supervision in Annuity Transactions. Regulation 4-1-11, 3 CCR 702-4
CREDIT FOR REINSURANCE
New Jersey amended and adopted a new Credit for Reinsurance rule. This ensures that non-United States insurers domiciled in a foreign jurisdiction subject to covered agreements are not subject to treatment less favorable than that of insurers that are domiciled, licensed, or admitted to do business in New Jersey. NJAC 11:2-28.7E +
FILING REQUIREMENTS / PROCEDURES
California's Insurance Department provided a notice that all corporation applications and similar filings must be filed by October 21, 2022, in order to be approved by year-end 2022, or in the case of a holding company application, no later than November 18, 2022. Notice dated August 18, 2022
South Carolina issued a bulletin for all insurers licensed to transact long-term care insurance concerning new filing requirements. Each rate filing must contain a certification that the insurer sent a proposed rate increase letter to the policyholder within 30 days after the date of the filing. The letter itself must also be included in the filing. Bulletin 2022-09
FRAUD / ANTI-FRAUD
California enacted legislation requiring an agent or broker to use a specific electronic form to submit notification of known or suspected fraud. In addition, agents or brokers are required to use an electronic form to report suspected fraud that may be in the application submitted to the carrier. Agents must complete a one-hour insurance fraud course. SB 1242
HEALTH INSURANCE - COMPREHENSIVE
Arizona issued a bulletin to clarify that all medical policies must ensure coverage, as an essential health benefit, for biomarker testing for diagnosis, treatment, management and monitoring of a disease or condition. Bulletin 2022-02
New Mexico issued a bulletin clarifying that cost-sharing requirements are prohibited related to testing or delivery of health care related to Monkeypox and other declared public health emergencies. The Federal government declared monkeypox a public health emergency in August 2022. Bulletin 2022-017
New Mexico's Insurance Department notified all major medical health insurance plans that cost sharing is prohibited for contraceptives, contraceptive services, and PrEP. Additionally, prior authorization for contraception and contraceptive services is not permitted. The bulletin also provides a mandatory PrEP endorsement. Bulletin 2022-016
MARKET CONDUCT
Federal Trade Commission amended its Telemarketing Sales Rule by updating the fees charged to entities accessing the National Do Not Call Registry. 16 CFR Part 310
Texas' Insurance Department amended the criteria relating to emergency cease and desist orders in its administrative code. 2022-7388
MISCELLANEOUS
Connecticut's Insurance Department provides guidance to domestic insurance companies on managing the financial risks of climate change. Bulletin FS-44
Federal Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Cyber-Related Sanctions Regulations and reissued them in their entirety. The final rule includes additional interpretive guidance and definitions, general licenses and other regulatory provisions that provide further guidance. 31 CFR Part 578
Louisiana's Insurance Department incorporated by reference the current edition of handbooks, guidelines, forms, and instructions adopted by the NAIC. LAC 37:XIII.16101, Regulation 112
MORTALITY TABLES
Louisiana amened Regulation 84 to update the appropriate mortality tables for life insurance, particularly minimum reserve liabilities and nonforfeiture benefits, in recognition of the Standard Valuation Manuals adopted by the NAIC. LAC 37:XIIII.10701, Regulation 84
PHARMACY BENEFIT MANAGERS
Oklahoma revised the Pharmacy Benefit Manager rule to change the PBM reporting date from March to May of each year. In addition, the annual financial statement that is required to be filed must now be audited by an independent certified public accountant. 365:25-29-8
RESERVE VALUATION
District of Columbia's Insurance Department promulgated a Term and Universal Life Insurance Reserve Financing rule that conforms to uniform, national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and universal life insurance policies with secondary guarantees. 26A DCMR 2852
Montana's Commissioner of Insurance adopted a new regulation pertaining to Term and Universal Life Insurance Reserve Financing. ARM 6.6.6720+
TAX CREDITS
Oklahoma's Insurance Department adopts a rule regarding the reduced premium tax rate of key person life insurance purchased by an employer on the life of an owner, top executive, or other employee. Rule 365:25-31-1, 2
UNCLAIMED PROPERTY
California passed a law allowing the Controller to waive fines for untimely reporting by persons holding unclaimed property in certain circumstances. AB 2280
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