Resources
Newsroom
Newsletter
Property Casualty News September 2022
Property & Casualty News
September 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
Colorado amended provisions concerning appointment of registered agents. HB 22-1398; 10-3-107
Illinois published a bulletin providing information on completing background questions on license applications in an attempt to reduce the number of incorrect responses. Bulletin 2022-14
CLAIMS / CLAIMS ISSUES
Delaware issued a bulletin concerning the roles of insurance adjusters and contractors in claims involving insurance coverage for property damage. Combined Bulletins 28 and 101
New Jersey passed a law requiring an insurer to provide written disclosure of policy limits within 30 days of when an attorney requests the information. The disclosure must contain information set forth in the law. SB 2843
CREDIT FOR REINSURANCE
Florida amended Rules dealing with credit for reinsurance to incorporate changes to the NAIC's model regulation. FAC Rule 690-144.001 +
New Jersey amended its rule dealing with reinsurance to incorporate the NAIC's Credit for Reinsurance Model Regulation. Rule NJAC 11:2-28.7E
DEPARTMENT OF INSURANCE
Maryland issued a bulletin to inform all insurers it will accept payment of corporate amendment and expansion application filing fees electronically through OPTins. Paper checks will continue to be accepted as well. Bulletin 22-10
DISASTER / CATASTROPHIC EVENT
California notified all admitted and non-admitted insurers writing residential property insurance of the mandatory moratorium on cancellations and non-renewals of policies of residential property insurance after the declaration of a state of emergency. Bulletin 2022-11
Colorado adopted a regulation that applies to all insurers issuing homeowner policies that have loss claims resulting from catastrophic disasters in Colorado. The regulation identifies specific acts or practices that may constitute unfair claim settlement practices. Emergency Regulation 22-E-16
FILINGS: PROPERTY / CASUALTY
Delaware informed insurers that with the passage of Senate Bill 81, all deviations from rating organization filings for all lines of insurance are effective continuously until terminated with the approval of the Commissioner. Prior to this bill being passed, deviations from rating organization filings were required to be filed on an annual basis. Forms & Rates Bulletin 19 updated August 31, 2022
Oklahoma changed the address to which certain property and casualty filings must be submitted. 365:15-1-3, 365:15-7-3
GUARANTY ASSOCIATION
Louisiana's Insurance Department issued a bulletin to notify Property and Casualty and Surplus Lines insurers regarding Louisiana Insurance Guaranty Association's voluntary extension of the contractual and legal deadline in which to institute litigation for open and active first-party property damage claims against certain insolvent insurers. Bulletin 2022-06
HOLDING COMPANIES
Delaware notified all domestic insurers that Group Capital Calculation (GCC) filings must be filed by June 1 annually. Filing instructions are included. Domestic and Foreign Insurers Bulletin 133
Louisiana amended its regulation dealing with holding companies to add provisions for exemptions to the filing of reviewed financial statements for both Form A and Form B. Regulation LAC 37 XIII.133
MISCELLANEOUS
California provided notice to all insurers and interested persons seeking expedited review of corporate applications of the guidelines to have the review completed by year-end 2022. Notice of Year-End Review Procedures dated August 18, 2022
REPORTS - DATA CALLS & OTHER REPORTS
Hawaii provided annual reporting requirements for publication of motor vehicle insurers and private passenger auto premiums. Reporting Requirements - Motor Vehicle 2022 dated September 1, 2022
North Carolina notified Property and Casualty carriers writing nonfleet private passenger motor vehicle physical damage and homeowners insurance coverage of semi-annual reporting requirements. The reporting only applies to companies that issued Consent to Rate policies during the period 1/01/2022-6/30/2022. The filing should be submitted no later than 10/04/2022. Bulletin 22-B-08
SURPLUS LINES
Georgia's Directive reminds surplus line insurers and brokers that it is unlawful to charge customers fees in violation of the Georgia Unfair Trade Practices Act. Directive 22-EX-4
Maryland's Insurance Commission advised all surplus lines brokers that due to Senate Bill 572 being passed, surplus lines brokers may charge policy fees that are reasonably related to the cost of underwriting, issuing, processing, and servicing the policy by the broker for the surplus lines insurer. The Insurance Administration is adding a new column to the Surplus Lines Quarterly Report for brokers to identify the policy fee amount associated with each policy. Bulletin 22-09 (Revised)
Montana published a list of eligible surplus lines. In addition, the list notes that surplus lines producers may place insurance with alien companies appearing on the NAIC's quarterly listing and provides a link to the NAIC listing. Eligible Surplus Lines Companies - August 2022
TRADE PRACTICES
Texas' Department of Insurance reminds insurers and surplus lines companies they have a duty to act in good faith and to promptly pay settled claims. A list of unfair claim settlement practices is provided. Bulletin B-0006-22
WORKERS' COMPENSATION
Arizona's Workers' Compensation Commission updated the reimbursement process for witness fees. Witness Fee Change Notice dated August 30, 2022
Maine's Workers' Compensation Board provided instructions on filing the FY 2022 Annual Reconciliation forms. Assessment Reporting 2022
Michigan's Compensation Advisory Organization informed its members of the Data Collection Agency Workers' Compensation Insurance Statewide Average Advisory Pure Premium effective January 1, 2023, for new and renewal business. WC Circular Letter 333 CAOM
Minnesota's Department of Commerce advises members of the Minnesota Worker's Compensation Insurers Association that it approved the 2023 Minnesota Ratemaking Report effective January 1, 2023. WC Circular Letter 22-1808
Newsletter
Life and Health News September 2022
Life and Health News
September 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
Illinois issued a bulletin sharing tips with prospective license applicants when completing background questions in an effort to reduce problems and delays in processing license applications. Bulletin 2022-14
North Carolina eliminated the requirement for a broker license for both resident and non-resident individuals. The requirement for a resident broker to maintain a bond is also eliminated. A producer may now procure insurance for parties other than themselves through a duly authorized agent of an insurer without holding a broker license. All existing broker licenses will be cancelled. This cancellation is not an administrative action and need not be reported to other states. Notice dated July 14, 2022
ANNUITIES / ANNUITY CONTRACTS
Colorado amended its regulation concerning Best Interest Obligations and Supervision in annuity transactions to require an insurance producer to act in the best interest of a consumer when making a recommendation of an annuity. New sections were added to provide disclosure and election forms. Regulation 4-1-11
CAPTIVES
Delaware issued a bulletin to all captive managers, auditors, and actuaries accredited in Delaware and members of the Delaware Captive Insurance Association. The purpose of the bulletin is to inform all captive insurers that Delaware adopted NAIC Actuarial Guideline XLVIII (AG 48). Captive Bulletin 11
DEPARTMENT OF INSURANCE
Colorado Department of Insurance requires all domestic and foreign insurance carriers to designate a registered agent other than the insurance department. Bulletin B-1.37
Maryland issued a bulletin to all insurers indicating that Maryland accepts payment of corporate amendment and expansion application filing fees electronically through OPTins. Bulletin 22-10
DRUG / PRESCRIPTION COVERAGE
West Virginia issued guidance regarding cost sharing for prescription insulin drugs. Cost sharing is limited to $100 for a 30-day supply regardless of quantity or type of insulin. Bulletin 2022-09
ELECTRONIC TRANSACTIONS
Mississippi enacted the Insurance E-Commerce Model Act to regulate the electronic delivery of insurance documents and notices. HB 1187
EXCEPTED BENEFITS
New Mexico amended standards for accident-only, specified disease, hospital indemnity, disability income, supplemental, and non-subject worker excepted benefits. 13.10.34.1 + NMAC
HEALTH INSURANCE - COMPREHENSIVE
Federal Departments of Labor, Health, and Human Services (HHS) and the Treasury issued FAQs with guidance on implementing the requirements of The No Surprises Act, including those related to surprise billing protections, open negotiation, and the federal IDR (Independent Dispute Resolution) process. FAQs Part 55
Illinois issued a bulletin to all companies writing Accident and Health Insurance and Managed Care Plans. This bulletin gives direction as to how the federal No Surprises Act fills gaps in protecting against balance billing and prior authorization under Illinois law. The scope of service, providers and facilities has expanded. Company Bulletin 2022-13
Illinois issued a bulletin to health insurers giving guidance related to coverage of reproductive health care services, including abortion and contraceptives. Company Bulletin 2022-15
Oregon issued a bulletin to all entities offering health benefit plans regarding coverage of Human Monkey Pox Virus vaccine. The guidance involves network restrictions, cost sharing, prior authorization, and utilization review. Bulletin dated 8/10/22 concerning hMPXV vaccination
HOLDING COMPANIES
Louisiana amended its Holding Company Regulation by adding provisions for exemptions to the filing of reviewed financial statements for both Form A and Form B. Regulation 31
MENTAL HEALTH PARITY
Arizona adopted a new regulation to implement the Arizona Mental Health Parity Act (also known as "Jake's Law) dealing with reporting and benefits. Regulation R20-6-1301
MISCELLANEOUS HEALTH / ACCIDENT
Colorado adopted a regulation setting forth the minimum requirements for occupational accident insurance coverage for independent contractors of common and contract carriers. Benefits must include medical, temporary, and permanent disability, death and dismemberment and survivor benefits. Regulation 22-E-13
The District of Columbia amended the Universal Paid Leave Amendment Act of 2016 to prohibit insurers from reducing short-term disability benefits based on actual or estimated paid leave benefits, regardless of the jurisdiction in which the policy was issued or written. B 915
NONFORFEITURE
Indiana revised the minimum nonforfeiture interest rate for deferred annuities from 1% to 0.15%. HB 1238; 27-1-12.5-3
PHARMACY BENEFIT MANAGERS
Arkansas issued a bulletin to all licensed pharmacy benefit managers reminding them of the prohibition on charging a fee to pharmacies related to claims processing or participating in a pharmacy benefits manager network. Bulletin 10-2022
REINSURANCE
West Virginia amended its rule concerning Term and Universal Life Insurance Reserve Financing to adopt the NAIC model regulation. It applies to reinsurance treaties that cede liabilities pertaining to covered policies issued by a domiciled company. Rule 114-102-1
RESERVE VALUATION
Maine updated its Minimum Reserve Standards for individual and group health insurance contracts. Rule Chapter 130
Mississippi adopted the NAIC Valuation of Life Insurance Policies regulation, including the introduction and use of New Select Mortality Factors, Model Regulation. Rule 19.01 +
TRADE PRACTICES
Delaware updated its rule prohibiting unfair claim settlement practices. It is considered prima facie evidence of a general business practice of committing an unfair claim settlement practice if the Department of Insurance finds, given a sample of claims during an investigation or examination of an insurer, that the total number of unfair claims settlement practices exceeds 4% or more of claims within a single category of prohibited practices and in a single 12-month period. Rule 902
Louisiana increased the maximum penalty for a violation of the Unfair Trade Practices Law from $250,000 to $500,000 in a 6-month period. SB 209
Texas issued a bulletin reminding all insurers of their duty to act in good faith and to promptly pay settled claims. Bulletin B-0006-22
Newsletter
Property Casualty News August 2022
Property & Casualty News
August 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!
ADJUSTERS
New Mexico's Superintendent of Insurance issued a bulletin that informs all resident and non-resident adjusters license holders and applicants of adjuster licensing requirements. Bulletin 2022-013
AGENT / PRODUCER CONTINUING EDUCATION
Nebraska's Insurance Director announced that the state is eliminating proctor requirements for online self-study continuing education courses required for producers. Notice dated July 25, 2022
AGENT / PRODUCER LICENSING AND APPOINTMENT
Utah adopted a rule that allows for a Limited Line Producer Line of Authority to sell pet insurance. Rule R590-288-2
AUTOMOBILE INSURANCE
California's Department of Insurance advises insurers writing private passenger automobile insurance that they cannot change premium payment options without first obtaining prior approval of the Department. Consumers have complained that several carriers are discontinuing monthly premium payment mode and instead requiring consumers to pay six months of premium in advance. Bulletin 2022-10
Hawaii's Department of Transportation adopted a rule setting forth requirements for autonomous vehicles, including an insurance requirement. Chapter 19-150
Massachusetts' Division of Insurance published its list of high-theft motor vehicles insured through the residual market effective August 1, 2022. PC Filing Guidance Notice 2022-A
New Jersey amended minimum coverage limits for motor vehicle liability and made other coverage requirement changes. SB 481; Section 17:28-1.1
New Jersey enacted legislation providing that an insurer who receives a request, from an attorney admitted to the practice of law in the state, for disclosure of policy limits will provide written disclosure of the policy limits to the attorney no later than 30 days from receipt of the request. SB 2483
CREDIT FOR REINSURANCE
Hawaii adopted revisions to the NAIC Credit for Reinsurance Model Law. Regulation 16-168-2
FILINGS: PROPERTY / CASUALTY
Massachusetts' Insurance Department State Rating Bureau published a notice concerning required filing documents to be submitted with private passenger motor vehicle rate/rule filings for new business effective on or after January 1, 2023. PC Filing Guidance Notice 2022-B
GUARANTY ASSOCIATION
New Jersey's Property-Liability Insurance Guaranty Association is assessing its member insurers a percentage of net direct written premium for specified lines of insurance. The payment is due September 15, 2022. Order A22-02 dated July 29, 2022
MISCELLANEOUS PROPERTY / CASUALTY
Michigan's Insurance Director published an updated list of municipalities participating in the Fire Insurance Withholding Program. Notice dated August 1, 2022
PERSONAL LINES INSURANCE
Louisiana issued a bulletin to notify Property & Casualty and Surplus Line Insurers of the required use of a separate form to provide notice to insureds of the applicable named storm, hurricane, wind, and hail deductible under their homeowners' insurance policy. Guidelines for its use are also included in the bulletin. Bulletin 2022-04
REPORTS - DATA CALLS & OTHER REPORTS
New Mexico's Department of Insurance issued a bulletin to outline the procedure for insurance companies to follow when a rating error has been identified. The insurer is to notify the Department within 30 days of the discovery. Bulletin 2022-014
TITLE INSURANCE / AGENTS
Colorado updated the title insurance regulation relating to insurance consumer protection. Among other things, the title insurance company must notify the insurance department when a title insurance agent or agency fails to issue and deliver a title policy to an insured. 3 CCR 702 Reg. 8-1-2
TRADE PRACTICES
Delaware updated its rule on prohibited unfair claim settlement practices. 902 s 3.0
WORKERS' COMPENSATION
Alabama revised the administrative procedures dealing with utilization management and bill screening. Several definitions were revised. Regulation 480-5-5-.02
Alaska revised the permanent partial disability compensation benefit limits effective January 1, 2023. 23.30.190
Idaho's Workers' Compensation Commission updated the Idaho state mileage rate from 58.5 cents a mile to 62.5 cents a mile. WC Notice of Mileage Rate dated July 19, 2022
Louisiana's Workers' Compensation Administration announced the weekly compensation benefit limits have increased for claimants injured during the period September 1, 2022, through August 31, 2023. WC Notice dated August 8, 2022
Maryland's Workers' Compensation Commission has applied the annual cost of living adjustment for compensation paid to covered employees under Subtitle V with a permanent total disability. WC Notice dated July 21, 2022
Minnesota's Department of Commerce updated procedures and workers' compensation forms for insurers to meet filing requirements and expedite the filing review process for rates effective January 1, 2023, and later. WC Circular Letter 22-1807
Montana made updates to its workers' compensation mediation rules. Regulation 24.28.121
Newsletter
Life and Health News August 2022
Life and Health News
August 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
Nebraska's Director of insurance notified all licensed producers that the proctor requirements for online self-study continuing education courses are eliminated for courses approved in Nebraska. Notice dated July 25, 2022
AGENT / PRODUCER TERMINATION
Wyoming's Insurance Department reminds insurers and producers to follow specific notification requirements when an insurer terminates a producer for any reason. Memorandum dated June 8, 2022
CORPORATE GOVERNANCE
New York advises domestic and alien insurers that they may store books and records electronically, including in the cloud, on an internal server hosted by the insurer, an affiliate, or externally with a third-party service provider. However, the books and records must be easily accessible from the insurer's principal office in New York and meet certain other requirements. Circular Letter 9 (2022)
CREDIT FOR REINSURANCE
Massachusetts incorporated the latest revisions to the NAIC Credit for Reinsurance Model Regulation relative to reciprocal jurisdictions. 211 CMR 130.00
Oklahoma adopted the NAIC Model Law on Credit for Reinsurance. OAC 365:25-7-65
DISASTER / CATASTROPHIC EVENT
Washington's Insurance Commissioner extended the Emergency Order for COVID until September 4, 2022, to ensure access to health care services. Emergency Order 21-02
DISASTER PREPAREDNESS
New York notified all life, accident and health, fraternal benefit societies, student health plans, and others of expectations regarding disaster planning, preparedness, and response by the life and health industries. Each carrier must submit a disaster response plan to the Department by October 7, 2022, with questionnaires covering business continuity and disaster response. Circular Letter 2022-11
DISCRIMINATION
Florida passed a law prohibiting life insurance, disability insurance, credit insurance, industrial life, and long-term care insurance policies from discriminating against living organ donors. HB 1099
Virginia approved changes to legislation prohibiting discrimination based on status of an individual as living organ donor. HB 421
West Virginia enacted legislation prohibiting discrimination in organ transplantation process. SB 647
FILING REQUIREMENTS / PROCEDURES
Hawaii is reducing its filing fees for certain form filings and rate filings to 50% of the prior fees for one year. Memorandum 2022 - 6R
FINANCIAL REGULATION
South Dakota updated its Annual Statement Instructions, Financial Condition Examiners Handbook, Manual of Investment Analysis, Accounting Practices, and other manuals to the current NAIC editions. Rule 20:06:12:07
HOLDING COMPANIES
Louisiana revised its holding company Law to provide for a group capital calculation, liquidity stress test, and continuity of essential services and functions provided by affiliates. Other requirements are provided. HB 715
Pennsylvania amended its holding company law to provide group capital calculation exemptions, standards and management, and group calculation and liquidity stress requirements, among other changes. SB 1222
INDUCEMENTS
Ohio's Insurance Commissioner sets the maximum amount of $250 per policy per year or calendar year for carriers, agents, or third-party administrators to offer certain gifts or services to policyholders and not be considered a rebate or inducement. This applies to offering noncash gifts, items, or services, including meals or charitable donations in connection with the marketing sale, purchase, or retention of insurance contracts. Bulletin 2022-04
MISCELLANEOUS
Delaware updated its address to submit requests under the Freedom of Information Act. The Department prefers that carriers, producers and citizens submit requests through the department website. Forms and Rates Bulletin 34
MISCELLANEOUS HEALTH / ACCIDENT
California reminds insurers of their current obligations to cover abortion and abortion-related health care services in the wake of the U.S. Supreme Court decision in Dobbs v. Jackson Women's Health Organization. Bulletin 2022-7
Delaware passed a law which prohibits carriers from increasing premium to a health care professional or organization or taking other action for performing or assisting in reproductive health services that are legal in Delaware for a person who is from out of state. HB 455
Louisiana's Department of Health amended a rule to allow coverage of telemedicine/telehealth services provided through an interactive audio system without the requirement of video as required in the COVID Emergency Rules to continue permanently without restriction. LAC 50 I.501
New Mexico adopted amendments concerning standards for Accident-only, Specified Disease, Hospital Indemnity, Disability Income, Supplemental, and Non-Subject Worker Excepted Benefits effective July 1, 2023. Rule 13.10.34
MISCELLANEOUS LIFE / ANNUITY
Idaho clarifies the reporting of reserve financing transactions specific to reinsurance involving term life insurance or universal life with secondary guarantees. The version of the most current Accounting Practices and Procedures Manual and the Valuation Manual are set forth. Bulletin 22-06
NONFORFEITURE
Michigan amended its standard nonforfeiture law for individual deferred annuities. The interest rate used in determining the minimum nonforfeiture rate decreased from 1% to 0.15%. SB 624
PRE-NEED CONTRACTS
Virginia amended provisions to prohibit the face amount of any life insurance policy issued to fund a pre-need funeral contract to be decreased over the life of the life insurance policy except where the policies have lapsed due to nonpayment of premiums or have gone to a nonforfeiture option that lowers the face amount as allowed in the policy provisions. SB 679
REGULATORY REPORTING REQUIREMENTS
Illinois revised Biographical Affidavits to require they contain certain specified information. The Illinois Department will accept the NAIC form for a new domestic company, for foreign or alien companies applying for a certificate of authority, newly elected or appointed executive officers of a domestic, foreign, or alien company within 30 days of the change. 50 Ill. Adm. Code 925.10 to 40
REINSURANCE
South Dakota amended its Reinsurance law. It adopted the actuarial method to determine the required level of primary security, certain requirements to obtain credit for reinsurance, and others. Rule 20:06:30:14
UTILIZATION REVIEW - HEALTH CARE
New York reminds insurers, organizations that write Accident and Health insurance, utilization review agents, and health care providers of the applicability of utilization review requirements and recommended best practices. Circular Letter 2022-8
- Category
- All
- Article
- Download
- Year
- 2026
- Archive
- All Dates