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Property Casualty News May 2022
Property & Casualty News
May 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
Missouri revised its Continuing Education rule to allow four CEC hours for active participation as a member in a professional insurance association. Rule 20 CSR 700-3.200
AUTOMOBILE INSURANCE
Delaware's Insurance Commissioner informs all domestic and foreign casualty insurers writing private automobile insurance business that HB 41, signed by the Governor on September 30, 2021, relates to automobile insurance cancellations and nonrenewals. The Commissioner discusses insurer obligations under the house bill and the implementation plan for policy cancellation and nonrenewal appeals. Auto Bulletin 34 dated May 4, 2022
Florida passed a new law dealing with the motor vehicle insurance requirements for official law enforcement vehicles. SB 266
Idaho's Director of Insurance provided guidance to insurers writing private passenger and commercial auto policies regarding the application of Underinsured Motorist (UIM) coverage at the minimum limits, as defined in the insurance code. The Penn v. Viking recent decision is discussed as well as changes proposed as a result of that case. Bulletin 22-04
North Carolina's Reinsurance Facility filed Commercial Automobile Insurance Rates on behalf of its member companies to become effective on October 1, 2022. Circular Letter RF-22-5
CLAIMS / CLAIMS ISSUES
New Mexico's Insurance Superintendent issued guidance to all carriers regarding the interest rate applicable to unpaid claims after required proof of loss has been furnished. Bulletin 2022-007
CYBERSECURITY
Connecticut's Insurance Commissioner reminds all entities and persons licensed by the Connecticut Insurance Department to use technology and Big Data in full compliance with anti-discrimination laws. A data certification must be filed with the Department on or before September 1, 2022, and annually thereafter. Notice dated April 20, 2022
DISASTER / CATASTROPHIC EVENT
New Mexico's Insurance Superintendent signed an Emergency Order directing carriers who write health, property, homeowners, and automobile coverages in the fire impacted counties to place a moratorium on insurance cancellations for at least 90 days and arrange for policyholders to pay premiums retroactively. Other requirements are in the Order. Emergency Order Docket 2022-0041
New Mexico's Superintendent of Insurance asked all P&C insurers who write homeowners insurance to handle claims filed by victims of the four New Mexico wildfires in a manner that is more than state law or company policies require. Carriers are also being asked to provide certain information to the Department. Notice dated May 5, 2022
FILINGS: PROPERTY / CASUALTY
Alaska’s Director of Insurance suspended the file and use provisions for all Property & Casualty rates and forms for a period of 15 months. The Division reserves the right to treat File and Use filings as Prior Approval if deemed necessary by the Director. Order R22-02
Idaho's Department of Insurance provides guidance to Property & Casualty carriers regarding the filing of exclusions of losses due to viruses, communicable diseases, or pandemics in policy forms. The Department will begin accepting these filings if they meet certain conditions. Bulletin 22-03
FLOOD INSURANCE / NFIP
Illinois passed the Private Primary Residential Flood Insurance Act to promote a private primary residential flood insurance market to provide alternatives to the existing National Flood Insurance Program. HB 2739
GUARANTY ASSOCIATION
Michigan's Insurance Commissioner has adjusted the maximum amount of unearned premium refund to reflect changes in the cost of living as required by the Property and Casualty Guaranty Association Act. The new maximum refund amount is $1,780 until June 30, 2023. Bulletin 2022-12-INS
HOLDING COMPANIES
Georgia updated its Insurance Holding Company Systems law to incorporate the latest NAIC changes dealing with group capital calculation, liquidity stress testing, and other items. HB 969
New Hampshire updated its Insurance Holding Company law to add language regarding receiverships and group capital calculation for credit for reinsurance. HB 1558
POLICY LANGUAGE
Oregon's Insurance Commissioner issued a bulletin to provide guidance to Property & Casualty carriers regarding policy language used to exclude coverage of intentional acts. Examples of language that will not be approved are presented. Bulletin DFR 2022-2
PREMIUM ISSUES
Montana's Insurance Commissioner issued guidance to Property & Casualty insurers regarding the interest rate carriers must pay when overcharging a policyholder. Insurers will be assessed the bank prime loan interest rate published by the federal reserve system, plus 3% on premium refunds when an insurer overcharges a policy holder. Advisory Memorandum dated April 14, 2022
SURPLUS LINES
Montana published a list of eligible surplus lines companies in Montana. In addition, surplus lines producers may place insurance with an alien company on the NAIC's Quarterly List. The NAIC changed the name of the list to "Quarterly Listing of Alien Insurers." List of Eligible Surplus Lines Companies dated May 10, 2022
WORKERS' COMPENSATION
Maine's Workers' Compensation Board adopted an assessment rate for insurers for Fiscal Year 2023 beginning on July 1, 2022. Assessment letters for insurers and self-insured employers have been mailed and payments are due by June 10th. Assessment Rate Fiscal Year 2023
Oregon's Workers' Compensation Division has published coverage requirements for drivers who lease their trucks. The Oregon Supreme Court case of SAIF Corp. v. Ward interprets the term "furnish" as that term is used in ORS 656.027(15). Industry Notice dated April 18, 2022
The Texas Division of Workers' Compensation announced that it has selected Verisk for Claim Electronic Data Interchange (EDI) Data Collection Services for Release 3.1.4. All insurance carriers must register their billing contact information with Verisk by June 13, 2022. Notice dated May 12, 2022
The Texas Division of Workers' Compensation reminds carriers writing workers' compensation that SB 22 created a presumption that a COVID-19 injury or death is work-related for certain first responders. A summary of the law along with newly created forms to re-process claims is set forth. Covered employees or their beneficiaries must request that the insurance company re-process their claim by June 14, 2022. SB 22 Summary
Washington's Department of Labor & Industries amended the maximum daily fees for certain professional health care services for injured workers, increased Resource-Based Relative Value Scale (RBRVS) conversion factors and anesthesia conversion factors, along with changes to physical therapy and occupational therapy rules. WAC 296-20-135
Newsletter
Life and Health News May 2022
Life and Health News
May 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!
AFFORDABLE CARE ACT
Federal Department of Labor (DOL), Health and Human Services (HHS), and the Treasury released two FAQs dated April 19, 2022, regarding safe harbors for health plans and insurers reporting certain types of in-network rates under the Transparency in Coverage Rules. FAQs About ACA Implementation Part 53
Maine's Insurance Commissioner set the uniform rate and form filing deadline for June 27, 2022, for all non-grandfathered health plans and stand-alone dental plans subject to the Affordable Care Act. This applies to all carriers that will be issuing health plans in the merged individual and small group markets. Detailed instructions for filing are included. Bulletin 463
New Mexico notified health insurers selling health benefit plans in the Small Group Market that meet QHP Standards of the small business health insurance premium relief initiative for coverage active July 1, 2022, until December 31, 2022. The Health Care Affordability Fund reduces premiums for small businesses and their employees. Bulletin 2022-006
Wisconsin's Insurance Commissioner issued a bulletin to all insurers licensed to write health insurance informing them Wisconsin is allowing for the extension of Transitional Health Insurance Plans as outlined by CMS. Detailed filing instructions are included. Bulletin dated April 15, 2022
AGENT / PRODUCER LICENSING AND APPOINTMENT
Arkansas' Insurance Department provides guidance on the annual appointment renewal process for agents and carriers under the Producer License Model Act. Agency appointments are now separate from the producer appointments and are no longer shared appointments. Bulletin 8-2022
AUTISM SPECTRUM DISORDERS
Iowa amends the major medical insurance law regarding autism spectrum disorder to define coverage and change definitions. HF 2167
Virginia's Commissioner of Insurance informs carriers and HMOs writing Accident and Sickness insurance of new requirements for coverage of autism spectrum disorder. This Bulletin also sets forth requirements of the federal Mental Health Parity and Addition Equity Act of 2008 (MHPAEA). Administrative Letter 2022-02
CLAIMS / CLAIMS ISSUES
New Mexico's Superintendent of Insurance notifies all insurance companies that it will no longer publish bulletins setting the interest rate to be used for unpaid claims. Insurers must refer to the Wall Street Journal to obtain the applicable prime lending rate. Bulletin 2022-005
CYBERSECURITY
Kentucky enacted an insurance data security law. Licensees with more than 50 employees must comply with the new law which takes effect on January 1, 2023. Licensees must develop a written information security program, investigate, and report cybersecurity events to the insurance commissioner within 3 days, and conduct risk assessments. HB 474
Maryland passes the Insurance Data Security Law effective October 1, 2022. This law established new cybersecurity and data protection requirements, provides for development of a written security program and a written incident response plan, among other items. SB 207
DISASTER / CATASTROPHIC EVENT
Louisiana's Governor extended the state of emergency provisions for Hurricane Laura once again through May 25, 2022. The Commissioner of Insurance can suspend the laws regarding cancellation, termination, nonrenewal and reinstatement provisions, rate increases, and other requirements. Proclamation 59 JBE 2022
DISCRIMINATION
Connecticut issued a notice to all entities and persons licensed by the insurance department advising of the requirement to use technology and big data in full compliance with anti-discrimination laws. A signed data certification is due by September 1, 2022, and annually thereafter. The notice contains a link to the data certification form. Notice dated April 20, 2022
FEE SCHEDULES
Arkansas implemented administrative and financial regulation fees as established in the State Insurance Department Trust Fund Act. This rule applies to all licensed insurers, domestic, foreign, or alien. The fees are due before June 1 each calendar year and are based on direct written premiums or annuity considerations, both new and renewal, written in the state during the previous calendar year. Rule 56
Arkansas promulgated a rule creating a new antifraud assessment for all licensed insurers and HMOs. The assessment is due before June 1 each calendar year and is based on the amount of direct premiums and/or annuity considerations written or received in Arkansas during the previous calendar year. Rule 5
FILING REQUIREMENTS / PROCEDURES
Colorado amended its regulation dealing with form filings for certain Limited Benefit Health Plans, Credit Life, and Health, Preneed Funeral Contracts, Excess Stop Loss Insurance forms, Sickness and Accident insurance and other Limited Benefit Health Plans. A required notice must be placed on the face page of Limited Benefit Health coverage and on certain dental plans. Certain annual certifications are required, and filing instructions are included. 3 CCR 702-4, Regulation 4-2-40
HEALTH INSURANCE - COMPREHENSIVE
Arkansas issued rules for health insurers outlining coverage for craniofacial anomaly reconstructive surgery and recommended treatment. Rule 111
Nebraska requires an individual or group sickness and accident policy to cover screening coverage for a colorectal cancer examination and laboratory tests for cancer for any non-symptomatic person aged 45 (previously 50) or older. 44-7,102
HEALTH MAINTENANCE ORGANIZATIONS
Illinois amended the Managed Care Reform and Patient Rights Act. The amendments require a health care plan to apply any third-party payments, financial assistance, product vouchers, discounts, or any other reduction in out-of-pocket expenses for prescription drugs to an individual's co-pay or deductible. HB 4433; 215 IL:CAS 134/30
HOLDING COMPANIES
Nebraska passed a law requiring certain Holding Companies to file an annual group capital calculation and liquidity stress test. LB 863; 44-2138
Ohio enacted the requirement for certain holding companies to file a group capital calculation with the lead state commissioner no later than June 1, 2023. Exemptions from filing are set forth. SB 256; 3901.33
MENTAL HEALTH PARITY
Maine amends the Health Plan Improvement Act to apply federal mental health parity laws. HB 1355; 24-A 4320-R
NONFORFEITURE
Ohio changed the minimum standard nonforfeiture percentage for individual deferred annuities from 1% to 0.15%. SB 256; 3915.073
REGULATORY REPORTING REQUIREMENTS
Arkansas informs all licensed insurers and HMOs that are required to report and pay premium taxes, Antifraud Fee, or Companies Financial Regulation Fee that the use of OPTins is mandatory. Paper checks and forms will be returned. Bulletin 7-2022
TRADE PRACTICES
Ohio enacted a law making it an unfair trade practice for a producer to offer or provide insurance as an inducement to the purchase of another policy of insurance. Further, the use of the words "free" or "no cost" or words of similar import cannot be used in an advertisement. SB 256; 3901.21
TRAVEL INSURANCE
Iowa passed the Travel Insurance Model Act. This law covers all aspects of travel insurance from benefits and policy form language to limited lines travel insurance producers, plus other requirements. HF 2540
Ohio amended its travel insurance law to define policy benefits, rate filings, advertising, pre-existing conditions, disclosures, cancellation, and limited lines agent licensing, among other items. 3905.065
Newsletter
Property Casualty News April 2022
Property & Casualty News
April 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
Mississippi revised its Regulation on the Mississippi Automobile Insurance Plan. One of the changes is to allow the plan to issue private passenger motor vehicle policies and commercial motor vehicle policies in the name of the Plan. The policies will be recognized as if issued by an insurance company authorized to issue insurance in Mississippi. This regulation is final and was submitted for publication to the Secretary of State on April 12, 2022. Regulation 19-4-3.01+
Virginia's Bureau of Insurance approved amendments to various sections of the Virginia Automobile Insurance Plan Manual for Commercial Auto to facilitate the transition of the countrywide CAIP servicing carrier with a countrywide service provider effective September 1, 2022. Administrative Order 12146
CREDIT FOR REINSURANCE
Maine approved amendments to Rule 740 dealing with Credit for Reinsurance. The changes are consistent with provisions of the National Association of Insurance Commissioners model rule 786. Rule 740
CYBERSECURITY
Connecticut's Insurance Commissioner asks all domestic insurers to be vigilant in their efforts to protect their operations, consumer data and investments given the events in Eastern Europe and the threat of cyber-attacks. In addition, insurers should review investments and consider rebalancing them as appropriate given financial sanctions levied against Russia and Belarus. Other instructions are given. Notice dated March 3, 2022
Virginia's Commissioner of Insurance advises all licensees to be aware of the increased risk of cyber-attacks on U.S. targets. Licensees should review cybersecurity guidance and their responsibilities under Virginia law. Letter dated March 7, 2022
DISASTER / CATASTROPHIC EVENT
Georgia's Insurance Commissioner details how emergency disaster adjuster status may be requested for Georgia registered staff adjusters, out-of-state staff adjusters, or out-of-state licensees. The Governor declared an emergency on April 6, 2022, due to the severe storms and tornadoes on April 5. Bulletin 22-X-3
FRAUD / ANTI-FRAUD
Oklahoma's Insurance Department announces that the anti-fraud assessment annual fee is due by July 1, 2022. The fee must be paid electronically. Instructions are to register with OPTins early as the process can take up to two weeks to complete. Notice dated April 11, 2022
INSURER INVESTMENTS / SECURITIES
California's Insurance Commissioner calls on insurance companies to halt the purchase of Russian debt, prohibit any money to flow from California to Russia, and re-evaluate their investment in the stock of multinational corporations, assets and debt that have some relation to Russia's financial markets. Notice dated March 14, 2022
Georgia's Commissioner of Insurance urges insurance companies to begin the process of eliminating any financial support, via investments or business operations, for the Russian regime. Bulletin 22-EX-2
MISCELLANEOUS
California's Commissioner of Insurance announced that a group of regulators adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD). Fifteen states have committed to using the NAIC survey in 2022 for companies licensed in their states. Twenty-eight insurance companies provided TCFD compliant reports in 2021. Press Release dated April 8, 2022
Maine passed the Pet Insurance Act which establishes the requirements for the sale of pet insurance. This law follows the NAIC model law and is effective on January 1, 2023. SP 186
The Texas Commissioner of Insurance approved the Texas Windstorm Insurance Association submission of revised declaration pages and application forms for approval. These apply to residential and commercial coverages. Order 2022-7292 dated April 11, 2022
OMNIBUS LEGISLATION
Virginia's laws regulating rates for certain coverages such as personal injury liability, property damage liability, and motor vehicle, etc. have been revised. The revisions include notice provisions, rate regulation, and repeal of a statute regarding air trip accident policies. HB 62
PERSONAL LINES INSURANCE
Washington State, Thurston County Superior Court Judge granted an extended stay of the state's rule temporarily banning credit scoring in personal lines of insurance, including auto, homeowner, and renter insurance, until all appeals are final. All the parties agreed to the extended stay to help provide stability for consumers and the market as the credit scoring rule moves through the court. American P&C Ins Assoc, et al v. Washington Ins. Comm, Superior Ct No. 22-2-00180-34
PROFESSIONAL LIABILITY INSURANCE
Florida created the Professional Counselors Licensure Compact to provide for the mutual recognition of state licenses allowing the interstate practice of licensed professional mental health counseling. The law will go into effect when ten states enact the Compact. HB 1521
Maryland adopted a regulation requiring agents to act in the best interest of a consumer when making a recommendation of an annuity. Neither the agent's nor insurer's financial interests can be placed ahead of the consumer's interest. COMAR 31.09.12.01
PROPERTY INSURANCE
Michigan's Department of Insurance and Financial Services published an updated list of Michigan municipalities participating in the fire insurance withholding program. Edition 142
SURPLUS LINES
Pennsylvania's Insurance Commissioner lists certain insurance coverages that are generally unavailable in the authorized market at the present time. The Export List defines types of coverages insurers can place in the surplus lines market without searching among insurers admitted to do business in Pennsylvania. Notice of April 9, 2022
TITLE INSURANCE / AGENTS
New Mexico's Superintendent of Insurance approved an overall decrease of 6% in basic title insurance premium rates beginning July 1, 2022. Release dated March 31, 2022
WORKERS' COMPENSATION
New Jersey published the July 2022 Workers' Compensation Insurance Plan policy expirations and updates to the Workers' Compensation Insurance Plan. Circular Letter 2028
Ohio's Bureau of Workers' Compensation amends the Application for Death Benefits and Limitations on the Filing of Fee Bills sections of the Claims Procedure Regulation. Rule 4123-3-07 and -23
Texas' Department of Insurance adopted the National Council on Compensation Insurance (NCCI) Item E - Revisions for New York Withdrawal from the NCCI Interstate Experience Rating Plan. New York experience will no longer be used in the calculation of interstate experience rating modifications for risks with rating effective dates on or after October 1, 2022. Order 2022-7291 dated April 8, 2022
Texas' Division of Workers' Compensation notified carriers writing workers' compensation insurance of Verisk as the data collection agent for claim EDI release 3.1 data. Insurance carriers, trading partners and claim administrators should complete their registration on the Verisk website no later than January 12, 2023. Information is included regarding other releases that require registration. Bills to carriers will be sent soon. Letter dated April 4, 2022
Virginia amends the Cost of Living Supplements for Total Incapacity under Workers' Compensation for a person receiving disability benefits but not benefits under the federal Old Age, Survivors and Disability Insurance program. SB 677
Newsletter
Life and Health News April 2022
Life and Health News
April 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!
AFFORDABLE CARE ACT
Centers for Medicare and Medicaid Services (CMS) has issued its notice extending non-enforcement of the Affordable Care Act in connection with certain non-grandfathered health insurance coverage in the individual and small group markets that is out of compliance with specified market reforms. CMS Notice dated March 23, 2022
Centers for Medicare and Medicaid Services (CMS) issued the Key Dates for calendar year 2022 for Qualified Health Plan (QHP) data submission and certification, rate review and risk adjustment. CMS Notice dated March 24, 2022
Health Resources & Services Administration (HRSA) reports it has expanded the ACA-Approved List of Women's No-Cost, Preventive Services in effect for plan years starting in 2023. Women's Preventive Services Guidelines - HRSA.gov
AGENT / PRODUCER LICENSING AND APPOINTMENT
Connecticut published its producer appointment renewal schedule for 2022. It sets forth key dates by which insurer terminations must be posted as well as instructions for payment and appointments. Notice dated March 14, 2022
ANNUITIES / ANNUITY CONTRACTS
New Mexico adopted the NAIC Suitability in Annuity Transactions Model Regulation. NMAC 13.9.20
South Dakota amended its annuity laws to incorporate Suitability in Annuity Transactions standards. SB 148
CREDIT FOR REINSURANCE
Maine approved amendments to Rule 740 dealing with Credit for Reinsurance. The changes are consistent with provisions of the National Association of Insurance Commissioners model rule 786. Rule 740.2021
CYBERSECURITY
Connecticut's Insurance Commissioner asks all domestic insurers to be vigilant in their efforts to protect their operations, consumer data, and investments given the events in Eastern Europe and the threat of cyber-attacks. In addition, insurers should review investments and consider rebalancing them as appropriate given financial sanctions levied against Russia and Belarus. Other instructions are given. Department Notice dated March 3, 2022
Virginia's Commissioner of Insurance advises all licensees to be aware of the increased risk of cyber-attacks on U.S. targets given the Russian Federation's attack on Ukraine on February 24, 2022. Licensees should review cybersecurity guidance and their responsibilities under Virginia law. Letter dated March 7, 2022
DISCRIMINATION
Health & Human Services (HHS) issued a notice providing additional guidance on federal civil rights protections and federal health privacy laws that apply to gender affirming care for transgender and gender nonconforming youth. It reiterates ACA Section 1557's prohibition of gender identity discrimination. HHS Notice dated March 2, 2022
FILING REQUIREMENTS / PROCEDURES
Indiana advises companies submitting premium tax and/or annual renewal fees to the Department that they must use OPTins to submit filings, fees, and payments electronically. Paper filing will no longer be accepted. Bulletin 264
Michigan has published the 2023 Form and Rate Filing Requirements for Medical Plans on and off Marketplace. Bulletin 2022-10-INS
Oregon has updated its Listing of Current Filing Forms as of March 23, 2022. It contains changes to Standard Provisions for Individual and Small Employer Health Benefit Plan form filings. List of Current Filing Forms as of March 23, 2022
GUARANTY ASSOCIATION
North Carolina changed an address on the Guaranty Association Summary Document. Advisory Memorandum dated March 18, 2022
HEALTH INSURANCE - COMPREHENSIVE
California prohibits a health insurance policy from applying a deductible, coinsurance, or cost sharing requirement on abortion services. Effective January 1, 2023, prior authorization, utilization management, and annual or lifetime limits on abortion services is prohibited. SB 245
Montana's Commissioner of Insurance informs carriers of recent federal guidance that health plans must cover follow-up colonoscopies without cost sharing after abnormal findings. This applies to both group and individual health insurance coverage. Advisory Memorandum dated March 11, 2022
INSURER INVESTMENTS / SECURITIES
California's Insurance Commissioner calls on insurance companies to halt the purchase of Russian debt, prohibit any money to flow from California to Russia, and re-evaluate their investment in the stock of multinational corporations, assets, and debt that have some relation to Russia's financial markets. Notice dated March 14, 2022
Georgia's Commissioner of Insurance urges insurance companies to begin the process of eliminating any financial support, via investments or business operations, for the Russian regime. Bulletin 22-EX-2
MISCELLANEOUS
Internal Revenue Code allows a safe harbor for Health Savings Accounts. In the case of plan years beginning on or before December 31, 2021, or in the case of months beginning after March 31, 2022, and before January 1, 2023, a plan will not fail to be treated as a High Deductible Plan because it fails to have a deductible for telehealth and other remote services. HB 2471; 26 USC s 223
MISCELLANEOUS HEALTH / ACCIDENT
Internal Revenue Service (IRS) issued guidance for calculating the No Surprises Act's qualifying payment amount (QPA) for items and services furnished in 2022, when a health plan does not have sufficient information to calculate the amount under Revenue Procedure 2022-11. IRS Notice 2022-11; 26 CFR 54.9816-6T
NONFORFEITURE
South Dakota revised the standard minimum nonforfeiture amount for individual deferred annuities from 1% to .15%. HB 1117; 58-15-85
Wyoming amended the minimum nonforfeiture interest rate for certain annuities from 1% to 0.15%. SF 75
NOTICE TO INSUREDS
Michigan requires health insurance carriers to post a non-opioid directive form on their website. HB 5263
REPORTS - DATA CALLS & OTHER REPORTS
Alaska's Insurance Division reminds insurers licensed to transact health insurance in Alaska they must submit a completed Annual Survey on Health Insurance by May 2, 2022. Stop loss insurance is considered health insurance in Alaska and, therefore, must be reported on the survey. Bulletin B22-04
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