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Property Casualty News March 2022
Property & Casualty News
March 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
Hawaii released new requirements for all resident insurance producers to complete continuing education credit requirements before their license renewal due date. Also, the Insurance Division will no longer accept a continuing education certificate of completion directly from the licensee. Memorandum 2022-3LIC
AUTOMOBILE INSURANCE
Oklahoma's Insurance Department informs all Property & Casualty carriers of the Supreme Court's decision in Lane v. Progressive Northern Insurance Company. The Oklahoma Supreme Court found that the uninsured motorist exclusion violates 36 O.S. 3636, is against public policy and void and unenforceable. PC Bulletin 2022-01
COMMERCIAL LINES INSURANCE
Kansas' Insurance Department published notice of changes in exempt commercial purchaser thresholds. Notice of Changes dated February 24,2022
CREDIT FOR REINSURANCE
Maine amended its Credit for Reinsurance rule to adopt NAIC Model Rule 786. The changes apply to reinsurance ceded by domestic insurers to insurers that are domiciled in reciprocal states. Rule 740
New Mexico repealed its reinsurance law and replaced it with the NAIC model Credit for Reinsurance Act. SB 150
CYBERSECURITY
Connecticut is asking insurers to stay on high alert and be vigilant in their efforts to protect their operations, consumer data and operations. This notice is in regard to the increased geopolitical risk originating from events in Eastern Europe and the threat of cyber-attacks. Notice dated March 3, 2022
New York issued a notice concerning the situation in Ukraine. Guidance is given to fully comply with U.S. sanctions and all New York state and federal laws regarding cybersecurity and virtual currency. Industry Letter dated February 25, 2022
LIABILITY INSURANCE
New York allows a liability insurance policy to be written with a term of less than one year if the insurer also provides the option to purchase a policy for a term of one year, and the policy is written on an occurrence basis. There are additional requirements listed in the law. AB 8698
MISCELLANEOUS
Federal Financial Crimes Enforcement Network (FinCEN) alerts all financial institutions to be vigilant against efforts to evade the sanctions and other U.S. imposed restrictions. Details on filing a Suspicious Activity Report (SARS) and specific methods that may be used to avoid sanctions are listed in detail. FIN-2022-Alert 001 of March 7, 2022
Massachusetts' Division of Insurance is going live on State Based Systems (SBS) effective March 16, 2022. This change includes continuing education submissions for producers. All producer appointments and terminations must be submitted via NIPR. Companies will be assigned a new Massachusetts Company Number. Notice dated February 25, 2022
Missouri's Insurance Department requests all insurers issuing policies covering real or personal property to update its disaster contact information in anticipation of the spring storm season. This includes a primary regulatory contact, secondary regulatory contact, and a communications contact. Bulletin 22-02
NOTICE TO INSUREDS
Oklahoma requires all Property and Casualty insurers to provide a notice to each policyholder upon renewal of an existing policy where a reduction in coverage during renewal occurs. The notice must state any policy provision that has changed which eliminates or restricts coverage due to a triggering event. The notice must be printed in all capital letters and use bold or red font. Special Notice dated February 28, 2022
PERSONAL LINES INSURANCE
Michigan's Department of Insurance urges insurers writing homeowners insurance to exercise flexibility when facing delays in completing repairs during the COVID-19 pandemic. Supply chain delays and labor shortages are causing unusual delays in repairs. Some homes are uninhabitable while repairs are being completed. Withholding payments, including living expenses, when a claim is not in dispute is an unfair trade practice. Bulletin 2022-07-INS
REPORTS - DATA CALLS & OTHER REPORTS
South Carolina issued a data call for liquor liability insurance coverage to property and casualty carriers, and surplus lines insurers. Notice dated March 3, 2022
SERVICE CONTRACTS / WARRANTY INSURANCE
South Dakota expands the items that a motor vehicle service contract may provide and adds a definition of a vehicle theft protection product. Motor vehicle service contracts continue to be exempt from the insurance code. SB 160
TITLE INSURANCE / AGENTS
New Mexico's Superintendent of Insurance requires filing of 2022 Agreed Upon Procedures and 2022 Agents and Underwriters Statistical Reports by May 16, 2022. Docket No. 2022-14 and 2022-15
WORKERS' COMPENSATION
Nevada's Division of Industrial Relations, Workers' Compensation Section revises certain maximum allowable provider payments in the Nevada Medical Fee Schedule beginning March 1, 2022 and running through January 31, 2023. Notice dated March 1, 2022
New Jersey's Compensation Rating and Inspection Bureau published updates to the New Jersey Workers' Compensation Insurance Plan with policy expirations effective June 2022. Circular Letter 2027 dated March 3, 2022
New York added new guidelines for treatment of eye disorders, traumatic brain injury and complex regional pain syndrome in the worker's compensation regulation. These guidelines are effective May 2, 2022. 12 NYCRR 324.2
Oregon amends Form 827, worker's and health care provider's report for workers' compensation claims to clarify that legal holidays are not counted in the 72-hour period within which the form must be sent to the insurer by the provider. OAR 436-010-0241
Texas announces that it has adopted the amendments of the National Council on Compensation Insurance Manuals, as proposed in Item B-1444-NCCI's Basic Manual for Workers Compensation and Employers Liability Insurance (TDI ECase No 27556; SERFF Tracking No. NCCI-132867551). Changes apply to new and renewal policies effective on July 1, 2022. Order 2022-7251
Texas' Department of Insurance informs all insurers writing workers' compensation and employers' liability insurance that rate filings are required by June 1, 2022, including the Notice of Carrier Intent and Certification. The Bulletin contains detailed filing information. Bulletin B-0001-22
Texas' Division of Workers' Compensation adopted amendments to the Claim Electronic Data Interchange (EDI) rules to accept new and revised versions of forms and notices. These revised plain language notices are effective July 26, 2023. 22 TAC 102.4, Notice dated February 23, 2022
Texas' Division of Workers' Compensation is updating its EDI reporting standard. Updates to reporting and notification requirements are being implemented. 28 TAC 124.2
Newsletter
Life and Health News March 2022
Life and Health News
March 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
Maryland amended it regulation dealing with producer registers and documentation of appointments. The regulation removes the requirement that an insurer must provide an insurance producer with written documentation that includes the producer's residence or business address within 30 days of appointment. This requirement is being removed as being unduly burdensome on the insurer because many producers work out of multiple locations. 31.03.13
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Louisiana updated and reissued Directive 147 dealing with health insurance in the individual, large and small group markets. The Directive updates requirements for discontinuance of health insurance products as of February 1, 2022. Directive 147 (Revised and Reissued)
Missouri's Insurance Department issued a bulletin to provide information regarding the practice of replacing insurance coverage terminated by one carrier with insurance coverage provided by a different carrier. Bulletin 22-01
DISASTER / CATASTROPHIC EVENT
California passed a law that ensures employees have access to COVID-19 supplemental paid sick leave through September 30, 2022. The 2022 version of this law is similar but not identical to the 2020 leave law. Small businesses employing 25 or fewer workers are exempt from the legislation. Local ordinances may also impact the leave. SB 114
DRUG / PRESCRIPTION COVERAGE
Rhode Island amended its code to require health insurance carriers to limit the copayment for a 30-day supply of insulin used to treat diabetes. Prescription insulin is not subject to any deductible. 27-20.8-3
FINANCIAL REGULATION
Arkansas' Insurance Department notified domestic companies that the Department intends to adopt amendments, revisions and modifications to the Accounting Practices and Procedures Manual as of March 2022. The effective date for domestic reporting entities is on or before March 1, 2023. Bulletin 1-2022
GUARANTY ASSOCIATION
Nevada's Life and Health Insurance Guaranty Association revised its Notice of Protection form. The revised notice must be used on or before July 1, 2022. Notice of Protection dated January 7, 2022
MISCELLANEOUS HEALTH / ACCIDENT
Arkansas' Insurance Department issued a bulletin providing information on requirements in the federal No Surprises Act that apply to health care providers, facilities, and providers of air ambulance services for plans starting in 2022. Bulletin 3-2022
Delaware's Insurance Department updated Bulletin 115 to encourage health insurers to proactively plan for COVID-19 at-home tests covered by carriers, and the Federal No Surprises Act. Bulletin 115 Updated
Illinois issued a bulletin to all companies writing accident & health insurance and managed care plans relating to the initial implementation of the federal No Surprises Act. Bulletin 2022-03
Louisiana's Insurance Commissioner advised consumers who are enrolled in High Deductible Health Plans with Health Savings Accounts to avoid the use of third-party payments, such as pharmacy discount cards. If third-party payments are applied before the individual's HDHP annual deductible is met, with the exception of third-party payments made toward preventative care, the tax benefits provided by the Health Savings account could be lost and potentially create a serious tax event for the individual. Bulletin 2022-01
Rhode Island amended provisions requiring insurance coverage for certain prostate and colorectal preventive screening examinations. Cost-sharing for colorectal screening examinations, lab tests, initial and follow-up colonoscopies is prohibited. HB 5432
Rhode Island will prohibit insurance companies from varying the premium rates for a health coverage plan based on the gender of the individual insured beginning January 1, 2023. HB 5763
The Centers for Medicare and Medicaid Services (CMS) has begun publishing state-specific enforcement letters detailing anticipated federal and state responsibilities with respect to enforcement of the No Surprises Act. The letters can be found on the CCIIO website under cms.gov. Consolidated Appropriations Act Enforcement Letters
U.S. Department of Labor, Health and Human Services and Treasury issued five additional frequently asked questions (FAQs) on February 4, 2022, clarifying certain aspects of the expanded COVID-19 test requirement. FAQs About Families First Coronavirus Response Act Part 52
NOTICE TO INSUREDS
Illinois passed the Consumer Coverage Disclosure Act that requires employers offering group health insurance coverage to provide a new notice to eligible employees. Under this law, a covered employer must prepare and provide its Illinois employees with a new notice that compares the benefits offered under the employer's group health insurance coverage with "essential health benefits" required through the Illinois insurance marketplace. The law puts the onus on employers, not insurers, to provide the benefit comparison notice. This applies to fully insured plans and self-insured coverage. 820 ILCS 46/1; SB 1905
PHARMACY BENEFIT MANAGERS
Arkansas' Insurance Department issued seasoning information regarding newly licensed pharmacists. The Commissioner expects each PBM to have three characteristics in their seasoning requirements for credentialing: (1) pharmacy must directly be provided with notice of a lack of seasoning requirements with a dedicated email, phone number, and address of the PBM to make an exceptions or appeal request; (2) exceptions process for rural locations of the pharmacy and common ownership of the pharmacy; and (3) the PBM must address in writing the reasons for the denial of seasoning and shall have no longer than 30 days to review an exception request. Bulletin 4-2022
New York amended public health law to provide that Pharmacy Benefit Managers must register with the state insurance department effective March 31, 2022. Beginning in 2023 PBMs must obtain licenses and adhere to state regulations. SB 3762
Rhode Island passed a law stating that a plan sponsor, health insurance carrier or pharmacy benefits manager cannot prohibit a pharmacist from providing an insured information regarding the amount of the insured's cost share for a prescription drug. HB 6477
REPORTS - DATA CALLS & OTHER REPORTS
Kentucky amended a regulation regarding data reporting requirements under health insurance contracts. The change establishes the data elements and the format for submitting annual reports to the department of insurance. 806 KAR 17:240
STANDARD VALUATION LAW
Nebraska's Director of Insurance adopted the updates made to the valuation manual which were fully adopted by the NAIC as of August 17, 2021, for the reporting year 2022. Bulletin CB-138 Amended
STOP LOSS
Vermont amended its Health Care Stop Loss Insurance Regulation. The regulation applies to policies issued or renewed on or after March 1, 2022. Reg. H-2009-02 (Revised)
THIRD PARTY ADMINISTRATORS
Vermont's Insurance Department posted FAQs regarding the Third Party Administrator Rule that is effective July 1, 2022. These FAQs state that only Third Party Administrators of life, annuity, health, or stop-loss coverage, including tax-advantaged accounts for health-related expenses must obtain a TPA license. Regulation I-2021-01
UTILIZATION REVIEW - HEALTH CARE
Kentucky revised regulations concerning the registration of insurers or private review agents, and the utilization review process, including internal appeal of decisions. 806 KAR 17:280
Newsletter
Property Casualty News February 2022
Property and Casualty News
February 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 Department of Insurance reminds all carriers, producers, independent and public adjusters of required reporting of change in background information. The change in background information must be reported to the Producer Licensing Bureau within 30 days of the date the change in background information is known. This applies to both resident and non-resident licensees. Licensing Notice dated February 3, 2022
ARBITRATION
Louisiana's Insurance Commissioner provides updated guidance that mandates the inclusion of newly enacted appraisal provisions for all residential property insurance policies effective January 1, 2022. Arbitration provisions that attempt to deprive Louisiana courts of jurisdiction or venue are not permitted in insurance policies delivered or issued for delivery in Louisiana. Directive 173 (Revised and Reissued)
AUTOMOBILE INSURANCE
Michigan's Insurance Director updates carriers regarding the process for payment of the Michigan Catastrophic Claims Association (MCCA) refund. Bulletin 2022-06-INS
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Missouri's Insurance Department notifies all insurers of termination and placement of insurance coverage practices. There is uncertainty in the marketplace regarding the consumer consent required to be obtained by the new carrier to issue and bind coverage after coverage is discontinued by the terminating carrier. An insurer or producer must show affirmative consent of the consumer to enroll a consumer in insurance coverage. Bulletin 22-01
CREDIT FOR REINSURANCE
Arkansas revised its Credit for Reinsurance, Rule 65. This revision is necessary for Arkansas to meet national accreditation standards. It provides guidelines where unauthorized reinsurers may qualify to post reduced collateral to satisfy state credit for reinsurance standards. Rule 65
CREDIT INFORMATION
Washington adopted a rule that temporarily bans the use of credit history to determine personal insurance rates, premiums, or eligibility for coverage. This applies to private passenger automobile coverage, renter's coverage, and homeowners coverage. This rule remains in effect for three years following the Covid-19 emergency declared by the U.S. President or the Washington Governor's proclamation terminates. Rule R 2021-07
CYBERSECURITY
Louisiana's Insurance Commissioner reminds carriers of the requirements of the Insurance Data Security Law. Bulletin 2021-04 (REVISED AND REISSUED 01-24-22}
FILINGS: PROPERTY / CASUALTY
Kentucky's Department of Insurance amends a regulation that provides filing procedures for rates and supplementary rating information for property, casualty, surety, title, and mortgage guarantee insurance. Certain checklists are removed. 806 KAR 13:150
Louisiana's Department of insurance is streamlining the form filing process for five additional lines of commercial insurance. The certified approval process requires insurers to certify that their new forms comply with all applicable laws, regulations, and directives. Previously, these forms were submitted to the Department for approval prior to taking effect. The commercial insurance lines now eligible for certified approval are environmental pollution liability, commercial excess and commercial umbrella, directors, and officers (management liability), employment benefit plan/fiduciary, and commercial flood (not to include NFIP). Press Release Dated 2/3/2022
MISCELLANEOUS
Arkansas Insurance Department announces its intent to adopt the amendments, revision or modifications to the Accounting Practices and Procedures Manual as of March 2021 published by the NAIC. The effective date for domestic reporting entities is the annual statement as of December 31, 2022, to be filed with the insurance department on or before March 1, 2023. Bulletin 1-2022
Michigan's Insurance Director issued required periodic updates of municipalities participating in the Fire Insurance Withholding Program. Edition 140
PERSONAL LINES INSURANCE
Colorado's Division of Insurance issued guidance concerning the communication of certain coverage limits by Homeowners' Insurance Companies to Policyholders that experienced a loss resulting from the Boulder County Fires. Bulletin B-5.44
PROPERTY INSURANCE
California's Department of Insurance announces the 2022 annual notice to residential property insurance companies, licensed independent insurance adjusters, agents, and brokers. This annual notice describes the most significant California laws pertaining to property insurance policies, including those related to a state of emergency. Every residential property insurance company is required to provide a claimant with a copy of the most recent notice no later than 15 days from receipt of the claim. Notice dated February 9, 2022
REINSURANCE
Louisiana's Commissioner of Insurance published a list of reciprocal jurisdictions from which reinsurers may apply for eligibility for the purpose of eliminating reinsurance collateral requirements under specified conditions. Advisory Letter 2021-06
REPORTS - DATA CALLS & OTHER REPORTS
Arkansas' Insurance Department notifies P&C insurers, surplus line insurers, and farmers' mutual aid associations of a required data report each year by April 1. Carriers must provide certain earthquake coverage market analysis information, including interrogatories and in force exposures by county. Bulletin 2-2022
California's Department of Insurance directs a 2022 data call for workers' compensation terrorism exposure data, including policy counts, payroll, and terrorism premium information. WCIRB Bulletin 2022-02
SERVICE CONTRACTS / WARRANTY INSURANCE
Wisconsin SB 655 amends provisions concerning motor vehicle service contracts and vehicle protection product warranties. SB 655
SURPLUS LINES
Alaska's Insurance Department issued a list of Eligible Surplus Lines Insurers in the state. Bulletin B22-03
TITLE INSURANCE / AGENTS
Virginia's Bureau of Insurance informs title licensed and registered settlement agents that "split settlements" are not authorized under Virginia law and regulations. Administrative Letter 2022-01
WORKERS' COMPENSATION
Idaho published updated workers' compensation mileage and meals rates. These rates are required to be reimbursed by employers for injured employees for their travel to and from medical and rehabilitation providers. WC Notice of Mileage Rate dated January 18, 2022
Kentucky adopts a new regulation regarding the procedure to become an approved Electronic Data Interchange (EDI) vendor, an entity that formats electronic data for transmission to the Department of Workers’ Claims, transmits electronic data to the Department of Workers’ Claims, and responds to any technical issues related to the content or structure of an electronic data interchange file. 803 KAR 25:165
Kentucky's Department of Workers' Claims amends an administrative regulation that sets forth standards and procedures for email notification of cancellation or removal of specific business workers' compensation coverage. This applies to persons registered in the Worker's Claims Insurance Coverage Look-up database. 803 KAR 25:185
New York's Workers Compensation Board announces it is replacing certain paper systems with a new online business information system named OnBoard. The roll out of the new system will be in three phases, with the first phase in March and the last phase in May 2022. Bulletin WC 046-1497
Pennsylvania's Bureau of Workers' Compensation published the first quarter update to the Worker's Compensation Medical Fee Schedule. Covid-19 billing codes are added to the fee schedule as they become available. New 2022 HCPCS codes have been added and deleted ones have been removed. WC Medical Fee Schedule 2nd Update January 2022
Newsletter
Life and Health News February 2022
Life and Health News
February 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
Hawaii changed its administrative rules so that uniform terms and durations of licenses and registrations issued by the Department of Insurance are in place. This allows the Division to utilize electronic processing of fees. The changes are outlined in the Memorandum. Memorandum 2021-14LIC
ANNUITIES / ANNUITY CONTRACTS
Kentucky's Insurance Department issued an Advisory Opinion regarding the "Best interest of the Consumer" requirement for annuities. Advisory Opinion 2022-01
Pennsylvania approved the NAIC Model Regulation for Suitability in Annuity Transactions, also known as the "Best Interest" standard for consumers. SB 772
CYBERSECURITY
Louisiana's Insurance Department reminds insurers that certain domestic carriers are required to submit either a Louisiana Insurance Data Security Law Information Security Program Certification or an Exemption Certification Form by February 15, 2022. Bulletin 2021-04 (Revised and Reissued)
DEPARTMENT OF INSURANCE
Texas Department of Insurance requires individuals, agencies and companies regulated by it to designate an email address for official communications from the Department of Insurance, effective January 1, 2022. If emails may no longer be received at the designated address, the Department must be notified within 10 business days and provided with a new email address. 28 TAC Sec. 1.1302
DISASTER / CATASTROPHIC EVENT
Mississippi's Insurance Department announced that in the interest of public health and safety, insurers are not required to conduct any on-site reviews of managing general agents or third-party administrators in 2020, 2021 or 2022. Through calendar year 2022, insurers may conduct the required reviews through electronic means. Bulletin 2022-01
DISCLOSURE REQUIREMENTS
Federal Consolidated Appropriations Act (CAA) requires brokers and consultants supplying services to ERISA group health plans to disclose to plan sponsors the direct and indirect compensation they receive for providing services to the plans. The Department of Labor issued a bulletin containing questions and answers outlining its temporary enforcement policy for group health plan service provider disclosure under ERISA section 408(b)(2)(B). Field Assistance Bulletin 2021-03
DRUG / PRESCRIPTION COVERAGE
New York passed a bill that bans mandatory mail order and protects a patients' ability to use the pharmacy of their choice. SB 3566
FILING REQUIREMENTS / PROCEDURES
New Mexico's Superintendent of Insurance revised the manner in which certain material, information or filings submitted to the Life and Health Division can be classified as confidential. Bulletin 2022-001
FILINGS: HEALTH
Maryland Insurance Department provides guidance to insurers, nonprofit health service plans, HMOs, and dental plan organizations regarding filing requirements for individual and small employer form and rate filings for plan years beginning on and after January 1, 2023. Bulletin 22-02
HEALTH INSURANCE - COMPREHENSIVE
Alabama's Insurance Department provides guidance on several requirements for health insurance outlined in the Federal No Surprises Act. Bulletin 2022-01
Colorado requires carriers to provide access to COVID-19 vaccines without cost-sharing during the state's COVID-19 recovery. This applies to all carriers offering individual, small group, large group, student health and managed care plans. Third-party Administrators for self-funded plans are strongly encouraged to follow these requirements in order to create a uniform billing structure. Emergency Regulation 22-E-04, 3 CCR 702-4
Connecticut requires health plans to identify on the insurance card issued whether the coverage is fully insured or self-insured. This applies to health carriers and TPAs, including self-funded ERISA plan administrators that issue an ID card in Connecticut. SB 1202, Page 242
New Mexico's Insurance Department notifies health insurers to abide by the Biden-Harris Federal mandate for coverage of COVID-19 home tests. Bulletin 2022-002
Oregon's Department of Consumer and Business Services provided information on requirements in the federal No Surprises Act. Bulletin DFR 2022-1
Wisconsin's Insurance Commissioner issued a bulletin to all health plans regarding minimizing out-of-network barriers for patients seeking telemedicine services. Carriers are encouraged to not deny coverage for treatment or service provided through telehealth if that treatment or service is covered when provided in person by a health care provider. Bulletin dated January 20, 2022
MEDICARE SUPPLEMENT INSURANCE
Idaho amends it existing rule and implements the NAIC Model Medicare Supplement Insurance Minimum Standards Model Act. IDAPA 18.04.10 s 001
MISCELLANEOUS HEALTH / ACCIDENT
Federal Department of Labor (DOL), IRS, and Health & Human Services (HHS) issued a process guide for certified independent dispute resolution (IDR) under the No Surprises Act. The guide includes specifics on payment determination. Federal Independent Dispute Resolution (IDR) Process Guidance for Certified IDR Entities (Dec. 2021)
NONFORFEITURE
Pennsylvania updated the minimum nonforfeiture rate for individual deferred annuities, lowering that rate from 1% to .15%. This is the lowest interest rate guarantee an insurer can use to determine the cash value of an individual deferred annuity. SB 772
PHARMACY BENEFIT MANAGERS
Montana passed SB 395, the Pharmacy Benefit Manager Oversight Act and a regulation, Admin. R 6.67901. Because the licensing requirement is new for 2022, all PBMs must apply for a license and be approved. SB 395
New York passed a law which requires PBMs to: 1. Register and be licensed in the state. 2. Pass through all discounts, rebates and price concessions to health plans or providers. 3. Follow accreditation requirements that are not more stringent than state or federal laws, and 4. Follow additional requirements. SB 3762
PREMIUM TAX
New Hampshire's Insurance Department advises that the state will no longer offer Automated Clearing House Debit as an electronic method of payment for premium tax. Bulletin INS 22-002-AB
REPORTS - DATA CALLS & OTHER REPORTS
Arkansas Insurance Department posted information regarding Calendar Year 2022 Data Reporting for PBMs on its website, https://rhld.insurance.arkansas.gov/PBMRegulation. The deadline is March 1, 2022, regardless of certification participation through SERFF which was covered with a separate deadline in the past. Reporting Data Specifications published 1/4/2022
RESERVE VALUATION
Connecticut adopted the 2022 edition of the NAIC Valuation Manual, including adopted amendments. Bulletin FS-43
TRAVEL INSURANCE
Wisconsin updated its travel insurance law and adopted the model travel insurance act approved by the NAIC in 2018. It is newly classified as part of inland marine as well as accident and health lines if the policy includes sickness and disability coverage. A limited lines travel insurance producer license is designed for insurance intermediaries and travel administrators. It replaces the existing statutory law on limited lines travel insurance. The bill contains many other requirements. SB 482
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