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Property Casualty News November 2021
Property & Casualty News
November 2021
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!
CREDIT FOR REINSURANCE
Colorado amended its reinsurance regulation to bring it into alignment with revisions to the NAIC Credit for Reinsurance Model Regulation. 3 CCR 702-3, Regulation 3-3-3
CYBERSECURITY
New York notified all entities regulated by the Department of Financial Services (DFS) that they may adopt the cybersecurity program of an affiliate. However, an examination or investigation of a Covered Entity may include review of the adopted portions of the cybersecurity program of that affiliate. The Covered Entity is responsible for providing documentation sufficient to enable DFS to determine compliance by the Covered Entity with the Cybersecurity Regulation. Industry Letter dated October 22, 2021
DISASTER / CATASTROPHIC EVENT
California's Insurance Commissioner informed all insurers writing residential property insurance of a mandatory moratorium on cancellations and non-renewals after an emergency declaration is made. This applies to both admitted and non-admitted insurers. Bulletin 2021-9
Louisiana issued a bulletin reminding P&C and surplus lines insurers to comply with the Policyholder Bill of Rights (La. R.S. 22:41) regarding the manner and time of payment of claims, and other obligations following Hurricane Ida. Bulletin 2021-09
Oregon issued a bulletin to clarify expectations for P&C insurers regarding expediting claims handling and other matters related to wildfires. Two laws were passed that provide minimum protections for homeowners who suffer a loss as a result of a declared emergency. Bulletin DFR 2021-5
FILINGS: PROPERTY / CASUALTY
Montana's Commissioner of Securities and Insurance reminds carriers of certain requirements of the Property and Casualty Insurance Policy Language Simplification Act. Each policy must include a table of contents and notice section of important provisions. Enforcement action, including withdrawal of prior approval, will be waived through March 31, 2022, to support voluntary compliance with the act. After that date, CSI intends to take appropriate enforcement action with respect to any form that violates the Act. Advisory Notice dated October 20, 2021
Oregon is updating many Product Standards for Forms, Rates and Rules. Three are completed so far: 1) Personal Lines Liability and Commercial Lines Liability; 2) Monoline and Package Property; and 3) Stop Loss/Excess Loss. Listing of Current Filing Forms as of November 10, 2021
FRAUD / ANTI-FRAUD
The Federal Financial Crimes Enforcement Network (FinCEN) issued an advisory on ransomware and the use of the financial system to facilitate ransom payments. Advisory FIN-2021-A004
GENERAL LIABILITY INSURANCE
Oregon passed a law requiring an insurer to notify a claimant in writing at the time the insurer pays $5,000 or more to settle a third-party liability claim under certain conditions. SB 180
LIABILITY INSURANCE
Michigan's Department of Insurance issued an updated list of municipalities participating in the Fire Insurance Withholding Program. Notice Edition 137 released November 1, 2021
OMNIBUS LEGISLATION
California passed an omnibus bill containing new mailing requirements for renewal and nonrenewal of residential property insurance, and for notice of cancellation of a policy of workers' compensation insurance. Section 1871.10 is added to the Insurance Code concerning knowingly making a false or fraudulent material statement or material representation. AB 1511
REINSURANCE
New Jersey's Department of Banking and Insurance provided a list of reinsurers who qualified as "Certified Reinsurers." All insurers domiciled, licensed or eligible to write surplus lines insurance in New Jersey are allowed to take full credit for reinsurance ceded to the listed reinsurers when collateral is posted at the minimum requirement percentage until December 31, 2021. Notice dated November 4, 2021
REPORTS - DATA CALLS & OTHER REPORTS
Illinois' Director of Insurance requests companies writing homeowners insurance to report specific data relating to claims information for dog-related incidents for two years, beginning July 1, 2023, for calendar year 2022. Company Bulletin 2021-12
UNINSURED MOTORISTS / UNDERINSURED MOTORISTS COVERAGE
New Mexico's Superintendent of Insurance issued a bulletin to all automobile insurers covering risks located in the state. Effective immediately carriers must adopt a Disclosure and an Exclusion for use in every uninsured motorist and underinsured motorist automobile policy. Instructions on language and filing are included. Bulletin 2021-024 dated November 9, 2021
WORKERS' COMPENSATION
Connecticut's Insurance Department approved the NCCI Voluntary Loss Costs, Assigned Risk Rates and Rating Values filing with changes effective January 1, 2022. WC Memorandum and Order dated October 28, 2021
Delaware's Compensation Rating Bureau (DCRB) is expanding the carriers that will be reporting for a Medical Data Call and Indemnity Data Calls beginning January 1, 2023, due to be reported by June 30, 2023. The eligibility threshold will be reduced from 1% to .5% or greater market share in Delaware. DCRB Circular No. 1009
Delaware's Insurance Commissioner approved the DCRB Amended Filing No. 2104 of workers’ compensation residual market rates and voluntary market loss costs. Detailed filing requirements are contained in the circular letter. DCRB Circular No. 1008
Kentucky's Department of Insurance announced the approval of the 2021 rate filing used to develop rates for workers' compensation coverage. Notice dated November 2, 2021
Kentucky's Labor Cabinet, Department of Workers' Claims published the discount rate used in the lump sum settlement of future periodic payments. This rate is fixed by the Commissioner each year based upon the interest rate paid for U.S. Treasury Notes. Dept. of Workers' Claims Order dated November 3, 2021
The Massachusetts Workers' Compensation Rating and Inspection Bureau finalized the Calendar Year 2020 Voluntary Assessable Premium Bases used to determine shares of the Premium Year 2020 Residual Market and Reinsurance Pool Results. WC Special Bulletin 11-21
North Carolina's Insurance Commissioner approved a Workers Compensation loss cost reference filing to become effective April 1, 2022. Any amendments to an insurer's current minimum premiums, minimum premium formula, expense constant or premium discount plan must be filed with the Department of Insurance. Proposed workers compensation residual market rates, rating values and miscellaneous values are still pending. WC Circular Letter C-21-21
Pennsylvania's Compensation Rating Bureau notifies carriers of changes to medical data call and indemnity data call eligibility requirements. These data calls are mandatory and apply to carrier groups with a predetermined market share. The eligibility threshold is reduced from 1% to .5% or greater of market share in Pennsylvania. Bureau Circular No. 1772
The Texas Division of Workers' Compensation (DWC) announces it has adopted revised DWC Forms to allow employers and insurance companies to request services and provide information about accident prevention plans and services. The new forms are on the Insurance Department website and are available for immediate use. DWC Notice dated November 9, 2021
The Texas Workers' Compensation Research and Evaluation Group at the Department of Insurance published a report on medical necessity dispute resolution trends in the Texas Workers' Compensation system. The report covers the years 2014 to 2020 and measures the frequency, outcomes, and timeliness of medical necessity disputes. Medical Necessity Dispute Resolution Trends Report issued November 2021
Wyoming amended its regulation dealing with employer overage, compliance and discount programs under the Workers' Compensation Commission rules, regulation and fee schedules. Regulation R27-14-201 +
Newsletter
Life and Health News November 2021
Life and Health News
November 2021
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 published a Q&A bulletin regarding annuity training for producers engaging in the sale of annuity products. Bulletin CB-128 (Amended)
ANNUITIES / ANNUITY CONTRACTS
Montana amended its Suitability in Annuity Transactions Act and substantially adopted the NAIC Model. New administrative rules have also been adopted. SB 363
CONFIDENTIALITY / PRIVACY
California revised a law to require a health plan or health insurer to accommodate requests for confidential communication of medical information regardless of whether there is a situation involving sensitive services or a situation in which disclosure would endanger the individual. AB 1184
CREDIT FOR REINSURANCE
Louisiana amended Regulation 56 dealing with Credit for Reinsurance and accredited reinsurers. LAC 37:XIII.3507
CREDIT INSURANCE
South Carolina's Director of Insurance approved Credit Accident and Health Insurance rates for 2022 sold in conjunction with Consumer Credit Transactions subject to the South Carolina Consumer Protection Code. Order Number 2021-02
CYBERSECURITY
Maine passed the Insurance Data Security Act effective on January 1, 2022. The Bureau of Insurance published guidance on how to comply with the standards of the law, including data security, cybersecurity events and notification to the Bureau of those events. Bulletin 462
Wisconsin's Insurance Commissioner reminds licensed carriers, agents and other entities of the Data Security Law and its requirements. The law is effective November 1, 2021, although licensees have until November 1, 2022, to comply with the Information Security Program requirements. Bulletin dated September 30. 2021
DEPARTMENT OF INSURANCE
Georgia's Insurance Department reminds all insurers and producers of their duty to respond to the Consumer Services Division within 15 business days of the date the Division sends an inquiry via email, fax, or the U.S. mail. Directive 21-EX-4
DEPENDENT COVERAGE
California requires an individual health care service plan that provides dependent coverage to make coverage available for a qualified dependent parent or stepparent beginning January 1, 2023. An insurer, a plan, or the Health Benefit Exchange must provide a HICAP written notice to an applicant seeking to add a dependent parent or stepparent. AB 570
DISASTER / CATASTROPHIC EVENT
Louisiana promulgated a regulation that establishes insurance requirements in the event an emergency or a public health emergency is declared. LAC 37:XIII.17901
HEALTH CARE EXCHANGE / MARKETPLACE
Maryland's Insurance Administration issued a bulletin providing carriers and health maintenance organizations with guidance regarding filing for an exemption from participation in the Maryland Health Benefit Exchange in 2022. Bulletin 21-25
Massachusetts issued a bulletin providing guidance regarding the open enrollment period for benefit year 2022 of the annual exchange for insured health benefit plans. Bulletin 2021-14
New Hampshire's Insurance Department issued a bulletin to clarify that health insurers selling off-exchange plans in the individual market must allow individuals to purchase health insurance coverage during the annual open enrollment period specified for the federal exchange. That enrollment period runs from November 1, 2021, through January 15, 2022. Insurers may exceed the federal open enrollment period. Bulletin INS 21-097-AB
North Dakota's Insurance Commissioner released the approved health insurance rates for both individual and small group plans for 2022. Press Release dated October 19, 2021
HEALTH INSURANCE - COMPREHENSIVE
Delaware enacted legislation to require individual and group insurance plans that are issued or renewed on and after December 31, 2021, to provide coverage for a medically necessary insulin pump at no cost to a covered individual. SB 107
Delaware informed carriers that the Governor signed SS 1 for SB 120 which relates to primary care services and achieving affordability standards. Rate filings for health benefit plans cannot include aggregate unit price growth for nonprofessional services that exceed certain amounts for the next 5 years. There are other requirements in the Department's implementation plan. Domestic & Foreign Insurers Bulletin 125
Florida's Informational Memorandum provides guidance to all health insurers and managed care organizations regarding new disclosure requirements for behavioral health care services as required under HB 701. Informational Memorandum OIR-21-01M
New Mexico's Insurance Superintendent issued a bulletin to remind carriers that COVID-19 vaccines, including booster shots, are exempt from cost sharing for enrollees. Prohibited cost sharing includes deductibles, co-insurance, and co-payments. Bulletin 2021-020
New York adopted a rule stating that every health care plan is expected to reimburse a provider offering telehealth services for audio-only visits when medically necessary. 11 NYCRR 52
MISCELLANEOUS
North Carolina passed the Financial and Insurance Regulatory Sandbox Act. This allows entities that desire to offer innovative products or services that may be currently prohibited by law to participate in a program to offer them to consumers in a test environment. HB 624
NONFORFEITURE
Oregon Insurance Department notified carriers that it is not changing the minimum interest rate for deferred annuity contracts from 1% to 0.15% although the Compact uniform standard have. Oregon has not adopted the NAIC Model 805 Standard Nonforfeiture Law. Email notification dated October 12, 2021
PHARMACY BENEFIT MANAGERS
Alabama's revisions to the Pharmacy Benefit Manager regulation are effective January 1, 2022. The changes pertain to licensing and renewals of licenses, and subsequent reporting of change information. Regulation 482-1-164-.01
REINSURANCE
Washington adopted rules to advance collateral reform relating to reinsurance and assist Washington state to maintain a competitive and secure insurance market. WAC 284-13-536
REPORTS - DATA CALLS & OTHER REPORTS
Maryland's Department of Health amended existing regulations governing the submission of healthcare data by reporting entities to the Maryland Health Care Commission. Data collection frequency may be more frequently than quarterly, and other changes were made. COMAR 10.25.06.01 through .18
RESERVE VALUATION
Alabama adopted the 2022 Version of the Valuation Manual as revised by the NAIC in 2021. Regulation 482-1-1
Newsletter
Property Casualty News October 2021
Property & Casualty News
October 2021
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
Indiana's Producer and Adjuster Licensing Division posted notice on their website that if a resident producer completes more than 24 hours of continuing education credit before the producer's renewal date, the excess or "carry-over" credit hours will be applied to the producer's next license renewal period. Certain stipulations apply. License Notice dated September 30, 2021
AGENT / PRODUCER LICENSING AND APPOINTMENT
Oklahoma's Insurance Department issued a notice to remind carriers to keep producer appointments current. It also outlines changes in updating contacts, reconciling information and other key information. 2021 Appointment Renewal Notification dated October 7, 2021
AUTOMOBILE INSURANCE
California's Consumer Privacy Act is revised to make vessel information or ownership information retained or shared between a vessel dealer and the vessel manufacturer exempt from the right of opt out under the law. AB 335
Michigan notified auto insurers there are resources that can assist them in applying the fee schedule set forth in MCL 500.3157. Bulletin 2021-37-INS
Michigan's Department of Insurance advises auto insurers it has updated its list of "Hospitals with Indigent Volume Entitled to Enhanced Auto Insurance Reimbursement." The update is retroactive for dates of servicing beginning July 2, 2021 and bills may need to be re-processed to reflect the correct reimbursement amount. Bulletin 2021-34-INS
Michigan's Department of Insurance has found that many health care providers and other persons providing product, services and accommodations payable under personal protection insurance (PIP) policies are experiencing delays in receiving reimbursement from auto insurers. The Department sets forth its expectations regarding timely and appropriate payment of benefits. Bulletin 2021-35-INS
Michigan's Department of Insurance issued a bulletin explaining that certain products, services and accommodations are allowable expenses under Personal Protection Insurance (PIP) and are subject to a fee schedule under MCL 500.3157. Other expenses must have a reasonable standard applied under MCL 500.3107. For dates of service after July 1, 2021, insurers must re-process claims immediately for all claims paid erroneously. Bulletin 2021-38-INS
Michigan's Department of Insurance reminds auto insurers that the payment of auto no-fault benefits are due upon receipt of reasonable proof of loss. Common situations of claim disputes are discussed. Bulletin 2021-36-INS
New Jersey amended its law concerning disclosure of policy limits under a Private Passenger Automobile Policy. The new section requires the Department of Banking and Insurance to publish on its website the email address of each insurer for the purpose of receiving requests for policy limit disclosures. SB 1558
Rhode Island issued a bulletin to provide interpretation for the 2021 amendments to R.I. Gen. Laws 27-7-6 dealing with auto policies with comprehensive collision coverage paying for damage to a rental vehicle. Bulletin 2021-6
Virginia's Bureau of Insurance adopted the Commercial Auto Rate filing submitted by the Automobile Insurance Plans Service Office for new and renewal policies effective on and after January 1, 2022. Administrative Order 12137
CREDIT INSURANCE
South Carolina’s Director of Insurance approved the rates for credit property insurance for 2022 sold in connection with loans subject to the South Carolina Consumer Protection Code. Order 2021-03
CYBERSECURITY
Maine's Superintendent of Insurance issued a bulletin to outline requirements of the Data Security Act which is effective January 1, 2022. Bulletin 462
Wisconsin's Insurance Commissioner informed carriers, producers, and other licensees of the new requirements related to data security. Bulletin dated September 30, 2021
LIABILITY INSURANCE
The Texas Department of Insurance modified the Texas Windstorm Insurance Association's (TWIA) petition to increase its maximum liability limits. The adjustments apply to windstorm and hail insurance policies on January 1, 2022. Final Order 2021-7013 dated October 6, 2021
MISCELLANEOUS
Georgia's Insurance Commissioner reminds insurers, agents and public adjusters they must respond to requests for information sent to them by the Consumer Services Division within 15 business days. Failure to comply may result in further regulatory action by the Department. Directive 21-EX-4
Maryland reminds insurers that the use of credit or credit worthiness as an underwriting consideration or rating factor is prohibited in homeowners insurance. For private passenger motor vehicle insurance, the use of credit, other than for rating a new policy is prohibited. An insurer cannot refuse to underwrite, cancel, refuse to renew, increase the renewal policy premium or require a particular payment plan based on credit. Bulletin 21-26
Michigan's Department of Insurance updated the List of Michigan Municipalities Participating in the Fire Insurance Withholding Program effective November 1, 2021. Edition 136 released October 1, 2021
PERSONAL LINES INSURANCE
California issued a mandatory moratorium on cancellations and non-renewals of residential property insurance for one year after a state of emergency is declared due to wildfires. Bulletin 2021-06
Louisiana established a voluntary mediation program for property and casualty and surplus lines insurers and their policyholders. This program runs to June 30, 2022 to resolve disputes on personal lines residential property claims associated with Hurricane Ida. Bulletin 2021-08
WORKERS' COMPENSATION
Arizona's Industrial Commission announced the minimum wage will increase from $12.15 to $12.80 effective January 1, 2022. The 65 cent increase in minimum wage is based on inflation increase for the period August 2020 through August 2021, as published in the U.S. Bureau of Labor Statistics' Consumer Price Index. Notice dated September 16, 2021
Arkansas revised its weekly workers' compensation rates for 2022. For accidents, the maximums in 2022 will be $790 for Total Disability and $593 for Permanent Partial Disability. AWCC Advisory 2000-1 Update
Minnesota's Deputy Commerce Commissioner announced the Workers' Compensation Assigned Risk premium level effective January 1, 2022. WC Circular Letter 21-1794
Oregon's Workers' Compensation Division informs workers' compensation insurers, self-insured employers and service companies it will resume issuing civil penalties for nonresponse to insurer delinquency reports beginning with the 4th quarter of 2021. Due to COVID-19 the Department had suspended issuing civil penalties in March, 2020. WC Notice of September 13, 2021
The Texas Division of Workers' Compensation has set the state's average weekly wage and maximum and minimum weekly benefits for dates of injury from October 1, 2021 through September 30, 2022. DWC Notice dated September 17, 2021
The Texas Division of Workers' Compensation revised and adopted Forms 081-085. DWC Notice dated October 7, 2021
West Virginia issued notice of Workers' Compensation Loss Cost by Class Voluntary Market effective November 1, 2021. WC Notice of 2021 Loss Costs dated October 6, 2021
West Virginia's Permanent Total Disability Review Board will no longer accept applications from self-insured employers or private carriers to evaluate claimants for permanent total disability benefits beginning January 1, 2022. Bulletin 21-06
Newsletter
Life and Health News October 2021
Life and Health News
October 2021
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
Rhode Island's insurance commissioner issued its state specific carrier notice requirements for renewal and discontinuance in the Rhode Island Individual and Small Group Markets. Bulletin 2021-04
ANNUITIES / ANNUITY CONTRACTS
Idaho's Insurance Director issued guidance regarding compliance with HB 79 regarding Annuity Suitability, disclosures, advertisement filing requirements and standards for policy provisions. Bulletin 21-05
AUTISM SPECTRUM DISORDERS
South Carolina notified insurers and HMOs writing accident and health coverage of an adjustment to the Autism Spectrum Disorder maximum benefit. Based on the Consumer Price Index, the adjusted maximum benefit for coverage of behavioral therapy is $62,100 beginning January 1, 2022. Bulletin 2021-07
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Illinois enacted legislation requiring certain individual life insurers notify the applicant of his/her right to designate a secondary person to receive notice of cancellation for non-payment of premium. 215 ILCS 5/235.1; SB 2112
CLAIMS / CLAIMS ISSUES
Illinois amended a law to provide that no health care recoupment or offset can be requested or withheld from future payments 12 months or more after the original payment is made (was 18 months), except in certain cases. SB 1974
CREDIT FOR REINSURANCE
Louisiana adopted the amendments to the NAIC Credit for Reinsurance Model Regulation. LAC 37:XIII Chapter 35 Reg 56
DISASTER / CATASTROPHIC EVENT
Tennessee's Insurance Commissioner issued a bulletin asking carriers to assist policyholders who suffered flooding in certain counties in Tennessee. Specific actions requested include a 60-day moratorium on cancellation and non-renewals of policies due to non-payment of premium from the date of loss, claims processing exceptions and replacement prescription refills, among others. Bulletin 21-02
DISCRIMINATION
Massachusetts reminds commercial health insurers, HMOs and Blue Cross of changes to state law and the prohibition on discriminating on the basis of gender identity or gender dysphoria. This includes medically necessary gender affirming care and related services, among other discriminatory practices. Bulletin 2021-11
GROUP HEALTH
Illinois passed a law requiring companies that issue group policies of accident and health insurance to offer such policies to local chambers of commerce. HB 3598; 215 ILCS 5/370d.1
GUARANTY ASSOCIATION
Maryland's Life and Health Insurance Guaranty Corporation regulations added health maintenance organizations as member insureds and made other minor changes. As a result, the Guaranty Corporation's Life and Health Notice form has been revised. COMAR 31.04.14.03
HIV
Massachusetts reminds entities providing health insurance to comply with recent federal guidance requiring coverage without cost sharing of Grade A and B preventive services for HIV preexposure prophylaxis (PrEP) for certain individuals from the U.S. Preventive Service Task Force (USPSTF). Bulletin 2021-09
MISCELLANEOUS
Alaska implemented OPTins (Online Premium Tax for Insurance). This is used to file documents and payments for UCAA application and amendment of additional documents, payment and market conduct exam reports, among other items. Bulletin B21-06
Louisiana Rule 12 was amended to add the use of private or commercial interstate carriers as a method that insurers and regulated entities may use for delivery of documents to the insurance department. LAC 37: XI Chapter 9
MISCELLANEOUS HEALTH / ACCIDENT
Illinois enacted a law requiring accident and health policies to provide coverage for treatment of port wine stains (nevus flammeus) in children age 18 and younger that are intended to prevent functional impairment. SB 2158; 215 ILCS 5/356z.43
Illinois passed a law requiring accident and health policies to provide coverage for medically necessary comprehensive cancer testing, and testing of blood or constitutional tissue for cancer predisposition as determined by a physician. HB 2109; 215 ILCS 5/356z.43
Maine's Insurance Superintendent reminds insurers subject to the Health Plan Improvement Act of several changes to the laws governing the payment of surprise emergency medical bills. Bulletin 460
Massachusetts issued a bulletin outlining the Division of Insurance expectations regarding continued access to telehealth services in 2021. Bulletin 2021-10
North Carolina passed a law that seeks to lower health care costs by permitting insurers to contract with exclusive provider organizations and to expand access by allowing small businesses to offer exclusive provider benefit plans. SB 228
Washington's Health Care Authority set a minimum covered person reporting threshold of 1,000 covered persons, below which a data supplier is not required to submit data to the all-payer claims database. WAC 182-70-040
West Virginia's Insurance Commissioner issued guidance on Electronic Prior Authorization forms, portals, timelines, appeals, Gold Card Program, and pharmacy benefit prohibitions at inpatient discharge. Bulletin 21-08
Wisconsin is requesting Health Plan Issuers to work with healthcare facilities facing capacity issues due to COVID-19 and workforce shortages. Specifically, carriers are being asked to remove or streamline prior authorization requirements, cover out-of-network facilities where in-network are unavailable, among other provisions for post-acute care. Bulletin dated September 22, 2021
NONFORFEITURE
Kentucky promulgated a revised regulation regarding the minimum interest rate used to calculate annuity nonforfeiture. 806 KAR 15:070
North Carolina has decreased the interest rate used in determining minimum nonforfeiture amounts for annuities from 1% to 0.15%. HB 366; 58-58-61
PHARMACY BENEFIT MANAGERS
North Carolina passed a law promoting price transparency for patients and establishing standards for the regulation and licensing of pharmacy benefit managers. SB 257
West Virginia's Insurance Commissioner reminds insurers that a pharmacy benefit manager must maintain an adequate and accessible Specialty Drug network for a health benefit plan. A network cannot be comprised only of mail-order benefits but must have a mix of mail-order benefits and physical stores in West Virginia. Bulletin 21-07
POLICY LANGUAGE
Maryland developed an amendment template that carriers can use in drafting policy form and contract updates. This applies to changes required under the Consolidated Appropriations Act of 2021 and interim final regulations issued by the Department of Health and Human Services. Bulletin 21-24
REPORTS - DATA CALLS & OTHER REPORTS
New Mexico's Insurance Department issued a data call for information related to credit life and credit accident and health insurance. Bulletin 2021-019
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