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Property Casualty News July 2021
Property & Casualty News
July 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 LICENSING AND APPOINTMENT
Arkansas Insurance Department announced that insurance exams for producers are now available to be taken remotely through third-party testing partner, PSI Services. Notice dated June 11, 2021
Nebraska's Department of Insurance announced that all insurance license applications must be submitted online. Paper license applications will no longer be accepted. Notice dated June 14, 2021
AUTOMOBILE INSURANCE
Maine enacted legislation that relates to persons excluded by endorsement from coverage on an automobile policy that constitutes proof of financial responsibility. Such person must be listed on the evidence of insurance or financial responsibility (insurance cards) as a person excluded by the policy. HP 749
Maine passed a law to improve fairness in auto insurance claims. If an insurer uses the value of a comparable motor vehicle to assess the value of a damaged motor vehicle, then the comparable motor vehicle must be in the eastern states of Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island or New York. HP 854
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Louisiana enacted legislation relating to cancellation and reinstatement by an insurer of a casualty insurance policy. An insurer that issues a notice of cancellation on an insurance policy that provides casualty coverage and later continues or reinstates that insurance policy must make specific notifications. Notice of reinstatement must be sent to every policyholder, producer, or other known person having an interest in any loss under the policy and who received the notice of cancellation. SB 42
Texas enacted a law regarding private passenger automobile insurance and an insurer's nonrenewal of such coverage due to an insured's failure to cooperate in a claim investigation, settlement, or defense. The law provides details concerning the written notice that must be given to the named insured. SB 1692
CLAIMS / CLAIMS ISSUES
Louisiana amended a claims payment law which requires a carrier to issue a copy of its field adjuster report, relative to the insured's property damage claim, within 15 days after the insured requests it. HB 585
COMMERCIAL LINES INSURANCE
Louisiana enacted a law regarding property insurance deductibles for named storms, hurricanes, wind and hail. SB 70
CORPORATE GOVERNANCE
Maine enacted a law requiring domestic, publicly held corporations to comply with board of directors gender parity requirements beginning June 1, 2023. HP 878
CREDIT FOR REINSURANCE
Oregon adopted the NAIC model law regarding credit for reinsurance. HB 2045
CYBERSECURITY
Connecticut amended its law dealing with data privacy breaches to expand the types of information subject to data breach notification to a consumer and the attorney general. These include many items not previously in the law such as certain email addresses, taxpayer ID number, passport number, and military identification number, etc. The time to send notice of breach is reduced from 90 to 60 days after discovery of the breach. HB 5310
Hawaii adopted the NAIC Data Security Model Law. SB 1100
New York issued Ransomware Guidance to all New York regulated entities. Each company is asked to implement the controls outlined in the Guidance to the extent possible to address the risk of ransomware attacks. Filing Guidance of June 30, 2021
West Virginia Insurance Department issued a ransomware Cybersecurity Alert to increase awareness and inform of several mitigation strategies to help reduce the risk of a ransomware attack. Companies are urged to discuss the ransomware threat and review corporate security and business continuity plans. Bulletin 21-05
DISASTER / CATASTROPHIC EVENT
Ohio's Superintendent of Insurance issued a Bulletin encouraging insurers to continue providing premium flexibility to insureds during the COVID-19 global pandemic. Premium flexibility includes providing a grace period, offering payment accommodations such as deferring payments at no cost, extending payment due dates, or waiving late or reinstatement fees. No enforcement action with respect to filed forms and rates will be taken if insurers adjust their policies and practices to provide the flexibility outlined in the bulletin. Bulletin 2021-03
DISCRIMINATION
Connecticut amended its Unfair Insurance Practices law dealing with insurance discrimination. A P&C carrier cannot discriminate against an individual in issuing, renewing, amending, endorsing, or cancelling a policy, or setting premiums because the individual has been a victim of domestic violence. HB 6590
ELECTRONIC TRANSACTIONS
Illinois replaced their Electronic Commerce Security Act with the Uniform Electronic Transactions Act. This law allows an electronic record to be used if the law requires a record be in writing. It also allows a electronic signature to be used if the law requires a signature. SB 2176
MISCELLANEOUS
Michigan's Department of Insurance and Financial Services published a bulletin informing carriers that using zero-dollar claims as a proxy for loss history is not permitted. Some carriers are increasing premiums, negatively underwriting or refusing to renew coverage on the basis that an insured inquired about policy provisions such as collision deductible, etc. Carriers are encouraged to self-report existing underwriting rules or rates based on zero-dollar claims and file rule or rate revisions by July 30, 2021. Bulletin 2021-27-INS
ORSA: OWN RISK AND SOLVENCY ASSESSMENT
New Mexico promulgated a rule providing requirements for maintaining a risk management framework and completing an own risk and solvency assessment. It also provides guidance and instructions for filing an own risk and solvency assessment with the Superintendent. This rule applies to insurers domiciled in New Mexico. 13.2.11.1 NMAC
POLICY LANGUAGE
Oregon's Insurance Commissioner issued a Bulletin giving guidance to carriers regarding exclusionary language relating to the possession or use of controlled substances. Bulletin 2021-4
TRAVEL INSURANCE
Connecticut enacted a law which prohibits a travel insurance policy from excluding coverage because the insured's spouse, child, dependent relative who resides in the insured's household or traveling companion dies by suicide. SB 89
Maine enacted an extensive travel insurance law covering Maine residents. It covers eligibility, underwriting, benefits, disclosures, filing and approval of forms, sales practices and producer licensing. SP 506
WORKERS' COMPENSATION
Arizona's Industrial Commission adopted the maximum average monthly wage for injuries occurring during calendar year 2022. Notice dated June 17, 2021
California Workers' Compensation Insurance Rating Bureau issued a bulletin regarding amendments to Standard Forms and Advisory Policyholder Notice. This deals with a farm schedule endorsement and an independent contractor policyholder notice, in addition to updated underwriting notes. Filing instructions are included. WCIRB 2021-10
Iowa Division of Workers' Compensation published a booklet providing information and guidelines in handling workers' compensation claims to be used for the period July 1, 2021 through June 30, 2022. Ratebook 2021-2022
Kansas published the Maximum Benefit for Workers' Compensation claims for the period July 1, 2021 through June 30, 2022. The mileage reimbursement rate was also published and takes effect January 1, 2022. WC Notice of Maximum Benefit and Mileage date June 18, 2021
Louisiana changed its requirement that a carrier must retain the services of a Louisiana domiciled independent claims adjusters to simply retaining the services of a claims adjuster who possesses a Louisiana license. HB 74
Nevada's Division of Industrial Relations of the Department of Business and Industry adopted an Actuarial Annuity Table. The factors in this table are applied to awards for monthly permanent partial disability to calculate lump-sum settlements. This table is effective July 1, 2021 through June 30, 2022. Notice dated June 24, 2021
Newsletter
Life and Health News July 2021
Life and Health News
July 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 LICENSING AND APPOINTMENT
Texas increased the time that a temporary agent license is valid from 90 days to 180 days. This law also sets forth when the department of insurance can deny a temporary license application. HB 2819
ANNUITIES / ANNUITY CONTRACTS
Texas enacted legislation changing the interest rate used in determining the minimum nonforfeiture amount for annuity contracts. This bill also revised the existing annuity law to require an agent to act in the best interest of the consumer when making a recommendation of an annuity. An insurer must establish and maintain a system to supervise those recommendations. HB 1777
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Utah issued a bulletin extending the compliance date on SB 79 by six months to November 5, 2021.SB 79 required insurers to demonstrate proof of delivery prior to termination of life insurance coverage, which includes a certified mail receipt, or an electronic read receipt. Bulletin 2021-3(a)
CLAIMS / CLAIMS ISSUES
Colorado changed its child support law and added life and annuities to the list of insurance claim payments that are subject to administrative lien and attachment. HB 1220
CYBERSECURITY
Louisiana published a revised bulletin clarifying those carriers and entities that must develop and maintain a comprehensive written information security program by August 1, 2021. Bulletin 2021-04 (Revised and Reissued)
Texas modified cybersecurity provisions requiring additional information to be included in the notice of a security breach. HB 3746
DENTAL INSURANCE
Louisiana enacted legislation dealing with dental provider network leasing and administration. HB 387
New Mexico issued a new rule that contains minimum standards and sales practices relating to dental and vision plans. Regulation 13.10.35.1 NMAC
HEALTH CARE EXCHANGE / MARKETPLACE
CMS published FAQs regarding implementation of the Affordable Care Act Implementation, Part 46. These questions relate to limitations on cost sharing. CMS Notice dated June 4, 2021
Colorado has changed the requirements for the Colorado Supplement to the Summary of Benefits and Coverage form. Regulation 4-2-20
HEALTH INSURANCE – COMPREHENSIVE
Kentucky's Insurance Department issued an Advisory Opinion clarifying those items an insurer must cover, without patient cost, for a "complete colorectal cancer screening." Advisory Opinion 2021-0001
Louisiana amended the Health Care Consumer Billing and Disclosure Protection Act to allow a health insurer to pay a claim and consider a provider to be in-network in certain circumstances even though the provider is not yet credentialed. HB 595
Louisiana enacted legislation requiring a health insurer to cover several types of genetic or molecular testing for cancer. SB 84
Louisiana has changed the types and frequencies of mammograms which must be covered by a health insurance plan. SB 119
New Mexico updated its utilization review, prior authorization, and notice of adverse determination requirements. Rule 13.10.17.11 NMAC
North Carolina has added a new requirement on a health benefit plan member's ID card. The words, "fully insured" or "self-funded" must be on each card. This enables the DOI to know if they can provide assistance regarding regulation of the plan. SB 248
Texas passed a law expanding the testing or screening that must be covered as a minimum under a health benefit plan for ovarian cancer. Effective January 1, 2022, a health plan must cover a CA 125 blood test, a pap smear or screening using liquid-base cytology methods, alone or in connection with HPV and any other test or screening approved by the U.S. Food and Drug Administration for the detection of ovarian cancer. HB 428
PHARMACY BENEFIT MANAGERS
Connecticut requires a pharmacy benefits manager to give credit for any discount or payment made by a third party for the amount of the coinsurance, copayment, deductible or other out of-pocket expense for the prescription drug benefit. SB 1003
Oklahoma's Insurance Department informed Health Insurers and Pharmacy Benefit Managers (PBMs) that the DOI will begin enforcing the Patient's Right to Pharmacy Choice Act, 36 O.S. 6958, for violations occurring on and after September 1, 2021. Legal actions were pending on this law and the 10th Circuit Court of Appeals is allowing enforcement of this law. PBM Notice dated May 28, 2021
Tennessee has a new law prohibiting PBMs and health insurance issuers reimbursing a 340B entity less than the rate paid for drugs dispensed by a pharmacy that is not a 340B entity. The law also contains requirements for the calculation of coinsurance or deductible for prescription drugs, disclosures to an enrollee, as well as other requirements. It does not revise the PBM licensing law. HB 1398
Texas enacted a new law relating to the contractual relationship between a pharmacist/pharmacy and a health benefit plan or pharmacy benefit manager (PBM). This does not impact licensing of a PBM. It prohibits reduction of certain claim payment amounts, reimbursement, network contract fee schedules, delivery of drugs, and other requirements. HB 1763
REGULATORY REPORTING REQUIREMENTS
Texas enacted an extensive all payor claims database reporting and healthcare cost disclosure law. This impacts health benefit plan issuers and third-party administrators. HB 2090
RESERVE VALUATION
Alabama promulgated a revised rule regarding individual and group health insurance (accident and sickness) reserves. The regulation sets forth minimum standards for claim reserves, premium reserves and contract reserves in accordance with the Standard Valuation Law. Rule 482-1-134
Pennsylvania notified life insurers and fraternal benefit societies that Principle-Based Reserving (PBR) was previously optional for life insurance contracts issued after January 1, 2017 but will be mandatory for certain types of life insurance contracts issued on and after January 1, 2020. Exemptions for domestic companies can be requested under certain circumstances. Notice dated May 28, 2021
RISK RETENTION GROUPS
Alabama adopted a new rule clarifying the Alabama code sections applicable to Captive Risk Retention Groups. Rule 482-1-138-.17.1
Newsletter
Property Casualty News June 2021
Property & Casualty News
June 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!
AUTOMOBILE INSURANCE
Michigan issued a bulletin clarifying choices made by an insured regarding the dollar limit for PIP medical coverage under a no-fault auto policy. A carrier must issue/renew a policy at the $250,000 limit for PIP medical benefits without the exclusions if the applicant/insured requested this even if he/she fails to provide requisite proof of Qualified Health Coverage. Bulletin 2021-25-INS
Nevada passed a law that requires insurance companies to offer uninsured and underinsured vehicle coverage in policies that cover motorcycles. Carriers must also offer the option of covering certain medical expenses in policies that cover motorcycles. AB 130
North Carolina's Reinsurance Facility has filed with the Insurance Commissioner revised territory definitions for Commercial Auto, adopting zip code rating under the Facility's Commercial Automobile Manual. The revised definitions become effective October 1, 2022. Circular Letter RF-21-5
Texas passed a law dealing with liability coverage under a personal automobile insurance policy for a temporary vehicle provided to an insured by an automobile repair facility. HB 1787
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
New Hampshire amended its law to allow carriers writing automobile insurance, certain property and liability insurance, and commercial insurance to electronically deliver a cancellation or refusal to renew notice when certain requirements are met. HB 520
CREDIT FOR REINSURANCE
Texas amended its reinsurance law to allow credit for reinsurance ceded to certain eligible assuming reinsurers who are in a reciprocal jurisdiction. HB 1689
CYBERSECURITY
Virginia promulgated the Insurance Data Security Risk Assessment and Reporting Regulation which sets minimum standards for risk assessment and security standards required of all licensees. 14 VAC 5-430-10
DISCRIMINATION
Colorado passed a law making it a discriminatory practice for an auto insurer to non-renew or refuse to write coverage because of gender identity or gender expression. HB 1108
FINANCIAL REGULATION
New Jersey amended its Annual Financial Reporting rule to include definitions of audit committee and internal and external audits to reflect the NAIC model. The law sets forth details of required audits. Rule NJAC 11:2-26.2
LIABILITY INSURANCE
Iowa enacted a law allowing personal delivery devices. This device is manufactured for transporting cargo and goods in a pedestrian area and is equipped with automated driving technology that enables the operation of the device with the remote support and supervision of a natural person. A general liability insurance policy of not less than $500,000 for damages is required for this device. HF 304
Oregon enacted a new law requiring an insurer to notify a claimant at the time it pays $5,000 or more to settle a third-party liability claim. Requirements and parameters are spelled out in the statute. SB 180
PERSONAL LINES INSURANCE
Nevada has a new law applicable to homeowner's insurance, renter's, mobile home and umbrella policies. An insurance company cannot refuse to issue, cancel, refuse to renew or increase a premium rate solely on the basis of a specific breed or mixture of breeds of a dog harbored or owned on a property. A carrier cannot ask about specific breed and can only ask if the dog is known to be dangerous or vicious. SB 103
THIRD PARTY ADMINISTRATORS
Washington revised the Workers' Compensation Self-insurance Rules and Regulations dealing with TPAs who administer workers' compensation claims for a self-insured employer. A TPA must be licensed by the Department of Labor and Industries. Every person who makes claim decisions must be a certified claims administrator or in the process of getting that certification. Other requirements are also included. WAC 296-15-001, 296-15-350
TRADE PRACTICES
Nevada has expanded penalties for certain unfair trade practices such as those directed toward an elderly person or a person with a disability. AB 61
TRAVEL INSURANCE
South Carolina revised its travel insurance law to issue a limited lines travel insurance producer license, and to add travel insurance to the inland marine insurance definition. Many other new requirements are included. SB 435
WORKERS' COMPENSATION
Alabama changed its occupational disease requirements for a firefighter to add that if a firefighter dies of cancer within 10 years of the last date of employment he/she will be considered to have been killed in the line of duty for death benefits. HB 532
Iowa's Division of Workers' Compensation published the annually adjusted amounts of the Maximum and Minimum Weekly Benefit for the next year ending June 30, 2022. The maximum weekly benefit amount depends on the type of workers' compensation benefit. Notice of Weekly Minimum and Maximum Rates 2021 dated June 1, 2021
Minnesota Department of Commerce has approved new injury description codes for adverse reaction to vaccination for COVID-19 and other diseases. WC Circular Letter No 21-1787
Montana Department of Labor and Industry, Workers' Compensation Section, announces the permanent total disability benefit cost of living increase. Notice dated June 2, 2021 (2)
Montana Department of Labor and Industry, Workers' Compensation Section, has adopted the state's average weekly wage for fiscal year 2022. Notice dated June 2, 2021 (3)
Montana Workers' Compensation Section of the Department of Labor and Industry announces the adoption of the average rate for U.S. 10-year treasury bills. This rate is used for discounts and amortization calculations. Notice dated June 2, 2021 (1)
New Jersey issued a Workers’ Compensation Medical Data Call. Member groups with total standard premium volume of 1% or more of the statewide total (based on the latest New Jersey Mid-Year Report of Premiums) are required to participate. Circular Letter #2009
New York requires a carrier, self-insured employer, TPA or Special Funds to furnish workers' compensation indemnity or death benefits by direct deposit if the worker or person entitled to a death benefit elects to receive benefits by direct deposit. The forms to elect to receive payment by direct deposit must be displayed on their websites along with instructions for submission of the form. 12 NYCRR 300.26
New York Workers' Compensation and Employers' Liability Manual has been revised to incorporate Department of Financial Services changes to classification codes. Bulletin R.C. 2539
Oregon notified workers' compensation carriers, self-insured employers and vocational assistance providers of the updated cost-of-living matrix and fee schedule for vocational assistance expenditures. It also sets forth the new state average weekly wage. This bulletin contains forms, examples, checklists and a chart for insurers. Bulletin 124 (Revised)
Pennsylvania's Compensation Rating Bureau has approved Basic Manual revisions to Section 1, Rule IX, H. Pennsylvania Construction Classification Premium Adjustment Program (PCCPAP) effective October 1, 2021. This applies to new and renewal business. The Circular lists the complete PCCPAP credit table. PCRB Circular No. 1764
Pennsylvania's Insurance Commissioner approved PCRB Filing No. 323 which revises two components of the Workers’ Compensation Manual of Rules, Classifications and Rating Values for Workers Compensation and for Employers Liability Insurance (Basic Manual), Experience Rating Plan. PCRB Circular No. 1765
Newsletter
Life and Health News June 2021
Life and Health News
June 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
Arkansas published a bulletin outlining the agent training requirements under the Suitability in Annuities Rule 82. Bulletin 7-2021
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Utah issued a bulletin giving insurers guidance on new proof of delivery requirements when an insurer sends notice of life insurance policy termination to an insured. Bulletin 2021-3
CLAIMS / CLAIMS ISSUES
Washington enacted a law that requires an insurance company that issues either a one-time lump sum or installment payment that is over $500 directly to a claimant for a bodily injury, wrongful death, workers' compensation or life insurance claim to verify if the claimant owes past-due child support. The insurer must withhold the specified amount and submit it within 20 days of receiving confirming information. HB 1416
CREDIT FOR REINSURANCE
Kansas implemented the updated NAIC Credit for Reinsurance Model Regulation by placing it into a statute. SB 78
CYBERSECURITY
Iowa passed the Insurance Data Security Act which establishes state standards for data security as well as the investigation and notification of cybersecurity events. HF 719
Tennessee passed the Insurance Data Security Law. It establishes standards for security of data, investigations of cybersecurity events, and reporting of cybersecurity events to the DOI. HB 766
DENTAL INSURANCE
New Mexico promulgated a new rule outlining minimum standards for individual and group dental and vision plans. This rule applies to group plans sold to a New Mexico resident under a master policy delivered outside the state. 13.10.35 NMAC
DEPARTMENT OF INSURANCE
Georgia has established a Company Address Change Portal as a convenience for carriers to change certain required addresses and contact information. Bulletin 21-EX-7
DISCLOSURE REQUIREMENTS
Rhode Island issued a bulletin providing the Life Insurance Buyer's Guide which should be used for compliance with Life Insurance Disclosure Regulation 230-RICR-20-25-3 for individual life insurance. Bulletin 2021-4
DISCRIMINATION
Colorado passed a law protecting individuals in need of organ transplants from discrimination due to disability. This law makes it unlawful for health insurance carriers to deny, decline or limit coverage for an organ transplant or related treatment or services if the insured is a “qualified recipient.” HB 1169
Washington passed the Gender Affirming Treatment Act dealing with health insurance discrimination. This law prohibits a health carrier from denying or limiting coverage for gender affirming treatment under certain circumstances. SB 5313
ESSENTIAL HEALTH BENEFITS
CMS published the Final 2022 Actuarial Value Calculator Methodology for Essential Health Benefit non-grandfathered health insurance plans offered in the individual and small group markets, both inside and outside of the Exchanges. This is used for the purpose of determining levels of coverage for bronze, silver, gold and platinum plans. CMS Notice dated May 6, 2021
GROUP HEALTH
Wisconsin issued a bulletin to update carriers and agents regarding premium assistance benefits under the American Rescue Plan Act of 2021. The responsible party for payment of premiums shifted from employers to insurers who will receive a tax credit against Medicare taxes. This applies to employees who experience a qualifying event and are eligible for continuation of their group health insurance. Bulletin dated May 20, 2021
HEALTH INSURANCE - COMPREHENSIVE
Rhode Island passed a law requiring carriers to cover prostate and colorectal preventive screening examinations and laboratory tests for cancer for non-symptomatic persons in accordance with the American Cancer Society Guidelines. Carriers cannot impose cost-sharing on the coverage when the services are delivered in-network. HB 5432
MENTAL HEALTH PARITY
Montana amended its law dealing with carriers who provide mental health or substance use disorder benefit. New definitions as well as new reporting and recordkeeping requirements are included. Self-funded multiple employer arrangements are also subject to the newly enacted requirements. SB 216
MISCELLANEOUS
Arizona passed the Genetic Information Privacy Act. This law prohibits Direct to Consumer Genetic Testing companies from disclosing a consumer's genetic data to any entity offering life insurance, health insurance or long term care insurance or to any employer of the consumer. HB 2069
West Virginia enacted the Air Ambulance Patient Protection Act. Air ambulance membership agreements or subscriptions that promise to pay or reimburse co-pays, deductibles or cost sharing amounts, are declared to be the business of insurance and require a valid license issued by the DOI. HB 2776
NONFORFEITURE
Arizona changed its Model Standard Nonforfeiture Law for Individual Deferred Annuities. The minimum interest rate used to determine nonforfeiture amounts has reduced from 1% to .15%. SB 1495
Oklahoma reduced the interest rate used to calculate minimum nonforfeiture amounts for life insurance and annuities. SB 529
PHARMACY BENEFIT MANAGERS
Alabama amended its Pharmacy Benefits Manager law to require a PBM licensed previously to apply for a new license. It also lists several prohibited actions on the part of a PBM involving reimbursement rates for pharmacies, network participation and patient's choice of pharmacies. SB 227
Arkansas passed a law that requires written consent of a patient to transfer a prescription from a pharmacy. Disclosure of possible conflicts of interest in ownership of the PBM is required by a PBM, carrier, hospital, physician or pharmacy. Data mining of patient information is prohibited, and other prohibitions are included. SB 617
Maryland amended its law dealing with Pharmacy Benefit Managers to add new definitions, prohibitions and required disclosures. The law contains certain provisions applicable only to PBMs that provide services on behalf of a carrier. HB 601
Wisconsin's Insurance Commissioner issued a bulletin regarding the new Pharmacy Benefit Manager law recently passed. It points out required disclosures, reporting, cost-sharing limitations, audits and licensing. Carriers and PBMs are advised to carefully review the law to determine which provisions apply to their company. Bulletin dated May 12, 2021
SUITABILITY
Montana updated its law to conform with the NAIC Suitability in Annuity Transactions Model Law requiring producers and carriers to act in the best interest of the consumer. SB 363
TRADE PRACTICES
Georgia enacted the Noncovered Eye Care Services Act. This law details certain actions by a health care insurer that constitute unfair trade practices. SB 43
Indiana amended its law to allow certain activities to be exempt from the rebate prohibition under the trade practice law. These activities include giving gifts to potential clients not exceeding $250 a year and a drawing where the value of the prize does not exceed $500, plus other activities in the marketing for sale or retention of a contract of insurance. Neither of these gifts can be in the form of cash. HB 1405
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