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Property and Casualty News
We are celebrating over 25 years of providing selected items of current interest to our clients and friends. The items contained in this newsletter are derived from bulletins, regulations and legislative activity affecting the insurance industry. Please feel free to share this newsletter with others that may be interested. Contact our office for further details about any of the items contained in the newsletter.
AGENT / PRODUCER LICENSING AND APPOINTMENT
Illinois will no longer mail new or renewal licenses. License alerts will be sent via email and the licensee can print the new license from a specified webpage. Bulletin 2015-12
Iowa has updated and consolidated requirements for limited/producer licenses relating to rental of vehicles and sale of portable electronics. Updates include procedures, qualifications, renewal timeframes, and violation penalties. 191-10.51
Delaware has revised the regulation relating to proof of auto insurance. Revisions include ID cards, submission of information to the DMV, and effective dates. 606 s 1.0
New Jersey enacted a new regulation regarding automobile insurance premiums. Any insurance company that charged any additional premium based on insurance points assessed against a policyholder as a result of a charge or conviction that was ordered by the court to be deleted, sealed, labeled, or corrected pursuant to the specified provisions will be required to refund those additional premiums to the policyholder upon receipt of notification of the court's order. AB 1662
Virginia has issued a new Administrative Order regarding standard forms and endorsements for commercial automobile insurance. Administrative Order No. 11996
Tennessee published a bulletin addressing credit for reinsurance ceded to unauthorized reinsurers by captive insurance companies. The bulletin provides a list (although not exhaustive) of acceptable reinsurance structures and notes that the Department retains discretion on granting credit for reinsurance to any unauthorized reinsurer on a case-by-case basis. Captives are encouraged to meet with the Department to work out arrangements. Bulletin No. 15-02
CLAIMS / CLAIMS ISSUES
Alaska issued a bulletin to answer questions regarding motor vehicle standards for prompt, fair, and equitable settlements. The standards in question were effective June 6, 2015. Bulletin B 15-11
Wisconsin enacted legislation concerning repairs to motor vehicles registered or principally garaged in Wisconsin. The bill provides that consumers have the right to select the repair facility of their choice. SB 93
CROP HAIL INSURANCE
The U. S. Department of Agriculture has amended its regulations regarding area risk protection insurance. 7 CFR Part 407.13 and 7 CFR Part 407.9
DATA CALLS / REGULATORY REPORTING
Maryland requested a data call pertaining to premiums for homeowners and private passenger auto insurance. The due date is December 16, 2015 and information relates to premiums effective February 1, 2016. Bulletin 15-29
Oklahoma issued a bulletin advising that beginning January 1, 2016, all market conduct annual statement (MCAS) filing fees must be submitted electronically to the OID on a form approved by the Commissioner. Bulletin No. PC 2015-05
FRAUD / ANTI-FRAUD
California enacted legislation to broaden its Penal Code to include insurance fraud within the definition of "criminal profiteering activity." Insurance fraud also is listed under "organized crime" under this bill. AB 160
Maine has revised the requirements for reporting fraudulent insurance acts. Effective November 25, 2015, the format requirements of the report have been replaced. Insurance Rule Ch. 920
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North Carolina enacted a regulation allowing authorized entities to use an epinephrine auto-injector in emergency situations. Definitions of authorized entities and standards are established. 90-21.15A
Wisconsin amended requirements regarding liability for damage caused by dogs. SB 286
Utah updated its regulation addressing the unfair marketing practices rule on misleading names to provide guidance to all licensees (producers, limited lines producers, consultants and insurers licensed under Title 31A of the Code). The language is changed to note that licensees must use their full legal names to obtain licensing and must notify the Commissioner of any assumed name that will be used. R590-154
Delaware published a bulletin to notify carriers of a deceptive solicitation from "Register Delaware." It states that several carriers have received "Past Due Notices" from an entity calling itself "Register Delaware" billing for "statutory representation." The Department states that this is not a legitimate invoice or official annual report. Domestic/Foreign Insurers Bulletin No. 80
MISCELLANEOUS PROPERTY / CASUALTY
Congress has amended regulations concerning the development of the commercial space industry including requirements for insurance. H. R. 2262, 51 U.S.C. s 50902, 51 U.S.C. s 50914, 51 U.S.C. s 50915
Name Change, Merger, Redomestication, Acquisition, Adding a New LOB?
Making such filings may be a one-time event for your staff and the experience
may not be used again. First Consulting’s experts can help.
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PROFESSIONAL LIABILITY INSURANCE
Nebraska has issued a new notice publishing the Insurance Director's surcharge determination for 2016 for the Excess Liability Fund. Notice of November 17, 2015
Maryland has made emergency revisions to regulations relating to public information requests. The amendments are effective November 5, 2015 through March 29, 2016. Changes include definitions, information included in a request, review of denial, and fees. Emergency COMAR 31.02.05.01
REGULATORY REPORTING REQUIREMENTS
Connecticut issued a reminder that 2015 annual statements are due by March 1, 2016. The reminder includes quarterly filing requirements and filing processes for various types of insurers. Bulletin FS-4-15
Delaware has issued a bulletin requiring filing of supplements to Schedule T of the annual statement. The supplements must be filed electronically, and show direct writing experience both in their state and nationwide. Domestic-Foreign Insurers Bulletin 81
Connecticut outlined the deadlines for financial filings for reinsurers. If all requirements are met, certificates of accreditation are renewed on June 1, 2016. Bulletin FS-4AR-15
Missouri has adopted the requirements of the System for Electronic Rate and Form Filing (SERFF) for submission of documents and reports to the Insurance Department. The adoption is effective January 30, 2016. 20 CSR 100-9.100
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SOLVENCY / FINANCIAL CONDITION
Ohio amended its hazardous financial condition standards. Rule 3901-3-04
Connecticut published a bulletin to rescind and replace PC-79 issued on July 8, 2015. It addresses provisions common in health insurance policies, but inappropriate in stop loss policies. Bulletin Number PC-80
Alaska published a new bulletin that supersedes a previous one (Bulletin B 15-02), which relates to eligible surplus lines insurers. Bulletin B 15-06
Michigan has specified that certain costs can be charged by a licensee to cover costs incurred in the placement of insurance. These charges cannot exceed $50, and a report must be filed with the Department with all charges over the allowable amount. R 500.1251
Missouri has adopted laws relating to domestic surplus lines insurers, specifically procedures for applying for a Certificate of Authority. The changes are effective January 30, 2016. 20 CSR 200-6.700
Montana has revised regulations relating to abandoned property. The revisions add and remove various definitions, remove the sample list of entities required to report/deliver abandoned property, and add a presumption of ownership section. 42.38.102
Puerto Rico has issued a new circular letter pertaining to compulsory use of online services portal for filing unclaimed funds reports. CC-2015-1867-FI
UNINSURED MOTORISTS / UNDERINSURED MOTORISTS COVERAGE
Wisconsin amended provisions regarding exemption from having to offer or include uninsured motorist, underinsured motorist and medical payments coverage in certain policies. Insurers authorized to write commercial liability policies in Wisconsin are removed from the scope of the rule. Ins 6.77
Alaska implemented emergency changes to regulations relating to Workers' Compensation, specifically establishment of a medical fee schedule. The changes were effective December 1, 2015 and expire March 1, 2016 unless made permanent. 8 AAC 45.082
Nevada has issued a new memorandum regarding the Workers' Compensation Claims Activity Report due January 8, 2016. Memo of November 12, 2015
New York has revised its reimbursement rates for psychiatric inpatient exempt units for Workers' Compensation. WC 46-821
Ohio has amended its regulation regarding payment for prosthetic device or other artificial appliances. Rule 4123-6-39
Texas has issued a new bulletin regarding the annual change to the medical fee guideline conversion factors for Workers' Compensation System Participants. Bulletin B-0029-15
It’s hard to believe that 2015 is already coming to an end.
Did you finish all of the projects that you had scheduled? Don’t let the completion of those projects delay the 2016 projects you need to be working on.
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Action such as a name change, re-domestication, acquisition, merger, or adding a new line of business requires a change in an insurance company's certificate of authority. Adding authority in a new jurisdiction requires an insurance company to file with the insurance departments. The Uniform Certificate of Authority Application (UCAA) has streamlined the filings, but the process is still time consuming. Making such filings may be a one-time event for your staff and the experience may not be used again.
First Consulting can help.
We can reduce the amount of time and effort expended. We are experienced with the UCAA and we are also familiar with the various state-specific requirements. Our services include advising what materials are needed for each state’s filing, assembly of the filings, and follow up, as necessary, to secure approval of the filings. Having First Consulting provide these services can free your staff for other functions and projects.
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E-mail or call me today for a no obligation proposal and cost estimate.