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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 CONTINUING EDUCATION
Oklahoma has amended its regulation regarding continuing education for earthquake insurance. 365:25-3-1 and 365:25-3-14
AGENT / PRODUCER LICENSING AND APPOINTMENT
Arkansas extended the deadline for agencies unable to renew by September 30, 2015. All agency licenses set to expire September 30th are extended to October 31, 2015. Bulletin 12-2015
Colorado revised some licensing and examination requirements relating to producers, education course providers, and insurance agencies. Revisions include fee schedules, effective dates, and clarification of definitions. The changes are effective November 15, 2015. 3 CCR 702 Reg. 1-2-10 dated 7-29-2015
Michigan will begin administrative proceedings, pursuant to the Administrative Procedures Act, against producers who engage in "sliding". Sliding is failing to disclose details and obtaining informed consent from the insured to purchase all products and services being included in an insurance transaction. Bulletin No. 2015-21-INS
Colorado enacted legislation relating to automobile coverage, specifically private passenger auto coverage and notification of step-down provisions within a policy. 3 CCR 702 Reg. 5-2-17 dated 7-15-2015
Michigan has set the maximum work loss benefit as $5,398 per 30-day period for motor vehicle personal protection policies. Bulletin No. 2015-20-INS
Virginia has issued an administrative order amending the Virginia Automobile Insurance Plan Manual to change references of "husband and wife" to "married couple." Administrative Order No. 11990
Oklahoma updated its annual reporting requirements for captive insurance companies to provide requirements for when a company elects to file its annual report on a fiscal year basis. 365:25-15-2
CLAIMS / CLAIMS ISSUES
Rhode Island has issued a new bulletin which relates to the Auto Body Labor Rate Survey Reports. Bulletin 2015-7
California enacted legislation to have insurers submit a Corporate Governance Annual Disclosure; require holding company systems to register with the commissioner and file capital structure and general financial information as well as specified transactions between the insurer and its affiliates; and authorize the commissioner to act as groupwise supervisor for any internationally active insurance group. AB 553
DATA CALLS / REGULATORY REPORTING
New Jersey has issued a new bulletin regarding data call for private passenger auto insurers to complete the DOI's annual premium survey. Bulletin 15-05
South Carolina has issued a data call relating to the flood that began on October 1, 2015. The data call was issued on October 14 and the due date was October 19. It applies to P&C insurers, including eligible surplus lines and insurers that write flood coverage. The spreadsheet for reporting is available on the Department's website. Bulletin 15-05
Vermont has adopted new insurance regulations regarding electronic delivery of insurance notices to policyholders for property and casualty insurers. Regulation 2014-1 dated 4-8-2015
FILING REQUIREMENTS / PROCEDURES
New Mexico has amended its regulation regarding the requirement for biographical affidavit concerning the directors and principal operating officers for foreign or alien insurers. Bulletin No. 2015-025
Wisconsin has issued a new bulletin regarding revised reporting requirements for insurers that are part of an insurance holding company system. Bulletin dated September 8, 2015 (A) indicating no action is required.
Kentucky has revised the requirements for home inspector licensing. Revisions include procedures for background investigations, training courses and online renewal as it relates to continuing education. 815 KAR 6:010 Dated 05-15-2015
Texas has issued a bulletin to all property and casualty insurance companies summarizing selected bills enacted during the 84th Legislature. Insurers should review each bill listed and make the appropriate filings to amend rates, policy forms or underwriting guidelines. Bulletin B-0020-15
NOTICE TO INSUREDS
Massachusetts has enacted requirements for a new notice for flood insurance coverage which must be provided at the time of application. A copy of the notice is attached to the bulletin or can be obtained from the Department's website. Bulletin 15-07
Alabama has modified the legislation relating to windstorm damage mitigation discounts. The revisions expand eligible properties, and expects another bulletin in 2015 with further changes. Bulletin 2015-05 09-18-15
Delaware has prohibited price optimization and charging unfairly discriminatory rates by insurers. Insurers must comply with the bulletin by December 15, 2015 via a SERFF filing if they do not currently comply, and the effective date must be no later than April 1, 2016. Failure to comply will result in administrative action. Domestic-Foreign Insurers Bulletin 78
Montana has issued an advisory memorandum stating that price optimization is an unfairly discriminatory rating practice. 33-16-201 and 33-18-210
Arkansas addressed questions relating to surplus lines brokers, specifically allowable underwriting expenses. The bulletin addresses the 20% aggregate limit for fees and the Department's interpretation of the expenses allowed to be charged. Bulletin 14-2015
New Jersey has amended its regulation regarding premium reports that surplus lines insurers must maintain on file with the department of insurance. NJAC 11:19-3.1 Dated 06-16-2014
Oklahoma has issued a notice informing all licensed surplus lines licensees and brokers of the addition of statutes to the Unauthorized Insurers and Surplus Lines Insurance Act. Notice Surplus Lines Insurance Act
TITLE INSURANCE / AGENTS
Texas has issued a new bulletin regarding timing and implementation of the House Bill which enacts significant changes to the issuance and renewal of escrow officer licenses and continuing education procedures for title insurance. Bulletin B-0022-15 and HB 2491
New York has issued an emergency measure regarding ambulatory surgery services for workers' compensation. 12 NYCRR 329.1 Dated 08-31-2015
Rhode Island has amended its regulation regarding its maximum weekly workers' compensation rates. Regulatory Activity Notice of Maximum Weekly Compensation Rates 2015
Tennessee has amended its workers' compensation appeals of utilization review decision section. 0800-02-06-.07
Virginia has approved the National Council on Compensation Insurance (NCCI) request to amend the Manual of Rules Classifications and Rates for Writing Workers' Compensation Insurance. Administrative Order No. 11991
Virginia has issued a new Administrative Order concerning elimination of the anniversary rating date for Workers' Compensation insurance. Administrative Order No. 11992
West Virginia has published the NCCI's workers' compensation advisory loss costs by class in the voluntary market for all classifications. WC Notice of 2015 Loss Costs
West Virginia has published the workers' compensation assigned risk rates by class. WC Notice of 2015 Assigned Risk Rates
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Carol Stern, FLMI, AIRC, ACS