Property & Casualty News December 2011

First Consulting is pleased to provide this brief review of selected items that may be of current interest to clients and friends.  Please feel free to copy it for distribution to your staff.  Contact us for more details about any item.  We welcome your comments and suggestions on this letter.  To contact us call 800-927-2730 or email us at Inquiry@firstconsulting.com


ANNUAL STATEMENTS

Maryland issued a bulletin to remind Insurers of the requirement to file a Certificate of Compliance with the Annual Statement.     Bulletin No. 11-32


AUTOMOBILE INSURANCE
California issued an advisory notice providing information regarding amendments to the Principally At-Fault Regulation effective 12-11-2011.     Advisory Notice Regarding Principally At-Fault Regulations

The District of Columbia amended regulations concerning taxicab and limousine insurance requirements.     31 DCMR 900; 31 DCMR 901; 31 DCMR 905; 31 DCMR 906; 31 DCMR 907; 31 DCMR 999


AUTOMOBILE INSURANCE - REPORTING REQUIREMENTS
Nebraska amended insurer reporting requirements relating to the Motor Vehicle Insurance Database.     247 NAC 15-004


CAPTIVE INSURERS
Connecticut made several changes to laws regarding captive insurers.     House Bill 6801


COMMERCIAL INSURANCE - LARGE COMMERCIAL INSUREDS
New York issued a Circular Letter to provide guidance and clarification to all insurers licensed to write special risk insurance.   The Circular Letter describes the new "class 3" special risk insurance exemption and provides requirements concerning certificates of insurance, policy forms and filing instructions for class 3 risk submissions.     Circular Letter 2011-10


DISASTER AND EMERGENCY OPERATIONS
Missouri issued a bulletin regarding property loss claims following the Joplin tornado and standards for prompt, fair and equitable settlement of claims.     Insurance Bulletin 11-06


FILING REQUIREMENTS
Illinois issued a bulletin regarding the mandatory use of SERFF for property and casualty form and rate filings effective 1-1-2012.     Bulletin 2011-14


HOMEOWNERS' INSURANCE
Delaware issued a bulletin to provide guidance regarding arbitration of disputes involving homeowners' insurance coverage.     Domestic/Foreign Insurers Bulletin No. 47

New Jersey amended regulations concerning cancellation and nonrenewal underwriting guidelines for homeowners' insurance.     NJAC 11:1-20.4


MISCELLANEOUS
Delaware issued a bulletin to provide guidance regarding the implementation of the Civil Union and Equality Act of 2011.  The bulletin states that companies should notify policyholders, insureds and potential policyholders and insureds as to compliance with this Act through information on all policy forms, applications or other materials provided or made available to policyholders, insureds or potential policyholders or insureds.     Domestic/Foreign Insurers Bulletin No. 46


Montana amended requirements for insurance policies issued to motor carriers to increase the required amounts of liability insurance.     38.3.706

Montana issued an Advisory Memorandum regarding the use of FBI crime data in determining rates and/or premiums.     Advisory Memorandum of November 21, 2011

Ohio adopted a new rule regarding conduct by insurance license applicants and licensees that warrants suspension, revocation, or refusal to issue or renew an insurance license, assessment of a civil penalty, or imposition of other sanctions.     3901-5-12 (replaces 3901-1-40)


PRODUCERS
Nebraska issued a Notice announcing that effective 5-1-2012, the state will no longer require the licensing of branch offices for licensed insurance agencies.  The Notice provides that branch offices may be registered with the department by the licensed agency and the department will record the branch location and phone number.  The agency will be required to maintain a list of branches and licensed producers within the branch location; however, a separate license is no longer required.     Notice of November 2011

North Carolina issued a memorandum regarding the 2012-2013 company appointment renewal billing process.  Due dates for termination entry and invoice payment are provided.     Memorandum 11-18-2011


WORKERS' COMPENSATION ASSESSMENT
Oregon amended its rules regarding assessments effective 1-1-2012.     OAR 440-045-0020 and OAR 440-045-0025


 Compliance Resources at your Fingertips

Are you aware of the free compliance resources that First Consulting makes available to you?

At First Consulting & Administration, we know that keeping up with the ever-changing laws and regulations applicable to insurance is time-consuming and challenging.  That is why we have made available complimentary research on our website (click here to access).  This research addresses a variety of topics, including:

  • P&C Application Filing Requirements
  • Property & Casualty Signature Page Requirements for both Commercial and Personal Lines
  • And more!
     

Contact me or any First Consulting associate for more information if you have questions about these resources or any other First Consulting services. 

Sean Cox
sean.cox@firstconsulting.com
816-391-2737 or 800-927-2730  


UCAA Expertise

First Consulting is experienced with the Uniform Certificate of Authority Application (UCAA). We can assist your Company with applications for approval of a:

  • Name Change
  • Redomestication
  • Acquisition
  • Merger
  • Additional Line of Business
  • Authority in an Additional Jurisdiction
     

Contact John Palmer or Scott Sheffer for more details.

John Palmer                                                           Scott Sheffer
John.palmer@firstconsulting.com                       scott.sheffer@firstconsulting.com
816-391-2744                                                         816-391-2742