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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.
California issued a notice to public adjusters, insurers and other interested parties regarding amendments made to the public adjuster license law. Licensing Notice dated December 15, 2016 (B)
AGENT / PRODUCER LICENSING AND APPOINTMENT
California issued a notice regarding statutory limits on taking insurance license examinations. The number of times individuals are allowed to take an insurance license exam in a 12-month period is now limited to 10. Licensing Notice dated December 15, 2016 (A)
Wyoming amended its regulations governing insurance company appointments of producers. Ch. 16 s 1 +
Nebraska made several changes to its motor carrier rules and regulations including minimum limit changes for underinsured and uninsured motorists coverage. 291 NAC 3-006.01+
New Jersey amended its requirements regarding insurance identification cards for automobile insurance. NJAC 11:3-6.1
New Jersey issued a bulletin regarding the annual premium survey for Private Passenger Automobile Insurers. The survey should be completed on or before February 1, 2017 and should reflect the annual premiums effective as of October 2016. Bulletin 16-11
Wyoming amended its regulation governing uninsured motorist endorsements. Ch. 23 s 1 +
Hawaii published a memorandum addressing 2016 annual filing requirements for captive insurers authorized in Hawaii and providing an electronic option for filing. Memorandum 2016-4C
CERTIFICATE OF AUTHORITY FILINGS
Colorado amended its regulation concerning issuance of a certificate of authority, effective January 1, 2017. 3 CCR 702-2 Amended Regulation 2-1-7
CLAIMS / CLAIMS ISSUES
Alabama amended its rule regarding compensation amounts and methods of payment for crime victims. 262-X-4.04
California amended the additional standards applicable to automobile insurance under its Fair Claims Settlement Practices Regulation. T. 10 s 2695.8
COMMERCIAL LINES INSURANCE
New York adopted a new regulation regarding prohibited exclusions and limitations in commercial crime insurance policies, effective July 1, 2017. 11 NYCRR 76.0 +
Texas amended its regulation regarding complaint information available through the Texas Department of Insurance's toll-free telephone number. 28 TAC s 1.603
CONFIDENTIALITY / PRIVACY
Iowa amended its regulation regarding the required annual privacy notice to customers, effective January 25, 2017. 191-90.4
Washington amended its regulation regarding the annual privacy notice to customers adding exceptions concerning when an annual privacy notice must be provided. 284-04-120, 284-04-205
Nevada amended provisions to require certain insurers and groups of insurers to establish an internal audit function, effective January 1, 2017. NAC 680A s 4
WHAT REPORTS WILL YOU SUBMIT IN 2017?
Questions on CGAD, ORSA and other reporting readiness?
First Consulting has answers! Click here to learn more.
DISASTER / CATASTROPHIC EVENT
Tennessee issued an emergency order amending an executive order relative to suspending provisions of certain laws and rules in order to provide relief to victims of wildfires and severe weather in the state. Executive Order No. 62
FILING REQUIREMENTS / PROCEDURES
New Mexico issued a bulletin regarding electronic filing procedures. Bulletin 2016-026
Michigan issued an Order providing holding company forms and instructions. Order No. 2016-053-M
Nevada amended its regulation requiring insurers to adopt a conflict of interest policy for its attorneys-in-fact, trustees, managers, officers and directors and adopting certain provisions of the NAIC Insurance Holding Company System Model Regulation. NAC 692C (LCB File No. R078-16)
Utah amended its regulation regarding underground storage tanks by removing several definitions that are no longer needed and modified the definition of UST testing to include new types of testing. Rule R311-200
MARKET CONDUCT EXAMINATIONS
Texas amended its regulation regarding assessments to cover the expenses of examining domestic and foreign insurance companies and self-insurance groups for Workers' Compensation insurance. 28 TAC s 7.1001
WHAT WOULD YOU ASK THE DOI?
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Missouri issued an emergency amendment to the general tax provisions regarding the annual adjusted rate of interest effective January 1, 2017. 12 CSR 10-41.010
Puerto Rico issued a circular letter regarding cybersecurity advising that all insurers must implement certain specified controls with regard to information systems networks. Circular Letter CC-2016-1889-AF
South Carolina issued a bulletin reminding all South Carolina licensees holding a Producer, Adjuster, Public Adjuster, or Motor Vehicle Physical Damage Appraiser License that individual licensees must provide email addresses, effective January 1, 2017. Bulletin 16-14
PERSONAL LINES INSURANCE
Maryland issued a bulletin to clarify expiring and renewal premium notice requirements for personal insurance policies. Notice of a policy's expiring and renewal premiums must be provided regardless of whether there is a premium increase, decrease, or no change in premium between the policy's expiring and renewal terms. Bulletin 16-33
Delaware issued bulletins to all captive insurance companies and other companies subject to premium tax and/or fees to clarify annual premium tax and fee filing instructions and procedures for calendar year 2016 tax filings. While OPTins is the preferred filing method, it remains optional. Captive Insurance Bulletin 7 / Domestic-Foreign Insurers Bulletin 89
Hawaii published a memorandum addressing electronic filing and payment of premium taxes. Memorandum 2016-5E
PROFESSIONAL LIABILITY INSURANCE
Illinois amended portions of its medical professional liability database. Certain reconciliation forms were revised and a website address for electronic submission is provided. 50 Ill. Adm. Code 928
Ohio amended its law regarding performance of an abortion and physician conduct. SB 127
Michigan issued a bulletin regarding the annual adjustment of the fire insurance maximum escrow. Bulletin No. 2016-21-INS
New Jersey issued a bulletin reminding insurers to inform insureds and applicants of the availability of an endorsement covering earthquake damage. Bulletin 16-09
Connecticut issued a bulletin regarding financial filing requirements for all accredited reinsurers. Bulletin FS-4AR-16
Montana adopted a rule regarding reinsurance including, among other things, methods of allowing credit for reinsurance, additional restrictions on government obligations and nongovernment obligations, eligibility for certification for assuming insurers and filing requirements. 6.6.3810, 6.6.3828, 6.6.3841, 6.6.3843
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REPORTS - ANNUAL / QUARTERLY STATEMENT
New York amended references to the NAIC's Accounting Practices and Procedures Manual to refer to the March 2016 version which is to be used in preparing the quarterly and annual statements for 2016, that will be filed in 2017. 11 NYCRR 83.2
Pennsylvania amended its regulation relating to annual financial reporting requirements, effective January 17, 2017. 31 PA. CODE CH. 147
RISK RETENTION GROUPS
South Carolina issued a bulletin regarding corporate governance standards for risk retention groups, effective January 1, 2017. Bulletin 16-13
SCHEDULE OF FEES
Nebraska issued a bulletin revising the Department's Schedule of Fees. Bulletin CB-38 (amended)
Arizona issued a bulletin regarding the expiration of the rule requiring annual recertification in order for a foreign surplus lines insurer to remain on the White List. Bulletin 2016-05
Nebraska issued a bulletin regarding amendments to its surplus lines insurance act. The amendments include revisions to quarterly filing dates and tax rates for multistate filings. Bulletin CB-137
TITLE INSURANCE / AGENTS
Colorado distributed a bulletin to provide information regarding the issuance of Closing Protection Letters. Bulletin B-5.31
Colorado issued a bulletin to provide clarification of the Division's position regarding "Centralized" or "Streamlined" title insurance rates. Bulletin B-5.33
Idaho amended provisions regarding permitted marketing practices for title insurance, effective April 8, 2017. 18.01.56 s 012-017
California issued a notice reminding claims administrators that they must report supplemental job displacement benefits to the Workers' Compensation Information System. DWC Notice dated December 13, 2016
Colorado issued a bulletin to provide guidelines on workers’ compensation classifications appeals and a suggested disclosure form for use by insurers. Bulletin B-5.2
Illinois adopted provisions regarding electronic filing of documents with the Workers Compensation Commission. 50 Ill. Adm. Code 9015.10 +
Montana adopted amendments to its utilization and treatment guidelines for Workers' Compensation. ARM 24.29.1591
New York amended its law regarding Workers' Compensation to exclude coverage for newspaper delivery persons or those who deliver shopping news to the consumer. SB 6469
Oregon issued a bulletin to explain the reporting requirements under a workers' compensation rule which requires all self-insured employers to submit claims loss data to the department for calculation of annual experience rating modifications, security deposits, and retrospective rating plan adjustments. Bulletin No. 209 (Revised)
Oregon issued a bulletin to Workers' Compensation insurers and self-insured employers regarding revisions to the "Notice to Worker" form, effective January 1, 2017. Bulletin No. 232 (Revised)
Pennsylvania issued a notice pertaining to a Workers' Compensation loss cost level change filing. Notice of December 3, 2016
WHAT WOULD YOU ASK THE DOI?
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C. J. Rathbun, FLMI, CCEP, HIA, AIRC