Life and Health News
December 2022
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
California's Producer Licensing Division of the Insurance Department informs producers and other interested parties of SB 1242, Insurance Code Section 1725.5. This new law requires most types of insurance producers to include their license number on emails beginning January 1, 2023. Notice dated November 14, 2022
Wisconsin published the dates and requirements to process company producer renewal appointments and terminations. Bulletin dated November 10, 2022
ANNUITIES / ANNUITY CONTRACTS
Alaska's Insurance Department issued a bulletin to clarify the effective dates for compliance with continuing education requirements and disclosures under the recently promulgated annuity suitability regulation. Bulletin B 22-07
Arkansas' Insurance Commissioner issued a bulletin providing guidance regarding the insurance producer's "best interest" duties or obligations under Arkansas Rule 82, Suitability in Annuity Transactions. Bulletin 12-2022
Maryland's Insurance Commissioner advised charitable gift annuity special permit holders to submit certain required information in their attestation of reserve adequacy. Bulletin 22-16
Wyoming notified insurers and producers of proposed new annuity training requirements in connection with proposed updates to Chapter 64, Regulation Governing Suitability in Annuity Transactions. The intended effective date of these changes is January 1, 2023. Memorandum dated November 4, 2022
CAPTIVES
Connecticut's Insurance Department issued a bulletin reminding captive insurance companies domiciled or licensed in Connecticut that they are required to file annual financial reports with the Commissioner. Bulletin FS-4C-22
CREDIT FOR REINSURANCE
The District of Columbia amended the law on Credit for Reinsurance to allow insurers to receive credit when reinsurance is ceded to an assuming insurer that meets certain requirements. B 1005, Act 24-589
CREDIT INSURANCE
South Carolina's Department of Insurance issued new rates for Credit Accident and Health Insurance sold in connection with loans. Amended Order 2022-02
DEPARTMENT OF INSURANCE
Oklahoma's Insurance Department notified carriers and producers that its Consumer Assistance Division has begun informing consumers about the EAGLE Mediation Program established in 1999. This program helps settle disputes early enough to avoid lawsuits. Carriers are asked to readily participate in the mediation process. The Department will track carriers who do not agree to participate. Notice dated November 10, 2022
FILING REQUIREMENTS / PROCEDURES
Arizona issued an Order updating Life and Health Filing Exemptions. Docket Order 22A-051-INS
FINANCIAL REGULATION
Tennessee's Insurance Commissioner issued a bulletin nothing that all financial statements filed with the Department by carriers must comply with AG 48 to satisfy Tennessee requirements. AG 48 is Actuarial Guideline XLVIII Actuarial Opinion and Memorandum Requirements for the Reinsurance of Policies Required to be Valued under Sections 6 and 7 of the NAIC Valuation of Life Insurance Policies Model Regulation. Bulletin 22-03
HEALTH INSURANCE - COMPREHENSIVE
Delaware notified all insurance carriers that beginning on January 1, 2024, carriers must cover annual behavioral health well checks. Bulletin 134
HOLDING COMPANIES
Maine promulgated amendments to its Insurance Holding Company Act. The changes are based on amendments to the NAIC Model 450 adopted in 2020 and 2021 addressing Group Capital Calculation and the continuity of essential services provided by affiliates. Rule Ch. 180 s. 18
MISCELLANEOUS
Georgia's Commissioner of Insurance informed insurers doing business in Georgia that they can participate in a program to receive tax credits for participating in the state's Qualified Education Expense Tax Credit Scholarship Program. Bulletin 22-EX-6
PREMIUM TAX
Kentucky's Insurance Commissioner notified all entities required to submit a Local Government Premium Tax Annual Reconciliation Report that the Department will no longer accept reports filed through any process other than by direct upload into the Department's eServices portal. Use of a third-party service to complete the SFTP process to submit annual reconciliation reports is no longer permissible. Bulletin 2022-03
REPORTS - DATA CALLS & OTHER REPORTS
Louisiana's Insurance Commissioner provided guidance to all insurers and entities licensed in Louisiana regarding the Demographic Hiring Survey. Only employees working in Louisiana need to be reported. Bulletin 2022-07
STANDARD VALUATION LAW
Nebraska's Insurance Department announced that it adopted the updates made to the Standard Valuation Act, Valuation Manual adopted by the NAIC as of August 13, 2022, effective for the 2023 reporting year. Guidance Document IGD-F7
New Hampshire's Insurance Department promulgated changes to Valuation of Life Insurance Policies. Ins. 3507.01 +
THIRD PARTY ADMINISTRATORS
New Jersey's Department of Insurance issued guidance on annual third party administrator financial reporting requirements. The due date for filing various reports and the $100 filing fee is June 1. Written extensions may be requested by May 15. Notice dated October 17, 2022
Wyoming's Department of Insurance issued updates to the Third Party Administration Regulation. License application and renewal requirements are outlined. As a result of these changes, most TPA forms have also been updated. Memorandum dated November 7, 2022
TRAVEL INSURANCE
Iowa promulgated an amended regulation regarding travel insurance. The amendment provides for a limited license for persons who sell travel insurance. Regulation 191-10.51, ARC 6548C