Property & Casualty News
January 2024
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!
AUTOMOBILE INSURANCE
California published a bulletin for all admitted Property and Casualty insurers. The bulletin reminds carriers of the requirements of Proposition 103, which requires carriers to file all changes to rates, rules, eligibility, and underwriting requirements and to offer and sell insurance to all persons who qualify as good drivers. Bulletin 2023-7
Michigan published notice that auto insurers, writing insurance in the state of Michigan, are required to pay an assessment to the Automobile Theft Prevention Authority, no later than 04/01/24. The assessment will be based on $1 per written car year of motor vehicles insured. The report is to be submitted with the online GRANTS-055 form. Letter Dated 01/04/24
New York passed a law requiring insurers who use a driving history as a rating or underwriting factor for private passenger motor vehicle insurance to first verify the driving history of the applicant and all named drivers using a third-party database. SB 5764
CLAIMS/CLAIMS ISSUES
Florida adopted rules defining requirements for claims handling manuals used by residential insurance companies. Insurers must file an annual attestation and certification of compliance with the Florida code. 690-171.012
CREDIT INFORMATION
District of Columbia approved a bill requiring credit reporting companies to accept a personal statement from a consumer indicating the consumer experienced financial hardship resulting from a public health emergency. Insurers, and other users of credit reports are prohibited from taking adverse action in these situations. B 118
FILINGS: PROPERTY/CASUALTY
District of Columbia enacted legislation amending certain personal lines product filing standards from file and use to prior approval, with a 90-day deemer. Insurers are also required to give an insured written notice, of at least 45 days before renewal. B 150
Nebraska's Department of Insurance published a notice regarding Model-Dependent P&C SERFF Rate Filings. Notice dated 12/28/23
Texas' Commissioner of Insurance adopted rules to exempt 12 additional specified commercial lines of insurance from rate and form filing requirements. 28 TAC s 5.5201
MARKET CONDUCT EXAMINATIONS
Florida adopted a rule governing its market conduct examination priority methodology. The rule identifies four levels of priority including statutory examinations, post-hurricane examinations, identified market concerns and non-statutory examinations. FAC 690-138.003
MISCELLANEOUS
Michigan published an updated annual schedule of fees including licensing, application, and examination fees. Bulletin 2023-24 BT
NOTICE TO INSUREDS
Illinois published a notice to Farm Mutual companies writing property and casualty insurance. Insurers are notified that any Farm Mutuals converting from unlimited catastrophic to "adequate" catastrophic reinsurance are required to provide notice to policy holders in a form as prescribed by the department. Bulletin 2023-17
PERSONAL LINES INSURANCE
Oregon promulgated a rule and created a model form used to attest the total loss of contents of a residence after a major disaster. OAR 836-080-0245
PROPERTY INSURANCE
Florida adopted a rule requiring insurers intending to temporarily suspend writing new residential property insurance to submit specified notification in IRFS. FAC 690-137.014
Louisiana published a notice that a number of fire districts had received improved ratings during 2023. Since this may allow certain policyholders to receive lower fire insurance premiums, policyholders are encouraged to contact their insurers. Notice of 12/19/23
REINSURANCE
New Jersey's Department of Insurance, Office of Solvency Regulation published an updated list of accredited reinsurers. Notice dated 12/11/23
West Virginia's Department of Insurance issued a list of active accredited reinsurers and trusteed reinsurers. Notice dated 12/31/23
REPORTS - DATA CALLS & OTHER REPORTS
Oklahoma's Insurance Department gave notice that it changed the reporting templates and added lines of business to the 2023 Pre-Disaster data call due March 1, 2024. Data this year must be reported by line of business rather than in aggregated format as in the past. Notice dated 12/18/23
Tennessee's Insurance Commissioner reminds all insurers of the requirement to file the annual fire loss reports on property insured in the state by February 1, 2024. Bulletin 23-07
SURPLUS LINES
Oklahoma's Insurance Department announced surplus lines brokers must use the Surplus Lines Automation Suite for the reporting and payment of premium taxes beginning January 1, 2024. Notice dated 12/13/23
WORKERS' COMPENSATION
Alaska published a bulletin reminding carriers of the annual reporting requirements for workers’ compensation. Specified reports must be submitted electronically no later than 03/01/24. WC 23-07
Connecticut published a memorandum announcing a change in the amount of contingency fees allowed in workers’ compensation proceedings. Fees will increase from 20% to 25%, subject to approval by an administrative law judge. Memorandum 2023-09
New Jersey's Department of Labor and Workforce Development announced that the state's minimum wage will increase to over $15 an hour. As a result, the workers’ compensation maximum weekly benefit amount increases to $1,131 from $1,099. Notice dated 12/27/23
Oregon issued a temporary emergency rule relating to new medical billing codes for 2024 for use by health care providers and workers' compensation insurance carriers. OAR 436-009-0004
Oregon's Workers' Compensation Division notifies insurers and self-insured employers of the 2024 claims processing administrative cost factor. This factor is applied to reimbursement for workers' compensation supplemental disability benefits and certain claim costs. Bulletin 316 (Revised)
Pennsylvania's Compensation Rating Bureau announced a newly revamped and modernized Experience Rating Worksheet representing the first comprehensive overhaul in over 25 years. PCRB Circular 1801
Virginia's Workers' Compensation Commission announced a mileage reimbursement rate increase. WC News dated 01/04/24