Property & Casualty News
February 2018
Welcome to our latest newsletter! As a thought leader in the Insurance Industry for over 48 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
Connecticut published a notice to all individual resident and non-resident producer licensees. Effective December 20, 2017 Connecticut will move to birth month renewals instead of birth date renewals. Licensees that currently have their birth date as their license expiration date on the Producer Database (PDB) will begin to reflect the last day of their birth month. Notice dated December 20, 2017
New Mexico issued a notice regarding 2018 insurance producer renewals. Renewals must be completed online, and renewal notices will no longer be mailed out to the licensees. 2018 License Renewal Notice dated December 8, 2017
AUTOMOBILE INSURANCE
New Jersey issued a bulletin regarding personal injury protection coverage for autocycle insurance. The Department reminds insurers that full PIP coverage is required for autocycles, and a motorcycle policy alone does not provide full PIP. A related bulletin, No. 17-12, was described in our January Property & Casualty News. Bulletin 18-01
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Pennsylvania issued a notice concerning notice of cancellation requirements for policies covering owner-occupied residential property or personal property for individuals. Notice 2018-01
CAPTIVES
Connecticut issued a bulletin providing financial reporting requirements for captive insurers. Bulletin FS-4C-17
Delaware issued a bulletin to captive insurance companies advising of an extension of the deadline from March 1, 2018 to April 15, 2018 for filing the annual report and premium tax payment. To take advantage of the deadline extension, the captive must notify the department no later than March 1, 2018. Captive Insurance Bulletin No. 9
IMPORTANT CGAD ALERT!
Is your state one of the nine requiring your
Corporate Governance Annual Disclosure (CGAD) report
for the first time in 2018? Click here to learn more!
CLAIMS / CLAIMS ISSUES
Delaware reissued a bulletin regarding determination of the replacement value of automobiles. The bulletin notes that the Department regularly receives complaints concerning automobile damage claims settlement practices, and that the bulletin was reissued to further clarify and interpret guidance provided in previous versions. Auto Bulletin No. 1 (Reissued January 25, 2018)
Delaware reissued a bulletin to remind insurers writing automobile coverage that it is inappropriate to make liability claim settlement offers that attempt to circumvent PIP subrogation claims. Domestic/Foreign Insurers Bulletin 82 (Reissued January 17, 2018)
CONFIDENTIALITY / PRIVACY
Colorado amended its regulations pertaining to the treatment of nonpublic personal information, the standards for safeguarding customer information, and required consumer notices. 3 CCR 702 Reg. 6-4-2+
Kentucky amended its regulation regarding the privacy of consumer information. Definitions were expanded and added and other changes were made. 806 KAR 3:210
New Hampshire amended its rule regarding the annual privacy notice. An exemption is now available when the licensee has not changed its policies and practices with regard to disclosing nonpublic personal information since the notice was last provided. Ins 3002.02
DISASTER / CATASTROPHIC EVENT
Maryland issued a bulletin asking companies to provide primary and backup contact information for use by the Insurance Administration in the event of a disaster or catastrophic event by close of business April 16, 2018. MD Bulletin 18-02
Minnesota issued a bulletin concerning an insurer's disaster preparedness responsibilities. The bulletin notes that each property and casualty company writing business in the state should designate a disaster liaison and lists the duties and responsibilities of the liaison. The bulletin also describes the required submission of a pre-disaster data survey. Bulletin 2018-1
HOLDING COMPANIES
Indiana temporarily repealed its law regarding when certain insurance holding companies are exempt or may request an exemption from filing certain forms for insurers subject to registration under IC 27-1-23-3. 760:1-15.1-3.1
LIABILITY INSURANCE
Iowa adopted new and amended rules relating to liability insurance requirements for entities selling fireworks. 661-265.20
MISCELLANEOUS
Louisiana issued a bulletin advising all risk bearing entities and insurers that they are required to provide accurate contact information to the Commissioner and annually certify via electronic means the accuracy of the name, mailing address, phone number, and electronic mail address of individuals appointed as contact representatives. Bulletin 2018-02
Nebraska issued a notice regarding the Department's physical location within the Terminal Building. The suite number has changed from "Suite 400" to "Suite 220". The PO Box mailing address and phone numbers remain the same. January 31, 2018 Notice
Wisconsin issued a bulletin that refers to two administrative rules which were published on December 26, 2017 with an effective date of January 1, 2018. The rules pertain to credit for reinsurance and reporting requirements for new officers and directors of domestic insurers. Bulletin dated January 8, 2018
TAKE THAT COMPLIANCE RESEARCH OFF YOUR TO-DO LIST
Finding the time and priority to complete that important Research can be challenging.
First Consulting can help! Click here to learn more.
NOTICE TO INSUREDS
Virgin Islands issued a bulletin regarding property and casualty companies' responsibility to notify policyholders of underinsurance. The bulletin provides a sample "Notice of Conditions of Underinsurance". Bulletin 2018-01
REGULATORY REPORTING REQUIREMENTS
Rhode Island published an alert for all foreign insurers and insurance related licensees requiring an e-mail address for the service of process contact. The alert also notes that changes should be reported within 10 days. Industry Alert 2017-5
REINSURANCE
California amended regulations pertaining to annual filings and application requirements for reinsurers. T. 10 s 2303.21
REPORTS - DATA CALLS & OTHER REPORTS
Connecticut sent a reminder to Property and Casualty companies regarding the "Professional Liability Business in Connecticut" report due on or before March 31st and the "Automobile Liability Policy Information" report due no later than 60 days after the close of the calendar year. Letter dated January 29, 2018 - 38a-393 and 38a-350
Delaware issued a bulletin requesting that all insurance companies which market property and casualty insurance fill out and return the Insurance Carrier Survey before March 5th. The Survey can be found at de.gov/pcsurvey. Domestic Foreign Insurers Bulletin No. 84 (Revised)
SURPLUS LINES
Louisiana issued a revised bulletin regarding the implementation of the Nonadmitted and Reinsurance Reform Act with respect to surplus lines insurance. The revised bulletin addresses changes in state law. Bulletin No. 2011-01 (Revised)
WORKERS' COMPENSATION
Alaska issued a bulletin pertaining to death benefit payments for fatalities occurring in 2018. Bulletin WC 17-05; 23.30.215
Alaska issued a bulletin regarding filing requirements for the 2017 annual report, paying Second Injury Fund (SIF) contributions, and paying Workers' Safety and Compensation Fees. Bulletin WC 17-06
Oregon issued a revised bulletin regarding determination of "gainful occupation" for permanent total disability (PTD) evaluations. Bulletin No. 342 (Rev.)
IMPORTANT CGAD ALERT!
Is your state one of the nine requiring your Corporate Governance Annual Disclosure (CGAD) report for the first time in 2018? Contact us to find out!
Your company is required to file this Disclosure, no matter what your company size.
We are ready to assist with Corporate Governance Kits providing:
Charters | Suitability Criteria | Guidelines & Policy Templates | Training Materials | Reporting Samples
Contact me today to learn more.
C. J. Rathbun
816.391.2740
CJ.Rathbun@FirstConsulting.com
TAKE THAT COMPLIANCE RESEARCH OFF YOUR TO-DO LIST
Finding the time and priority to complete that important Research can be challenging. First Consulting can help!
Our research and survey assistance includes:
- Expertise – First Consulting routinely completes large and small research across all states
- Customization – tailored to suit your exact needs
- Hear It From The DOI – ability to contact regulators directly to determine their positions
- Confidentiality – most importantly, research and surveys can be performed anonymously
Contact me today to discuss how we can help you to scratch that Research project off YOUR to-do list!
Sean Cox
816.391.2737
Sean.Cox@FirstConsulting.com