Property & Casualty News
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 CONTINUING EDUCATION
Wyoming amended and repealed sections of its regulation governing continuing education. Ch. 20 s 2+
AGENT / PRODUCER LICENSING AND APPOINTMENT
Connecticut has provided new information on their website about producer appointment renewals for 2018. Connecticut Insurance Department Website
Louisiana adopted a regulation that sets forth requirements and procedures for applying for and maintaining a license as an insurance producer, claims adjuster, public adjuster, insurance consultant and business entity acting as a producer. LAC 37:XIII.15501
New Jersey amended its motor vehicle and traffic law regarding establishment of "Next-of-Kin Registry", effective January 16, 2018. 39:4-134.2
Rhode Island issued a bulletin providing a form for use in rejecting uninsured/underinsured motorist bodily injury coverage. Rhode Island regulations require that a notice substantially similar to the one in the bulletin is used. Bulletin 2017-4
South Carolina amended its regulation pertaining to point reduction for participation in a defensive driving course. SB 456; 56-1-770
Hawaii issued a memorandum to captive insurance companies providing requirements for the 2017 annual filings that are due in 2018. Memorandum 2017-9C
CLAIMS / CLAIMS ISSUES
New Mexico has issued a bulletin regarding the interest rate applicable to unpaid claims 45 days after required proof of loss has been provided. Bulletin 2018-002
CONFIDENTIALITY / PRIVACY
Delaware updated a bulletin issued in December 2017 to provide clarification on the circumstances under which an annual privacy notice is not required. The bulletin was updated on January 8, 2018. Domestic-Foreign Insurers Bulletin 97 (Updated)
South Carolina amended the scope of its regulation regarding the treatment of nonpublic personal health and financial information to clarify that the regulation applies to individuals who obtain or are claimants or beneficiaries of products or services primarily for personal, family or household purposes. Regulation R 69-58
South Dakota amended its law that applies to internal audit requirements to require an insurer under certain circumstances to establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls. House Bill 1041, 58-43-1+
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!
DISASTER / CATASTROPHIC EVENT
Puerto Rico published a ruling that repeals the grace period established in Ruling Letters No. CN-2017-221-D, CN-2017-222-D, and CN2017-227-D for the payment of premiums due on or after January 15, 2018. CN-2018-231-D
Wisconsin amended its law to lower the annual fee for appointing or renewing an appointment for nonresident agents to $30. New fees are effective January 1, 2019. 601.31
FILINGS: PROPERTY / CASUALTY
Arizona issued an email message regarding SERFF filing instructions and updated checklists. The new checklists are available in SERFF and at https://insurance.az.gov/insurers/property-casualty-rates-forms-compliance. Email Message dated 02-01-18
DRAFTING AND FILING BACKLOG?
Has your marketing department ever needed
a policy form developed and filed yesterday,
but you are too backlogged to get to it on a timely basis?
First Consulting can help. Click here to learn more.
New Jersey amended regulations to require that a school bus transporting students using wheelchairs be equipped with four-point securement system, and to require school bus operator to secure students using wheelchairs. AB 1257; 39:3B-10.1 and 39:3B-11
New Jersey enacted legislation providing that a person will not be liable for any property damages arising out of forcibly entering a motor vehicle to remove a child left unattended and unsupervised in the vehicle. AB 4079
Mississippi issued a bulletin to remind all licensed property and casualty companies to promptly reply to insureds' requests for the company loss runs by mailing a copy of the loss runs to the insured. Failure to do so is in violation and the company can be fined up to $5,000. Bulletin 2018-3
PERSONAL LINES INSURANCE
New Jersey amended regulations concerning hurricane deductibles and data requirements for expedited homeowners' insurance rate changes. NJAC 11:2-42.4
Florida amended its rule regarding premium taxes, fees and surcharges. The rule provides revised links to certain forms and revised website and telephone contact information. FAC Rule 12B-8.003
PROFESSIONAL LIABILITY INSURANCE
New York amended its law pertaining to the accrual of causes of action for medical, dental or podiatric malpractice, effective January 31, 2018. Civ. Prac. s 214-a
REPORTS - DATA CALLS & OTHER REPORTS
Delaware amended a bulletin providing instructions for completion of a property and casualty insurance carrier survey. The 2018 survey was to be completed and returned by March 9, 2018, and the survey will be due on February 1 in subsequent years. Bulletin 84 (revised)
2018 COMPLIANCE TRAINING, ARE YOU PREPARED?
First Consulting’s training is the simple and inexpensive way
to satisfy the state training requirements for your Home Office and TPA staff.
Click here to learn how we can help you!
Maryland issued a bulletin to surplus lines brokers and agencies concerning implementation of Online Premium Tax for Insurance (OPTins) for reporting and payment of surplus lines premium taxes. Bulletin 18-06
TITLE INSURANCE / AGENTS
New York published a statement on their website from the Superintendent regarding required payments to title closers. Statement by DFS Superintendent Regarding the Payment of Title Closers - Dated 2-8-18
Ohio amended rules to clarify the explanation of the selection process for state-initiated involuntary examinations. Provisions were also added regarding the closing review. Rule 1301:10-1-01, Rule 1301:10-3-04
Pennsylvania is conducting its annual Workers' Compensation Special Schedule "W" data call, which is due April 16, 2018. 2017 Special Schedule W - Letter
Rhode Island issued a bulletin providing forms designated for use to comply with Workers' Compensation Group Self Insurance law. Bulletin 2018-3
2018 Is flying by fast! Has your company prepared for their 2018 compliance training yet? First Consulting’s training is the simple and inexpensive way to satisfy the state training requirements for your Home Office and TPA staff.
Find out why more and more companies are making the switch to the training specifically developed for the insurance industry, by the insurance industry.
Contact me today to learn more and get a free Preview.
C. J. Rathbun
LICENSING ASSISTANCE FROM FIRST CONSULTING
In addition to our insurer and third party administrator licensing services, First Consulting & Administration, Inc.’s licensing services are also available to other industry entities such as Discount Medical Plan Organizations, Limited Health Service Organizations, Pharmacy Benefit Managers and Warranty Service Providers.
Our team of dedicated professionals have years of experience navigating the license process and are able to assist you from start to finish. We can advise you on the materials needed for each filing, assemble the filings, and follow up to secure approval of the filings.
Contact me today, or click here to learn more about our TPA and specialty licensing services.
Has your marketing department ever needed a policy form developed and filed yesterday, but you are too backlogged to get to it on a timely basis? First Consulting can help.
First Consulting’s Drafting and Filing services will provide:
- Creation of state specific language and completion of required checklists;
- Completion of required filing transmittals and certifications;
- Submission of form and rate filings to the states, in your SERFF instance or ours; and,
- Assistance with responding to any objections from the states.
Wait no longer, co-source with First Consulting. Call us today to discuss how our services can help keep your speed-to-market initiatives on track.