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For some of the latest news in the world of Insurance Regulation see our newsletters. - Newsletters
Illinois Annuities
The Michigan Department of Insurance has advised First Consulting that it is working with SERFF in order to be ready by July 1 to accept filings. This should allow approvals prior to the effective date of Bulletin 2010-02. Bulletin 2010-02 requires prior approval of policies purchased for personal, family, or household purposes first in use on and after August 1, 2010. Michigan requires that all filing be submitted via SERFF. New Hampshire Issues Bulletin Regarding Qualified Annuities.
The New Hampshire Insurance Department has issued a Bulletin requiring disclosure that the favorable tax treatment provided by federal law to surviving spouses does not apply to civil union partners or same-gender marriages. The Bulletin also announces expedited review procedures for forms filing. Contact John Palmer or Stacy Koron for details and filing assistance.
New York Revises Supplement to Circular Letter 27
The New York Insurance Department has revised Supplement No. 1 to Circular letter No. 27 which clarifies disclosure requirement for how federal distribution requirements to spouse for annuity contracts do not apply to same-sex spouses. Contact John Palmer or Stacy Koron for details.
Connecticut issues underinsured motorist conversion coverage guidance
Connecticut advises that Public Act 09-72 requires an automobile insurer issuing a new automobile liability insurance policy to disclose to an insured at the time of sale or issuance the availability of, premium cost for, and description of underinsured motorist conversion coverage. Forms are provided that can be used to comply with this requirement. If insurers develop their own forms, the forms must receive the Department's prior approval for use of alternative language. Contact John Palmer for assistance in making filings.
Interstate Compact
Texas Adopts IIPRC 70/10 Maturity Date Standard
The state of Texas has enacted a law which mandates the same 70/10 Maturity Date standard used by the Interstate Insurance Product Regulation Commission. The new law applies to all annuities delivered, issued or renewed on and after June 1, 2010. H.B 3762 Long-Term Care Annuities
The Pension Protection Act of 2006 creates new opportunities for annuity/long-term care insurance combination products. For more about the benefits and challenges of these products, please click here to see our article.
Long-Term Care Partnership Program
The Long-Term Care Partnership Technical Assistance Website is operated by Thomson Healthcare under a contract with the Office of the Assistant Secretary for Planning and Evaluation in the U.S. Department for Health and Human Services.
This website contains materials related to the implementation of the Long-Term Care Partnership Program as authorized under the Deficit Reduction Act of 2005, (Section 6021).
The purpose for this website is to provide easy access to materials related to the implementation of Partnership programs across the country. Much of the material on this website is state specific and is posted in two places for easy access. Click here to link to the website
