Life and Health News

March 2023

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 CONTINUING EDUCATION

New Hampshire's Insurance Department updated its continuing education regulation for producers.     Ins. 1301.01

Wyoming's Insurance Department announced new continuing education rules. The biggest changes are the new carry-over rules and new rules on how often licensees may receive credit for taking the same class.     Memorandum dated December 23, 2022


AGENT / PRODUCER LICENSING AND APPOINTMENT

Kentucky adopted amendments to its regulations for licensing and continuing education of producers.     806 KAR 9:025


ANNUITIES / ANNUITY CONTRACTS

Colorado adopted, effective March 30, 2023, the terms of SEC Regulation Best Interest into its state securities regulation. A violation of the rules would be considered an unfair and dishonest dealing.     3 CCR 704-1 Ch. 1

Illinois updated its suitability in annuity transactions regulation to align to the most recent NAIC Model.     50 Ill. Adm Code 3120

Tennessee amended its annuity regulation to adopt the Suitability in Annuity Transactions Model Regulation updates.     Regulation 0780-01-86


ARBITRATION

Delaware amended its regulation regarding arbitration of disputes between health insurance carriers and covered persons or authorized representatives.     18 DE Admin Code 1315


CLAIMS / CLAIMS ISSUES

Delaware issued a bulletin reminding health insurance carriers of the requirement to fully reimburse non-network emergency providers within 30 days of receipt of a clean claim.     Bulletin 71


COMPLAINTS

Illinois amended its complaint handling regulation to clarify that the regulation applies to any licensee that the department licenses, registers, or grants a certificate of authority.     50 IL Adm. Code 926.20


CYBERSECURITY

Kentucky's Insurance Department renders its interpretation of insurance data security and cybersecurity requirements in the Advisory Opinion dated 01/03/23.     Advisory Opinion 2023-01


DISCLOSURE REQUIREMENTS

Utah's Insurance Department performed a routine review of its Illustrations regulation and made clerical and stylistic changes. The changes do not add, remove, or change any requirements.     Rule R590-177


DRUG / PRESCRIPTION COVERAGE

Colorado enacted a regulation addressing cost sharing for prescription insulin. Any carrier that issues coverage for insulin must cap the amount an individual is required to pay to not exceed $100 for a 30-day supply.     3 CCR 702-4, 4-2-68


FEE SCHEDULES

California published notice of the list of examination fees for the upcoming fiscal year.     Notice Dated 1-23-2023


FILINGS: HEALTH

Arkansas enacted new legislation enhancing coverage for prostate cancer screenings.     HB 1042

Delaware reissued a bulletin to remind insurers of the requirement to pay an annual assessment, funding the Delaware Health Market Stabilization and Reinsurance Program.     Bulletin 113

Maryland issued a bulletin providing insurers guidance on the filing requirements for individual and small employer form and rate filings.     Bulletin 23-2

Minnesota enacted a new statute addressing reproductive health rights.     145.409

Wyoming revised the Coordination of Benefits regulation to provide uniformity in order to avoid claim delays between carriers.     Regulation Chapter 10 s 1


HOLDING COMPANIES

Kentucky updated its regulations, requiring certain filings by members of a holding company system, and identifying those transactions that are subject to filing.     806 KAR 37:010


PRE-NEED CONTRACTS

Colorado adopted a regulation for the licensing of preneed funeral contract sellers. The regulation includes bond requirements and annual renewal fees.     3 CCR 702-2


REINSURANCE

New Jersey spells out the application and filing procedures for reinsurers who wish to apply for status as a reciprocal jurisdiction reinsurer. Also includes a listing of current reciprocal jurisdiction reinsurers.     Notice dated January 25, 2023


REPORTS - ANNUAL / QUARTERLY STATEMENT

South Dakota passed a law that eliminates the need for a health carrier to file an annual certificate of compliance with its annual statement indicating it has established and maintained grievance procedures.     HB 1012


REPORTS - DATA CALLS & OTHER REPORTS

Alaska issued a bulletin reminding insurers of the annual data reporting requirements concerning health insurance policies and claims paid and to provide an annual certificate of compliance. Companies with no data reporting required must email the department by May 1, 2023.     Bulletin B 23-01

Kentucky adopted a regulation outlining the process for an insurer to report compliance with the Mental Health Parity and Addiction Equity Act. Reporting is required annually by April 1.     806 KAR 17:585

New Mexico's Superintendent of Insurance notified major medical insurers of the filing requirements for the annual member grievance compliance filing.     Bulletin 2023-003

New York's Department of Insurance notifies all life insurers and accredited life reinsurers that they must respond to interrogatories regarding liquidity and severe mortality for the general account and guaranteed separate accounts. The inquiry should be completed by the Chief Financial Officer and submitted via the Department's portal by May 1, 2023.     Liquidity and Severe Mortality Inquiry dated February 7, 2023


THIRD PARTY ADMINISTRATORS

Nebraska's Insurance Department clarified third-party administrator (TPA) licensing requirements including a description of those entities that are not required to hold a TPA license.     Notice dated February 10, 2023


TRADE PRACTICES

Wyoming revised its trade practices law to amend references to insurance rebates.     SF 6


UTILIZATION REVIEW - HEALTH CARE

Delaware's Insurance Commissioner encourages carriers and pharmacy benefit managers to waive any prior authorization and utilization review requirements for brand name equivalent drugs currently in severe short supply nationwide. These drugs include antibiotics to treat COVID, flu and RSV, and ADHD medications due to the current mental health crisis impacting the country.     Domestic and Foreign Insurers Bulletin 137