Property and Casualty News
February 2016
We are celebrating over 25 years of providing selected items of current interest to our clients and friends. The items contained in this newsletter are derived from bulletins, regulations and legislative activity affecting the insurance industry. Please feel free to share this newsletter with others that may be interested. Contact our office for further details about any of the items contained in the newsletter.
AGENT / PRODUCER COMPENSATION
Alaska has issued a bulletin regarding fees in insurance transactions for all insurance producers and companies authorized to transact insurance business in the state and other interested parties. Bulletin B 16-02
AGENT / PRODUCER LICENSING AND APPOINTMENT
Alabama published a bulletin noting that all individual applicants for both resident and non-resident professional licenses are required to submit proof of citizenship before the license will be issued or renewed. It provided a list of items acceptable as proof. Submission of proof for renewals is effective for all licenses set to expire as of February 29, 2016. Bulletin 2015-07
Maine amended its regulation pertaining to producer licensing and appointment fees. It lists the fees charged for the issuance of, and for the biennial renewal of, resident and non-resident individual and business entity producer licenses. Chapter 545
AUTOMOBILE INSURANCE
Alabama amended its regulations relating to motor vehicle liability insurance. 810-5-8-.01 dated 09-30-15
New Jersey amended its regulation concerning insurers right to request certificates of ownership and salvage certificates of title after settling a total loss. AB 3395
Washington has amended its regulation regarding unfair practices for vehicle insurance. 284-30-500 Dated 11-25-2015
CERTIFICATES OF INSURANCE
New Jersey enacted legislation, Certificates of Insurance Act, that includes laws to govern the use of certificates of insurance in addition to providing the Department with the authority to govern the use of certificates of insurance. SB 3270
EASE YOUR STATE FILING NEEDS
Using First Consulting’s filing experts is not only affordable, but it also allows your analyst to focus on
those tasks that require their expertise, not the routine filing work.
Click here to find out more.
CLAIMS / CLAIMS ISSUES
Michigan has released a bulletin addressing P&C Annual Adjustment of the Net Worth Limit and Claim Cap. Bulletin 2016-03-INS
CONFIDENTIALITY
Georgia adopted a regulation clarifying trade secret affidavit filing requirements. 120-2-2-.25
CREDIT FOR REINSURANCE
Maine has made several amendments and revisions to its Credit for Reinsurance rules to conform to the current version of the NAIC's Credit for Reinsurance Model Regulation (Model 786). Insurance Rule Ch. 740 dated 7-14-2015
DATA CALLS / REGULATORY REPORTING
Delaware has issued a new bulletin requesting that all insurance companies that market property and casualty insurance fill out and return the Insurance Carrier Survey before the deadline. Domestic-Foreign Insurers Bulletin 84
Texas has issued a bulletin regarding a data call for information that will be used for a report about compliant ratios to all licensed carriers and eligible surplus lines companies authorized to do business in Texas. B-0002-16
DISASTER / CATASTROPHIC EVENT
Florida has amended its rule pertaining to reimbursement contract for the Florida Hurricane Catastrophe Fund. FAC Rule 19-8.010
Maryland has issued bulletins regarding temporary moratoriums and weather events to all authorized property and casualty insurers. Bulletin 16-06 and Bulletin 16-03
FINANCIAL REGULATION
Vermont has amended its regulations regarding use of the federal model privacy form for compliance with the privacy notice requirements in the Vermont Privacy Regulation. Bulletin 188
FIRST CONSULTING’S CO-SOURCING APPROACH
A new year means new projects and quick deadlines. Have you ever said:
- “I wish we had more people on this project?”
- “How are we going to get this all done on time?”
- “I wish we had someone that could research that subject?”
Our Co-Sourcing approach is what you need.
Click here to find out more.
HOLDING COMPANIES
Michigan has made several revisions to regulations related to insurance holding companies, which are based on the NAIC's Insurance Holding Company System Regulatory Act (Model 440). SB 177
LIABILITY INSURANCE
Ohio amended its rule relating to liability insurance coverage requirements for coal mining applicants. Rule 1501:13-7-07 Dated 01-07-2016
MARKET CONDUCT
Utah amended its regulations regarding the Unfair Marketing Practices Rule on misleading names. R590-154-1 Dated 11-13-2015; Rule 590-154-5
ORSA: OWN RISK AND SOLVENCY ASSESSMENT
Michigan has enacted regulations relating to risk management and own risk and solvency assessment (ORSA) reporting requirements. SB 178
COMPREHENSIVE ERM/ORSA CONSULTING SERVICES
First Consulting is now offering a full range of consulting services to create or enhance an Enterprise Risk Management (ERM) and Own Risk & Solvency Assessment (ORSA) Compliance Program for any insurance company. The services include training, assessments and easy to use “Kits”
Click here to find out more.
RATEMAKING
Missouri has issued a new bulletin pertaining to price optimization in personal lines ratemaking for all property and casualty insurance companies. Bulletin 16-02
SERVICE CONTRACTS / WARRANTY INSURANCE
Ohio enacted legislation prohibiting certain indemnity agreements in motor vehicle carrier transportation contracts. HB 71
SURPLUS LINES
Alaska has published the list of eligible surplus lines insurers in the state of Alaska. BULLETIN B 16-01
California has issued a notice informing admitted insurers, surplus line brokers, and other entities that the 2015 tax filing for surplus line brokers is due to the California DOI on March 1, 2016. Notice dated January 12, 2016
Delaware has issued a bulletin regarding surplus line brokers tax rate change. Surplus Lines Bulletin 5, Amended 01-13-2016
Illinois amended regulations regarding surplus lines insurance procurement, records maintenance, disclosure and taxes. 50 Ill. Adm. Code 2801
TITLE INSURANCE / AGENTS
California has published a notice of changes in the law to the licensure of underwritten title companies and permitted escrow service activities for licensed companies permitted to conduct escrows. Bulletin 2016-1
Colorado has amended its regulation regarding the Affiliated Business Arrangement disclosures for title insurance producers. Bulletin B-1.22
Florida has adopted a rule regarding unlawful inducements related to Title Insurance transactions. FAC Rule 69B-186.010 Dated 10-02-2015
TRADE PRACTICES
Maryland has made certain technical changes consistent with the Department's evaluation report on unfair trade practices. COMAR 31.15.06.01 dated 11-13-2015
UNCLAIMED PROPERTY
Michigan has amended its unclaimed property rules to streamline audit processes that certain businesses and corporations may participate in as "eligible holders" under the Uniform Unclaimed Property Act. SB 538
WORKERS' COMPENSATION
Alabama has issued a notice regarding mileage reimbursement for Workers' Compensation. WC Notice of Mileage Rate
Alaska has issued a bulletin regarding various filing requirements and fees due on or before March 1, 2016 for Workers' Compensation insurers and claims adjusters. Bulletin WC 15-05
California has issued notices regarding additional adjustments to the Official Medical Fee Schedule for the Division of Workers' Compensation. DWC Notice dated January 20, 2016 and January 29, 2016
Michigan has revised its workers' compensation law related to employees of a franchisee to clarify when the employee is also an employee of a franchisor. SB 493
Minnesota has updated the chart for Common Minnesota Workers' Compensation Benefit Adjustments. Common benefits and expenses chart 1-1-2016
Mississippi has updated the Workers' Compensation Mileage Reimbursement Rate and the Weekly Maximum and Lifetime Disability Rates. 2016 WC Notice of Mileage, and Wkly Disab Rates
New York issued a new bulletin stating the Board will no longer issue administrative determinations for claims with no lost time for Workers' Compensation. Regulatory Activity Bulletin WC 46-777
Oregon amended its regulations with temporary rules regarding standards and medical billing and payment. Information for the referenced publications are included. These temporary rules expire June 28, 2016. 436-009-0004 and 436-009-0010
Oregon issued a notice relating to timely first payment of time loss for Workers' Compensation. Notice of December 29, 2015
Texas has issued a mandatory data call for fourth quarter experience for 2015 Workers' Compensation deductible plans. Bulletin B-0001-16
EASE YOUR STATE FILING NEEDS
Trust First Consulting to ease your State Filing needs!
Our Efficient Filing Process
Over the past 46 years First Consulting has refined and improved our filing process to maximize speed and efficiencies. First Consulting will complete required transmittals and certifications, perform Flesch scores, complete forms Checklists, handle forms Objections, and we update our website daily with any Status Updates so that you always know exactly where each state filing is at.
Analysts are for Analyzing, Not Filing
Using First Consulting’s filing experts is not only affordable, but it also allows your analyst to focus on those tasks that require their expertise, not the routine filing work.
Contact me today to find out how our clients gain an advantage by utilizing First Consulting for their state filing work.
Sean Cox
816.391.2737
Sean.Cox@FirstConsulting.com
FIRST CONSULTING’S CO-SOURCING APPROACH
A new year means there are new projects that need to be completed and quick deadlines in which to complete those projects.
Have you ever said:
- “I wish we had more people on this project?”
- “How are we going to get this all done on time?”
- “I wish we had someone that could research that subject?”
Our Co-Sourcing approach is what you need. Through this approach you can be involved in your project as much or as little as you see fit.
At First Consulting, we understand that each client and each project are unique. With you we will develop a specific approach to your project that fits your needs and expectations.
Click the following links to learn more about First Consulting Services or Co-Sourcing approach, or contact me today to discuss how we can help.
We are here to help you get your projects completed this year.
Vickie Goodman
816.391.2735
Vickie.Goodman@FirstConsulting.com