Property & Casualty News
August 2022
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!
ADJUSTERS
New Mexico's Superintendent of Insurance issued a bulletin that informs all resident and non-resident adjusters license holders and applicants of adjuster licensing requirements. Bulletin 2022-013
AGENT / PRODUCER CONTINUING EDUCATION
Nebraska's Insurance Director announced that the state is eliminating proctor requirements for online self-study continuing education courses required for producers. Notice dated July 25, 2022
AGENT / PRODUCER LICENSING AND APPOINTMENT
Utah adopted a rule that allows for a Limited Line Producer Line of Authority to sell pet insurance. Rule R590-288-2
AUTOMOBILE INSURANCE
California's Department of Insurance advises insurers writing private passenger automobile insurance that they cannot change premium payment options without first obtaining prior approval of the Department. Consumers have complained that several carriers are discontinuing monthly premium payment mode and instead requiring consumers to pay six months of premium in advance. Bulletin 2022-10
Hawaii's Department of Transportation adopted a rule setting forth requirements for autonomous vehicles, including an insurance requirement. Chapter 19-150
Massachusetts' Division of Insurance published its list of high-theft motor vehicles insured through the residual market effective August 1, 2022. PC Filing Guidance Notice 2022-A
New Jersey amended minimum coverage limits for motor vehicle liability and made other coverage requirement changes. SB 481; Section 17:28-1.1
New Jersey enacted legislation providing that an insurer who receives a request, from an attorney admitted to the practice of law in the state, for disclosure of policy limits will provide written disclosure of the policy limits to the attorney no later than 30 days from receipt of the request. SB 2483
CREDIT FOR REINSURANCE
Hawaii adopted revisions to the NAIC Credit for Reinsurance Model Law. Regulation 16-168-2
FILINGS: PROPERTY / CASUALTY
Massachusetts' Insurance Department State Rating Bureau published a notice concerning required filing documents to be submitted with private passenger motor vehicle rate/rule filings for new business effective on or after January 1, 2023. PC Filing Guidance Notice 2022-B
GUARANTY ASSOCIATION
New Jersey's Property-Liability Insurance Guaranty Association is assessing its member insurers a percentage of net direct written premium for specified lines of insurance. The payment is due September 15, 2022. Order A22-02 dated July 29, 2022
MISCELLANEOUS PROPERTY / CASUALTY
Michigan's Insurance Director published an updated list of municipalities participating in the Fire Insurance Withholding Program. Notice dated August 1, 2022
PERSONAL LINES INSURANCE
Louisiana issued a bulletin to notify Property & Casualty and Surplus Line Insurers of the required use of a separate form to provide notice to insureds of the applicable named storm, hurricane, wind, and hail deductible under their homeowners' insurance policy. Guidelines for its use are also included in the bulletin. Bulletin 2022-04
REPORTS - DATA CALLS & OTHER REPORTS
New Mexico's Department of Insurance issued a bulletin to outline the procedure for insurance companies to follow when a rating error has been identified. The insurer is to notify the Department within 30 days of the discovery. Bulletin 2022-014
TITLE INSURANCE / AGENTS
Colorado updated the title insurance regulation relating to insurance consumer protection. Among other things, the title insurance company must notify the insurance department when a title insurance agent or agency fails to issue and deliver a title policy to an insured. 3 CCR 702 Reg. 8-1-2
TRADE PRACTICES
Delaware updated its rule on prohibited unfair claim settlement practices. 902 s 3.0
WORKERS' COMPENSATION
Alabama revised the administrative procedures dealing with utilization management and bill screening. Several definitions were revised. Regulation 480-5-5-.02
Alaska revised the permanent partial disability compensation benefit limits effective January 1, 2023. 23.30.190
Idaho's Workers' Compensation Commission updated the Idaho state mileage rate from 58.5 cents a mile to 62.5 cents a mile. WC Notice of Mileage Rate dated July 19, 2022
Louisiana's Workers' Compensation Administration announced the weekly compensation benefit limits have increased for claimants injured during the period September 1, 2022, through August 31, 2023. WC Notice dated August 8, 2022
Maryland's Workers' Compensation Commission has applied the annual cost of living adjustment for compensation paid to covered employees under Subtitle V with a permanent total disability. WC Notice dated July 21, 2022
Minnesota's Department of Commerce updated procedures and workers' compensation forms for insurers to meet filing requirements and expedite the filing review process for rates effective January 1, 2023, and later. WC Circular Letter 22-1807
Montana made updates to its workers' compensation mediation rules. Regulation 24.28.121