Property & Casualty News
December 2017
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!
ADJUSTERS
Alabama adopted new and amended regulations regarding pre-licensing courses, examinations, continuing education and licensing for independent adjusters effective November 25, 2017. 482-1-151-.02-1; 482-1-151-.03; 482-1-151-.06; 482-1-151-.07; 482-1-151-.11
California issued a notice to remind licensed public adjusters of the limitations on solicitation and compensation applicable to public adjusters under California law. Notice dated October 20, 2017
AGENT / PRODUCER LICENSING AND APPOINTMENT
Connecticut issued a notice announcing that veterans applying for insurance licenses are eligible to be reimbursed for licensing exam fees. Notice dated November 9, 2017
Louisiana issued a notice advising of changes for license renewal procedures. Beginning in 2018, producers will file a single license renewal which will renew all eligible lines on the license. Licensees will no longer renew in an even or odd year based on the lines of authority on the license. The renewal year will be determined by the license number. Notice dated October 17, 2017
Oklahoma issued a special notice reminding carriers to keep their producer licensing/appointment contact email information updated, noting that electronic filing of UCAA Form 14 is required, and giving deadlines for appointment renewals and termination notices. Renewal fees are due by 4 P.M. central time 12/29/17. Special Notice 10-09-17 Appointment Renewal
AUTOMOBILE INSURANCE
Alaska issued a bulletin requiring all property and casualty insurers writing automobile insurance in Alaska to complete a short survey regarding new requirements for uninsured and underinsured motorists coverage. Bulletin B 17-08
Texas issued an order regarding rate changes for private passenger and commercial automobile insurance provided through the Texas Automobile Insurance Plan Association. Commissioner Order No. 2017-5289
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
Maryland amended its regulation regarding cancellation of a binder or policy during an underwriting period. COMAR 31.08.15.06
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CREDIT INFORMATION
Alaska issued a bulletin addressing the Equifax security breach and actions insurers may need to take due to the breach. Insurers are reminded they may not cancel, deny, underwrite, or rate personal insurance coverage based in whole or in part on the absence of credit history and other requirements pursuant to AS 21.36.460( d)(2). Bulletin B 17-07
DISASTER / CATASTROPHIC EVENT
California issued a notice summarizing certain state laws that pertain to property insurance loss adjustment in connection with a declared disaster. Notice dated November 17, 2017
Puerto Rico issued a circular letter providing clarification of the procedure for granting special permits for public and independent emergency adjusters during a general catastrophe to partnerships or corporations and applicants from foreign countries. Circular Letter CC-2017-1916-D
Puerto Rico issued a ruling pertaining to the grace period for payment of premiums and temporary postponement of cancellation of policies for lack of payment during the current state of emergency. Ruling CN-2017-227-D
The Virgin Islands issued a bulletin regarding claims settlement guidelines for adjusters following the damage caused by Hurricanes Irma and Maria. Bulletin 2017-10
Vermont issued a bulletin authorizing the use of catastrophe adjusters and appraisers during catastrophe or extraordinary loss events. The bulletin provides conditions for the use of such adjusters/appraisers. Bulletin 199
DISCLOSURE REQUIREMENTS
Colorado issued a bulletin to provide summary disclosure forms for homeowners, condominium owners, renters and dwelling fire insurance. The information provided in the forms is the minimum information which must be provided to applicants or existing policyholders. Bulletin B-5.15
DISCRIMINATION
Louisiana adopted new regulations regarding the procedure for receiving and investigating discrimination complaints within the business of insurance. The Division of Diversity and Opportunity is created within the Department of Insurance and it will review all complaints alleging a violation of discrimination provisions. LAC 37:XIII.Chapter 15101 +
FILINGS: PROPERTY / CASUALTY
Texas eliminated manual rule filings on December 1, 2017. Information that had been included in manual rule filings will be filed in form or rate/rule filings. Rate filings will be renamed "rate/rule filings." TDI asks filers to submit all manual pages with their rate/rule filings and to provide information about the use of policy forms and endorsements with form filings. Updated filing instructions in SERFF General Instructions and on TDI Website
MARKET CONDUCT EXAMINATIONS
California published hourly rate schedule for conduct of examinations of insurance companies for financial solvency and compliance with state law. Notice dated November 3, 2017
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PROPERTY INSURANCE
Arkansas issued a bulletin requiring property insurers and other members of the Arkansas Rural Risk Underwriting Association to pay an annual assessment of $200 to cover mailing volunteer fire department renewal subscription notices. The bulletin also includes the form that must be submitted to the Rural Risk Underwriting Assessment plan manager by December 31, 2017. Bulletin 17-2017
Colorado reissued its bulletin regarding homeowners' rights to obtain additional or enhanced coverages. Bulletin B-5.35
REPORTS - ANNUAL / QUARTERLY STATEMENT
North Carolina issued a bulletin to clarify certain reporting requirements of the annual financial reporting law. This bulletin replaces Bulletin Number 16-B-05. Bulletin 17-B-05
REPORTS - DATA CALLS & OTHER REPORTS
New York distributed a letter regarding data calls for the 2017 insurance availability survey, the 2017 annual free trade zone report, and the 2017 special homeowners insurance supplement. These should be completed by December 29, 2017. Availability and Free Trade Data Call 11-15-2017
SERVICE CONTRACTS / WARRANTY INSURANCE
New Mexico issued a bulletin regarding reimbursement insurance policy requirements and related notifications to service contract holders. Bulletin 2017-014
TRADE PRACTICES
Maine issued a bulletin that replaces Bulletin 384 and provides additional guidance for producers and insurers regarding what activities may be conducted, or value-added services provided, under Maine's amended rebating statutes. Bulletin 426
WORKERS' COMPENSATION
Texas issued a data call for 2017 annual experience for Workers' Compensation Deductible Plans. Bulletin B-0040-17
The New Mexico Workers’ Compensation Administration (NM WCA) is implementing mandatory electronic filing for court documents effective 1/1/2018. Insurers who provide workers’ compensation coverage in New Mexico are to provide the NM WCA with a single general delivery e-mail address (not tied to an individual) for service of process prior to 1/1/2018, pursuant to Rule 11.4.4.9 B. (3). Please send this information to WCA.Helpdesk@state.nm.us. Email notice dated December 13, 2017
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C. J. Rathbun, FLMI, CCEP, HIA, AIRC
816.391.2740
CJ.Rathbun@FirstConsulting.com