Property & Casualty News
December 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!
AGENT / PRODUCER CONTINUING EDUCATION
Florida adopted a rule amending the number of hours necessary for approved continuing education courses taught to insurance licensee applicants. Other requirements are set forth. FAC Rule 69B-228.080, .180
Louisiana's Insurance Department repealed the requirement for pre-licensing producer education. Rule 9, LAC 37 XI.501
AGENT / PRODUCER LICENSING AND APPOINTMENT
California's Producer Licensing Bureau of the Department of Insurance reminds all licensees that most types of insurance producers, as well as independent insurance adjusters, public insurance adjusters and analysts must include their license numbers on emails effective January 1, 2023. Notice dated November 14, 2022
Kentucky adopted a regulation allowing for a limited lines self-service storage space insurance producer license. 806 KAR 9:380
Nebraska's Department of Insurance developed an Apprentice Insurance Producer License. Through the Apprentice Insurance Producer License, those who want to enter the insurance industry as a producer can start with a temporary license and a mentor. Notice dated December 2, 2022
ARBITRATION
Oklahoma's Insurance Commissioner notified all carriers, producers, and adjusters that the Department is informing consumers more actively about the EAGLE Mediation Program which was established in 1999. Insurers are requested to readily participate in the mediation process. Notice dated November 10, 2022
CANCELLATION / NON-RENEWAL / PREMIUM OR COVERAGE CHANGES
California's Insurance Commissioner notified all admitted and non-admitted insurers writing residential property insurance of a mandatory moratorium on cancellations and non-renewals of policies after declaration of a wildfire emergency. Bulletin 2022-15
CREDIT FOR REINSURANCE
District of Columbia amended its law on Credit for Reinsurance. B 441
FLOOD INSURANCE
Delaware enacted the Private Primary Residential Flood Insurance Model Act. SB 282
MISCELLANEOUS PROPERTY / CASUALTY
Michigan's Department of Insurance and Financial Services published the annual adjustment of the fire insurance maximum escrow under the Michigan Insurance Code. Bulletin 2022-20-INS
Michigan's Director of Insurance published an updated list of Michigan Municipalities Participating in the Fire Insurance Withholding Program, effective January 1, 2023. Notice dated December 1, 2022
REPORTS - DATA CALLS & OTHER REPORTS
Florida's Office of Insurance Regulation informs insurers of a data call for monthly catastrophe reporting for Hurricane Nicole through February 2023. Notice dated December 2, 2022
RISK RETENTION GROUPS
Connecticut's bulletin provides guidance to risk retention groups doing business, registered, or domiciled in Connecticut. Bulletin FS-4RR-22
SURPLUS LINES
Montana's Insurance Department published the list of eligible surplus lines companies effective 11/30/2022. List dated November 2022
UNCLAIMED PROPERTY
California revised the amount of cash unclaimed property that must be transferred electronically to the State Controller's office from $20,000 to $2,000. A penalty of 2% of the amount of payment is assessed for payments in other than electronic payment format. 2 CCR 1155.150
Mississippi's Attorney General published its opinion regarding the Uniform Disposition of Unclaimed Property Act. Mississippi does not require self-insured workers' compensation groups to report or remit to the Treasurer intangible personal property presumed abandoned. Attorney General Opinion dated November 22, 2022
WORKERS' COMPENSATION
Alaska's Division of Insurance announced approval of the 2023 Workers' Compensation Filing for Voluntary Loss Costs and Assigned Risk Rates. Regulatory Order R 22-04
California's Division of Workers' Compensation announced adjustment of the Hospital Outpatient Departments and Ambulatory Surgical Centers section of the Official Medical Fee Schedule (OMFS) to conform to the quarterly changes in the Medicare payment. DWC Release Notice 2022-98
California's Division of Workers' Compensation announced the 2023 minimum and maximum temporary total disability rates. DWC Notice Release 2022-95
Connecticut's Workers' Compensation Board informed carriers and other interested parties that all costs for which reimbursement is sought at the time of settlement must be itemized for review by the Administrative Law Judge. Flat fee costs will not be approved without documentation. Memorandum 2022-13
Florida's Department of Financial Services, Division of Workers' Compensation announces the maximum weekly compensation rate for work-related injuries and illnesses occurring on and after January 1, 2023. Informational Bulletin dated November 30, 2022
Hawaii's Disability Compensation Division published the 2023 maximum weekly wage base and maximum weekly benefit amount. Notice dated December 1, 2022
Nebraska's Workers' Compensation Court announced that the maximum weekly income benefit will increase to $1,029.00 for work related injuries and illnesses occurring on and after January 1, 2023. WC Notice dated November 16, 2022
Nevada's Division of Industrial Relations Workers' Compensation Section clarifies for insurers, third party administrators and other parties of the conditions under which an award for a permanent partial disability may be paid in a lump sum. Memorandum dated December 1, 2022
North Carolina's Industrial Commission announced that inaccuracies were found in the Professional Fee Schedule Table, Durable Medical Equipment Fee Schedule Table and Clinical Laboratory Fee Schedule Table. These inaccuracies have been corrected and apply to dates of service on and after January 1, 2022. Notice dated November 30, 2022