Colorado Amends Regulation Concerning Surplus Lines Insurance and Will use SLIP starting January 1, 2025
CO | The purpose of this regulation is to establish standards regarding the placement of insurance by producers and the qualification of insurers pursuant to the Colorado Non admitted Insurance Act, § 10-5-101, et seq., C.R.S. and the “Non-admitted and Reinsurance Reform Act of 2010”, 15 U.S.C. § 8201 et. seq., as amended. This regulation […]
Colorado Amends Regulation Concerning Holding Company System Regulation with Reporting Forms and Instructions
CO | The purpose of this regulation, Amended Regulation 3-4-1, is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of the Insurance Holding Company Systems Act, Part 8 of Article 3 of Title 10 of the Colorado Revised Statutes. The information called for by this regulation […]
Colorado Amends Regulation Concerning Continuity of Care Requirements for ACA-Compliant Health Benefit Plans
CO | The purpose of this regulation, Amended Regulation 4-2-56, is to provide carriers offering ACA-compliant health benefit plans with the continuity of care requirements for health benefit plans. Continuity of care protections apply when a provider leaves or is terminated from a plans network; a Medicaid enrollee transfers to a commercial plan; or an […]
Iowa’s Insurance Commissioner Issues Bulletin 24-04 Regarding the Use of Artificial Intelligence Systems in Insurance
IA| The purpose of Bulletin 24-04 is to remind all Insurers that hold certificates of authority to do business in Iowa that decisions or actions impacting consumers that are made or supported by advanced analytical and computational technologies, including Artificial Intelligence (AI) Systems, must comply with all applicable Iowa insurance laws and regulations. The Bulletin […]
California Issues Mandatory Moratorium on Cancellations and Non-Renewals of Policies of Residential Property Insurance After the Declaration of a State of Emergency
CA | The California Department of Insurance has issued Bulletin 2024-12. Due to the Governor’s November 1, 2024 declarations, no admitted or non-admitted insurer shall issue a notice of cancellation or non-renewal due to wildfire risk for one year, starting on November 1, 2024, for any policy of residential property insurance in certain ZIP Codes. […]
Michigan Issues Bulletin Regarding Depreciation of Nontangible Items
MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-26-INS, superseding Bulletin 2024-18-INS, issued on July 3, 2024. The Director of the Department of Insurance and Financial Services (DIFS) is aware that some insurance policies include depreciation of labor and certain other nontangible items in the definition of “Actual Cash Value” (ACV). […]
Alabama Announces Non-Resident Surplus Line Broker Bond Requirement, Effective January 1, 2025
AL | The Alabama Department of Insurance has issued Bulletin No. 2024-05. Effective January 1, 2025, all nonresident surplus line brokers will be required to file a bond in favor of the State of Alabama in the amount of $50,000 to remain in force for the duration of their license. Any application for a new […]
The Surplus Line Association of California Removes Insurer from List of Approved Surplus Line Insurers (LASLI)
CA| The Surplus Line Association of California (SLA) issued Bulletin #1484 to announce that Accident Fund General Insurance Company (Michigan) has been removed from the LASLI effective October 25, 2024. This was done at the request of the Insurer to be delisted. Click here to see full Bulletin #1484
Kansas Announces 2025 Application Fees
KS | Effective January 1, 2025 through December 31, 2025, application fees for resident agents, nonresident agents, and public adjusters are as follows: Application Type & Fee Amount• Resident Agent – $15• Nonresident Agent – $50• Public Adjuster – $100 Click here for more information.
Montana Issues Advisory Memorandum Regarding Provisions Limiting Coverage for Defense Expenses
MT | The Montana Commissioner of Securities and Insurance has issued an Advisory Memorandum regarding form provisions limiting coverage for defense expenses including defense within limits provisions – §33-1-502, MCA. Click here for more information.