Michigan Issues Bulletin Regarding the Annual Adjustment of the Maximum Work Loss Benefit & Survivors’ Loss Benefits Payable Under Policies of Personal Protection Insurance
MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-19-INS. This bulletin supersedes Bulletin 2023-18-INS. Section 3107(1)(b) of the Insurance Code, MCL 500.3107(1)(b), requires that the Director annually adjust the maximum work loss benefit payable under policies of personal protection insurance. Continue reading
California Issues Bulletin Regarding Insurer Recoupment Procedures in the Event of Assessment by the FAIR Plan
CA | Bulletin 2024-8 provides notice of the procedure through which the FAIR Plan’s member insurers may request the Insurance Commissioner’s prior approval under Proposition 103 to seek recoupment from their policyholders of any FAIR Plan assessments in the highly unlikely event that the FAIR Plan levies an assessment, an occurrence which has not happened […]
Texas August 2024 Filings Reach $1.5B
TX | The Surplus Lines Stamping Office of Texas (“SLTX”) recorded $1.51B in August. This represents a 15.7% increase over August 2023, and 12.0% increase year-to-date. 55.0% of premium reported (29.0% of items) is attributable to renewal policies, 41.6% (31.8% of items) to new business, and 3.4% (39.2% of items) to non-policy transactions. Furthermore, non-policy […]
Oregon Amends Order Updating Services Health Plans Must Cover During Well-Woman Visits
OR | Oregon has amended a rule updating the services that health plans are required to cover during a comprehensive well-woman visit to include the thirteen well-woman preventive services identified by the United States Health Resources and Services Administration (HRSA) as of December 2022. It aligns with the guidelines set forth by the Women’s Preventive […]
Louisiana Issues Advisory Letter Providing Guidance on Recent Legislative Changes
LA | The Louisiana Department of Insurance has issued Advisory Letter 2024-01. The purpose of this advisory letter is to provide guidance on recent legislative changes enacted by Act Number 389 of the 2024 Regular Session of the Louisiana Legislature. These changes mandate adherence to fair practices in the insurance claims process. Act 389 broadens […]
Connecticut Issues Notice to All Property & Casualty Insurers Regarding Storm and Flood Damage Loss Reporting
CT | On August 18, 2024, Connecticut was significantly affected by a severe rain event, which caused wide-spread storm and flood damage. On August 22, 2024, the Connecticut Insurance Department (the “Department”) advised insurers that Bulletin IC-29 and Bulletin IC-31 were activated because Governor Ned Lamont declared a State of Emergency. Continue reading
Michigan Annual Adjustment of the Fire Insurance Maximum Escrow Under Section 2227
MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-21-INS. This bulletin supersedes Bulletin 2023-22-INS, dated November 28, 2023. Section 2227 of the Michigan Insurance Code, 1956 PA 218 (Code), MCL 500.2227, allows eligible municipalities participating in the fire insurance withholding program to escrow 25% of fire insurance settlements for losses […]
Michigan Annual Adjustment of the Fire Insurance Maximum Escrow Under Section 2845
MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-22-INS. This bulletin supersedes Bulletin 2023-22-INS, dated November 28, 2023. Section 2845 of the Michigan Insurance Code, 1956 PA 218, MCL 500.2845, allows eligible municipalities participating in the fire insurance withholding program to escrow 25% of fire insurance settlements for losses to real […]
Alabama Issues Revisions to Bulletin 2021-06
AL | The Alabama Department of Insurance has issued Bulletin 2024-04 announcing revisions to Bulletin 2021-06, issued July 21, 2021. Click here to view the revised Bulletin.
Missouri Announces Implementation of Senate Bill 1359, Section 374.192
MO | The Missouri Department of Commerce and Insurance has issued Bulletin 24-06. During the 2024 Legislative Session, the Missouri General Assembly passed Senate Bill 1359, which included a variety of provisions related to financial institutions and insurance. Notably, the bill enacts a new section 374.192. The newly enacted section 374.192 includes the following language […]