Idaho Issues Bulletin Regarding Rate of Interest on Deferred Payment of Cash Surrendered Benefits
ID | The Idaho Department of Insurance has issued Bulletin No. 24-04. Idaho Code Sections 41-1927(3) and 41-1927A(3)(b) permit an insurer to defer the payment ofany cash surrender value under a life insurance policy or individual deferred annuity whenpayment of the surrender value is requested by the policyholder with surrender of the policy Continue reading.
Utah Issues Bulletin Regarding Motorboat Reporting Requirement in HB 184
UT | The Utah Insurance Department has issued Bulletin 2024-9. With the passage of HB 184, starting January 1, 2025, all insurers that offer motorboat insurance must also report motorboats that they insure to the Utah Uninsured Motorist Identification Database Program. The process for reporting motorboats will be very similar to the vehicle reporting requirement. […]
Indiana Issues Bulletin Regarding Nonforfeiture Requirements for Index-Linked Variable Annuity Products
IN | The Indiana Department of Insurance has issued Bulletin 275. This bulletin is directed to all insurers writing index-linked variable annuity products. Actuarial Guideline 54, “Nonforfeiture Requirements for Index-Linked Variable Annuity Products,” is effective for all Index-Linked Variable Annuity contracts (including associated riders, endorsements, or amendments) issued on or after July 1, 2024. Click […]
California Department of Insurance Provides Notice of Online Maintenance
CA | Due to required maintenance, some of California Department of Insurance’s on-line applications will not be available between 9:00 am – 3:00 pm, Saturday, August 3. These on-line applications include: Click here to view the original Notice.
Arkansas Issues Bulletin Regarding Use of Artificial Intelligence Systems in Insurance
AR | The Arkansas Insurance Department has issued Bulletin 13-2024 to remind all Insurers that hold certificates of authority do business in the State, 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 insurance laws and regulations. […]
California Announces New 2025 Variable Life Insurance Policies Two-Hour Course is Available
CA | The California Department of Insurance has issued a Notice announcing that a new law will take effect on January 1, 2025 adding a section to the California Insurance Code. The new law requires life agents who sell variable life insurance policies to complete two hours of topic specific training before each license renewal. […]
South Carolina 2024 Legislative Changes Relating to Service Contracts
SC | The South Carolina Department of Insurance has issued Bulletin Number 2024-06. This bulletin summarizes changes made during the 2024 legislative session of the South Carolina General Assembly relating to service contracts. Continue reading
Pennsylvania Personal Lines Service Fees
PA | Governor Josh Shapiro signed into law on July 8, 2024, Act 45 of 2024. This law becomes effective September 6, 2024. The law permits, if the conditions below are satisfied, a surplus lines licensee to charge an insured a service fee for the placement of a personal lines insurance policy in addition to […]
Arkansas Issues Bulletin Regarding Repatriation of Remains Coverage in Life Insurance Policies
AR | The Arkansas Insurance Department has issued Bulletin 11-2024 pertaining to life insurers which provide repatriation of remains coverage, or various benefits related torepatriation of remains, either in a standalone life insurance policy, or separately offered as anendorsement to the policy. Continue reading.
Pennsylvania Issues 1332 Waiver Reinsurance Program Parameter Updates
PA | On July 24, 2020, the Centers for Medicare & Medicaid Services, a division of the United States Department of Health and Human Services, and the United States Department of the Treasury, approved the Insurance Department’s 1332 Waiver Application. The approval is effective for a waiver period from January 1, 2021, through December 31, […]