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New Jersey Climate Risk Survey Disclosure Survey Reporting Year 2023

NJ | The New Jersey Department of Banking and Insurance has issued Bulletin No. 24-09. For the current survey, Reporting Year 2023, all participating insurers are required to report using the Task Force on Climate related Financial Disclosure (“TCFD”)-aligned National Association of Insurance Commissioners (“NAIC”) Climate Risk Survey. The TCFD-aligned survey was established and implemented […]

Texas Automobile Insurance Plan Association Rates

TX | The Texas Department of Insurance has issued Commissioner’s Bulletin #B-0006-24. The commissioner of insurance has approved changes in the rates for private passenger and commercial automobile insurance for the Texas Automobile Insurance Plan Association (TAIPA). The changes are effective October 1, 2024, for new and renewal business by Commissioner’s Order No. 2024-8722.  The new […]

Michigan Issues Bulletin Regarding Depreciation of Nontangible Items

MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-18-INS. The Director of the Department of Insurance and Financial Services is aware that some property insurance policies include depreciation of labor and other nontangible items in the definition of “Actual Cash Value” (ACV). Continue reading.

Iowa Insurance Commissioner Issues Bulletin Regarding Expectations for Relief While a State Disaster Proclamation is in Place

IA| Bulletin 24-03 provides ongoing guidance to individuals and entities regulated by the Iowa Insurance Commissioner when severe weather and natural disasters impact Iowa consumers. In light of the ongoing guidance provided by this bulletin, the Commissioner rescinds the following Bulletins immediately. • Bulletin 21-04: Derecho Damage Deadlines (dated 7/26/21) • Bulletin 19-04: Insurance Consumers […]

Texas June 2024 Filings Reach $1.5B

TX | SLTX recorded $1.55B in June. This represents a 3.7% increase over June 2023, and 11.0% increase year-to-date. 61.2% of premium reported (30.1% of items) is attributable to renewal policies, 37.6% (37.0% of items) to new business, and 1.2% (32.9% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (27,232 items […]

ELANY Issues Bulletin Regarding Affordable Housing Underwriting and Rating

NY | The New York State Department of Financial Services (“DFS”) has issued Circular Letter No. 6 (2024) imposing restrictions on affordable housing underwriting and rating. The Circular Letter explicitly applies to excess line insurers and is intended to address the requirements contained in Insurance Law §3462, which was enacted this past spring. The Circular […]

Georgia Tort Reform Act Data Call & Report Instructions

GA | The Office of Commissioner of Insurance and Safety Fire has issued Directive 24-EX-4 to issue a Data Call to collect data from all Georgia insurers writing personal and commercial auto, personal and commercial umbrella and commercial general liability coverage. Click here for more information.

2024 Arizona Insurance and Financial Institutions Laws

AZ | The Arizona Department of Insurance and Financial Institutions has issued Substantive Policy Statement 2024-01. The purpose of this Substantive Policy Statement is to summarize the major, newly enactedlegislation affecting the Department, its licensees and consumers. Continue reading.

Michigan Issues Bulletin Regarding Health Insurance Plan Switching

MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-17-INS. The Director of the Department of Insurance and Financial Services (DIFS) is aware of reports across the country of unauthorized switching of Health Insurance Marketplace plans, coverages, and agents of record. This bulletin reminds insurance agents of state and federal requirements […]