Michigan Issues Bulletin Regarding the Practice of Price Optimization
MI | The Michigan Department of Insurance and Financial Services has issued Bulletin 2024-09-INS. This bulletin addresses the practice of “price optimization” and informs property and casualty insurers writing business in Michigan that the use of price optimization in ratemaking is not permitted under Michigan law. Price optimization generally refers to an insurer’s practice of […]
Alaska Outlines Insurer Responsibilities in Response to Change Healthcare Cyber Attack
AK | The Alaska Division of Insurance has issued Bulletin B 24-04. Each health insurer operating in Alaska is directed to provide prompt assistance to consumers and healthcare providers as they navigate the cybersecurity attack on Change Healthcare situation over the coming weeks. This assistance should take into consideration the importance of healthcare providers being […]
Alaska Issues Notice of Public Meeting Regarding Workers’ Compensation Insurance
AK | The Workers’ Compensation Review and Advisory Committee’s first quarterly meeting of 2024 will be held April 11, 2024 at 10:00 am at the Anchorage Marriott Downtown, 820 W 7th Ave, Anchorage, AK. The purpose of the meeting is to discuss matters relating to workers’ compensation insurance. Click here for more information.
Arkansas 2024 Company Appointment Renewals
AR | The Arkansas Insurance Department has issued Bulletin No. 2-2024. The following procedures apply in 2024 for appointment renewals and terminations:An insurance company must annually review its records on its appointed Arkansas producers and business entities (insurance agencies) and decide whether the company will renew each appointment. Click here for more information.
Connecticut Issues Notice Regarding the Change Healthcare Cybersecurity Attack
CT | The Connecticut Insurance Department (“CID”) understands that the cybersecurity attack on Change Healthcare on February 21, 2024, created significant operational challenges for some health insurers and health care providers in Connecticut including hospitals, individual practitioners, practice groups, diagnostic centers, laboratories and pharmacies. Change Healthcare, a clearinghouse used by Providers and health insurers to […]
California Reminds Licensees of Requirement to Report Changes in Background Information
CA | California Insurance Code section 1729.2 requires all licensees and applicants to report any changes in background information to the California Department of Insurance within 30 days of the date the licensee or applicant learns of the change in background information. Click here for more information.
DC Issues Updates to the Life and Health Insurance Guaranty Association Amendment Act of 2023
DC | The District of Columbia Department of Insurance has issued Bulletin 04-IB-003-6/1. The purpose of this Bulletin is to update the summary disclosure regarding life and health guaranty association insolvency protection. Click here to continue reading the Bulletin. Click here to view the Summary of General Purposes, Coverage Limitations, and Consumer Protections document.
Mississippi Announces Company Address Changes on the List of Eligible Non-Admitted Insurers
MS | The Mississippi Surplus Lines Association has issued Bulletin 2024-04. This bulletin announces the address change of North Light Specialty Insurance Company on the Mississippi Insurance Department’s List of Eligible Non-Admitted (Surplus Lines) Insurers. Click here for more information.
Illinois Change Healthcare Cybersecurity Event
IL | The Illinois Department of Insurance (“Department”) continues to monitor the recent cybersecurity incident which occurred February 21, 2024, to Change Healthcare and its impact on health systems in Illinois and across the nation. The Department will be vigilant in enforcing The Illinois Insurance Data Security Law (215 ILCS 215/et Al), effective January 1, […]
Utah Issues Bulletin Regarding Application of Title Insurance Laws to Affiliated Title Insurance Businesses
UT | The Utah Insurance Department has issued Bulletin 2024-2. Utah’s 2019 legislature passed a law authorizing agency title insurance producers to become affiliated with non-insurance businesses. Utah Code § 31A-23a-1003. This law states that affiliated title businesses are governed by Section 8 of the Real Estate Settlement Procedures Act (“RESPA”) and rules promulgated thereunder. […]