Maryland Contact Information in the Event of a Disaster or Catastrophic Event
MD | Maryland Insurance Administration has issued Bulletin 24-2 reminding insurers to update their contact information by close of business on April 15, 2024. Click here for more information.
Pennsylvania Publishes Recent Eligible Surplus Lines Insurer List
PA | In accordance with section 1605(b) of The Insurance Company Law of 1921 (40 P.S. § 991.1605(b)), the Insurance Department publishes the most recent Eligible Surplus Lines Insurer List. This list replaces in its entirety the Eligible Surplus Lines Insurer List published at 53 Pa.B. 438 (January 14, 2023). Click here for more information.
Michigan Group Capital Calculation Filing Exemption Criteria
MI | The State of Michigan Department of Insurance and Financial Services has issued Bulletin 2024-07-INS. This bulletin sets forth criteria the Director of the Department of Insurance and Financial Services (Director) may consider in determining a) whether to exempt an ultimate controlling person in an insurance holding company system where Michigan is the lead […]
Guam Announces Upcoming Transition to State Based Systems
GU | On March 20, 2024, the Insurance and Banking Branch of the Guam Department of Revenue and Taxation is going live on State Based Systems (SBS), a web based NAIC application that supports state insurance regulation functions. For more information, including changes to expect with this transition, click here.
Illinois Farm Mutual Notice Requirement
IL | The Illinois Department of Insurance has issued Company Bulletin 2024-2. Beginning in 2024, all Farm Mutuals will need to submit electronic copies of Annual Statements to the Department that are in Excel Workbook version with “.xsl” and “.xslx” as acceptable file extensions. The Department will continue to require paper copies be submitted in […]
Michigan Issues Bulletin Regarding the CPI-Adjusted Regulatory Loan Act Loan Processing Fee
MI | The State of Michigan Department of Insurance and Financial Services has issued Bulletin 2024-05-CF. Pursuant to Section 13(4), the Director has performed the required CPI review for the two-year period ending December 31, 2023. The adjusted loan processing fee for the next two-year period, beginning January 1, 2024 and ending December 31, 2025, […]
Michigan Payment and Billing Guidance for No-Fault Automobile Insurers and Health Care Providers
MI | The State of Michigan Department of Insurance and Financial Services has issued Bulletin 2024-06-INS. This bulletin updates Bulletin 2023-21-INS (issued September 1, 2023) to include court opinions released since that bulletin was issued. Bulletin 2023-21-INS is superseded. Click here to read the complete Bulletin.
California Updates the List of Approved Surplus Line Insurers
CA | The Surplus Line Association of California has issued Bulletin #1468 announcing an update to the List of Approved Surplus Line Insurers (LASLI). Effective January 1, 2024, North American Capacity Insurance Company has been removed from the LASLI. Click here for more information.
New York Announces New Cybersecurity Regulation Exemption Qualification Standards
NY | The Excess Line Association of New York (“ELANY”) has issued Bulletin No. 2024-03. On November 1, 2023, the New York Department of Financial Services adopted significant revisions to its cybersecurity regulation. Brokers should note that effective immediately are revisions to who may qualify for a limited or full exemption from the regulation’s requirements. […]
Michigan Property and Casualty Guaranty Association’s Annual Adjustment of the Net Worth Limit and Claim Cap
MI | The State of Michigan Department of Insurance and Financial Services (DIFS) has issued Bulletin 2024-04-INS. The Property and Casualty Guaranty Association Act (Act), MCL 500.7901 et seq., requires the Director of the Department of Insurance and Financial Services to annually adjust an insured’s net worth limit and covered claim cap pursuant to the […]