Washington Rule Regarding Risk Mitigation Goods and Services in Property Insurance
WA | Recent passage of SSB 5720 (leg.wa.gov) amends existing laws to no longer exclude commercial property insurers from providing goods and services intended to reduce the probability of loss as part of an insurance policy. SSB 5720 also removes the commissioner’s rulemaking authority to increase the value of risk mitigation goods and services. The purpose of this […]
Wyoming Addresses Coverage of COVID-19 Vaccines
WY | The Wyoming Department of Insurance today issued a memorandum concerning coverage to COVID-19 vaccines. It reminds companies writing health insurance in the state of their obligation to cover vaccines received from a network provider without cost-sharing within 15 business days. Issuers have until October 9, 2023, to streamline any internal workflows to meet this requirement. Click here to […]
Surplus Lines Stamping Office of Texas Announces September 2023 Filings Reached $1.05B
TX | SLTX recorded $1.05B in September. This represents a 14.5% increase over September 2022, and 25.7% increase year-to-date. 59.1% of premium reported (32.0% of items) is attributable to renewal policies, 40.8% (31.9% of items) to new business, and 0.1% (36.0% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (23,975 items […]
Maryland Amends Title Insurance Regulations
MD | The Maryland Insurance Administration today issued Bulletin No. 23-16. It informs individuals and entities writing title insurance in the state about recent changes to Code of Maryland Regulations (“COMAR”) 31.04.22 and § 10-121. Specifically, the amendment alters the conditions for insurer reviews and the reporting requirements for such reviews. Click here to read […]
Florida Calls for Hurricane Idalia Catastrophe Reporting
FL | The Florida Office of Insurance Regulations today issued a notice to insurers requiring weekly catastrophe reporting for Hurricane Idalia. Insurers should file a Simplified 2023 Catastrophe Reporting Form (CRF) through the Insurance Regulation Filing System (IRFS) by 12:00 pm ET on the following dates: The data call notice includes a list of required filers […]
Michigan Updates Fire Insurance Withholding Program Participants
MI | The Department of Insurance and Financial Services today issued Edition 160 of its List of Michigan Municipalities Participating in the Fire Insurance Withholding Program. The updated list takes effect on November 1, 2023. Click here to read the announcement for additional information.
DFR Reminds Licensees and Applicants of Its Expectations
OR | The Oregon Division of Financial Regulation today issued Bulletin No. DFR 2023-3. It explains the Division’s expectations for the following situations: The bulletin then lists common notice and filing issues and deficiencies to help licensees and applicants communicate with regulators more effectively. Click here to read the bulletin for more information.
Hawaii Issues Hurricane Insurance Data Call
HI | The Hawaii Insurance Division today issued Memorandum 2023-6R. It provides a worksheet for all insurers writing residential hurricane coverage in the state to report data for policies written since 2007. Submissions are due on or before December 31, 2023. Click here to read the memorandum for further instructions.
California SLA Addresses Insurer Eligibility
CA | The Surplus Line Association of California today issued Bulletin #1461. It reminds brokers of their duty to determine the eligibility of a non-admitted insurer at the time of surplus lines insurance placement. The bulletin particularly addresses the criteria that insurers not listed on the state’s List of Approved Surplus Line Insurers must meet. […]
Nevada Reminds Insurers of COVID-19 Vaccine Coverage Requirements
NV | The Nevada Division of Insurance today issued Bulletin 23-002. It provides guidance for insurers regarding their obligation to provide coverage for COVID-19 vaccines. The bulletin also urges insurers to take expedited action to streamline the claims process. Click here to read the bulletin for additional information.