New Mexico Clarifies Application of Open and Special Enrollment Periods to Individual Off-Exchange Plans
NM | The New Mexico Office of Superintendent of Insurance today issued Bulletin 2022-19. This bulletin clarifies the application of annual open enrollment periods (OEPs) and special enrollment periods (SEPs) to the sale of individual, fully-insured, major medical plans that meet qualified health plan standards and are sold outside the New Mexico Health Insurance Exchange. […]
Maryland Reminds Carriers of Compliance Deadline for Title 33 Cybersecurity Requirements
MD | On September 30, 2022, the Maryland Insurance Administration issued Bulletin 22-13. It reminds all “carriers” of the cybersecurity event notification requirement taking effect on October 1, 2022. The designation “carrier” includes the following: It does NOT include RPGs/RRGs chartered in a state other than Maryland or assuming insurers domiciled in other jurisdictions. Click […]
Michigan DIFS Updates List of Municipalities Participating in the Fire Insurance Withholding Program
MI | The Michigan Department of Insurance and Financial Services today issued Edition 148 of its list of municipalities participating in the Fire Insurance Withholding Program. The new information takes effect on November 1, 2022. Click here to read the updated list.
Oregon Clarifies Notice Period Requirements for Commercial Liability Policy Cancellations
OR | On September 23, 2022, the Oregon Department of Consumer and Business Services, Insurance Regulation, approved Permanent Administrative Order ID 7-2022. The order clarifies notice period requirements for commercial liability insurance policy cancellations as outlined within the published DFR product standards. The order took effect on October 1, 2022. Click here to read the […]
Vermont Term and Universal Life Insurance Reserve Financing
VT | The purpose and intent of this regulation is to establish uniform, national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and universal life insurance policies with secondary guarantees; and to ensure that, with respect to each such financing arrangement, funds consisting of Primary […]
New Mexico Announces Small Business Health Insurance Premium Relief Initiative
NM | The New Mexico Office of Superintendent of Insurance today issued Bulletin 2022-018. The bulletin sets forth program parameters, requirements for issuers, and the Office of Superintendent of Insurance’s (OSI’s) responsibilities for forthcoming emergency rules that establish the Small Business Health Insurance Premium Relief Initiative. Click here to read the bulletin for further details, […]
Oklahoma Enhanced Cash Surrender Value Programs
OK | The Oklahoma Insurance Department (“Department”) is releasing this bulletin to provide its position on endorsements offering enhanced cash surrender value benefits. Click here for more information.
Bright Health Will No Longer Offer Individual Health Plans to Oklahomans in 2023
OK | Bright Health will stop offering individual health plans in 2023 in all the Affordable Care Act (ACA) markets across the country. In Oklahoma, roughly 14,000 people in Oklahoma, Canadian and Cleveland counties will be impacted by this decision. The Oklahoma Insurance Department (OID) has been monitoring the company’s activities and ensures consumer protection […]
Northern Mariana Islands Approves Reciprocal Jurisdiction Reinsurers Under New Insurance Order
NMI| Administrative Order 2022-03 consists of the Northern Mariana Islands Insurance Commissioner implements the National Association of Insurance Commissioners (NAIC) Credit for Reinsurance Model Law and Regulation (785/786) by recognizing reciprocal jurisdiction reinsurers. It includes the full text of the bilateral agreements between the United States and the European Union, and the United States and […]