New Idaho Rule: Insurers Must Pay Higher Interest on Delayed Cash Surrenders
ID| Bulletin No. 25-05, from the Idaho Department of Insurance, informs all life insurance companies that, effective July 1, 2025, they must pay a minimum annual interest rate of 9.125% on deferred payments of cash surrender values for life insurance policies and individual deferred annuities. This requirement applies when an insurer does not pay out […]
Illinois Announces New PBM Reporting and Fee Requirements for 2025
IL| The Illinois Department of Insurance Company Bulletin 2025-13 outlines new reporting and fee requirements for Pharmacy Benefit Managers (PBMs) under Public Act 104-0027. By August 1, 2025, each PBM registered in Illinois must submit a report listing every health benefit plan they administer and the number of covered individuals per plan using a specified […]
Illinois Department of Insurance Enacts New Rules for Credit Life Insurance Filings
IL| The Illinois Department of Insurance has issued Company Bulletin 2025-14 notifying all companies writing credit life insurance of amendments to 50 Ill. Adm. Code 1051, which revise permitted policy exclusions and set new prima facie premium rates. Effective August 20, 2025, the Department will withdraw approval of any policy forms and rate filings that […]
MSLA Notice of Address Change of Authorized Non-Admitted Insurer
MS| Bulletin 2025-16, issued by the Mississippi Surplus Lines Association, announces the address change for approved non-admitted insurer, Appalachian Insurance Company, effective July 9, 2025. Home Office: 270 Central AvenueJohnston, Rhode Island 02919 Mailing Address: 270 Central AvenueJohnston, Rhode Island 02919 Click here to see MSLA Bulletin 2025-16
New Jersey Insurers Face August 2025 Deadline for TCFD-Aligned Climate Risk Reporting
NJ| In Bulletin No. 25-05 from the New Jersey Department of Banking and Insurance outlines requirements for insurers regarding the 2024 Climate Risk Disclosure Survey. All insurers licensed in New Jersey with over $100 million in nationwide direct written premiums during 2024 must complete the Task Force on Climate-related Financial Disclosure (TCFD)-aligned NAIC Climate Risk […]
New Mexico Sets Maximum Residential Property Insurance Limits for 2025
NM| In Bulletin 2025-004 from the New Mexico Office of Superintendent of Insurance, dated July 7, 2025, outlines the approved maximum residential property insurance limits under the New Mexico Property Insurance Program (NMPIP). The document specifies liability limits for one- to four-family dwellings based on protection class and provides guidance for coverage during declared catastrophes. […]
Connecticut Mandates Clear Flood Insurance Disclosures on Homeowners and Renters Policies
CT| The Connecticut Insurance Department Bulletin PC-93-25 instructs all insurers offering homeowners and renters policies in the state to comply with new flood insurance disclosure requirements under Public Act No. 25-33. Insurers must provide a clear and conspicuous notice—using plain language—that losses from floods are not covered and that separate flood insurance is available, including […]
Illinois Issues New Rules Restricting Health Coverage Exclusions Based on Site of Care
IL| The Illinois Department of Insurance Issues Bulletin 2025-12, warning health insurers and utilization review organizations against denying claims or excluding coverage based on the location, site of care, or setting of medically necessary services, unless such determinations are grounded in generally accepted standards of care—not for economic benefit or convenience. Effective January 1, 2026, […]
ELANY Deletes Foreign Insurers from Eligible E&S List
NY| In Bulletin No. 2025-16 ELANY Announces that Lloyd’s Syndicate, #1975 – Coverys Syndicate 1975 had been deleted as of June 30, 2025. Click here to see ELANY Bulletin No. 2025-16
Montana Reaffirms Ban on Insurance Denials Based Solely on Wildfire Risk
MT| The July 2, 2025 Advisory Memorandum from the Montana State Auditor’s Office reaffirms that property and casualty insurers in Montana are prohibited from refusing, canceling, or limiting insurance coverage solely due to wildfire risks unless there is a substantially increased risk of loss, as mandated by state law. The Commissioner has received complaints about […]