Westmont Wire
California Supreme Court Upholds $27.5 Million Penalty Against Mercury Insurance
On August 16, the California Supreme Court denied an appeal by Mercury and thus upheld a $27.5 million fine issued by the Department of Insurance against Mercury Insurance Company. The ...
North Carolina Adopts Changes to Its Surplus Lines Regulations
House Bill 220, recently signed into law by the Governor of North Carolina makes significant changes to North Carolina’s surplus lines requirements. HB 220 removes the North Carolina Surplus ...
North Carolina Limits Insurer Investment Abilities
On July 26, 2019, Governor Roy Cooper signed House Bill 220, imposing a limit on the amount a domestic insurer may invest in its affiliates. After finding a ...
Hawaii Announces New Trade Name Approval Processes for Licensees, Producers, and Adjusters
All Insurance Licensees, Producers, and Adjusters will be subject to a new requirement in Hawaii in order to use a trade name. Effective October 1, 2019 all licensees will need ...
DELAWARE FORM FILING FEE CAP: Bill Passes Senate in Waning Hour of 2019 Session
Past midnight on July 1, 2019, the Delaware State Senate unanimously passed House Bill 242, which imposes a $2000 cap on form filing fees per insurer in the filing. HB ...
Florida Passes Surplus Lines Modernization Package
On June 18, 2019, Florida Governor Ron DeSantis signed House Bill 301 into law, implementing two major changes to Florida’s surplus lines regulations. First, HB 301 lifts the $35 cap ...
DELAWARE INSURANCE DEPARTMENT: FORM FILING FEE CAP LEGISLATION INTRODUCED
At the request of industry representatives and with feedback provided by the staff at Westmont Associates, the Delaware Department of Insurance had House Bill 242 introduced in the General Assembly ...
Wyoming Insurance Department: New Business Entity License Requirements
Wyoming Insurance Department recently changed their requirements for business entity producer licenses. The licenses used to be perpetual, but now expiration dates will be applied and renewals will be required. ...
Vermont Enacts an Innovation Sandbox Bill
On June 10, 2019, Vermont Governor Phil Scott signed into law Senate Bill 131, creating an insurance regulatory sandbox that gives the Department of Financial Regulation the authority to grant ...