Westmont Wire
Florida’s Assignment of Benefits Bill Makes it to the Governor’s Desk
As a follow up to last week’s Wire regarding a Florida bill reforming existing assignment of benefits (“AOB”) laws, the Florida Senate passed House Bill 7065. On April 24, 2019, ...
Florida House Passes an Assignment of Benefits Reform Bill
On April 11, 2019, the Florida House of Representatives passed a bill attempting to create a reduction in the number of alleged assignment of benefits abuse cases. If it makes ...
Louisiana Issues Directive Clarifying Position on Property Insurance Rates
On March 22, 2019, the Louisiana Department of Insurance (“LDI”) issued Directive 215 clarifying its position on La. R.S. § 22:1460(I)(1)(c), which prohibits the grouping of higher classified public fire ...
New York Attempts to Modernize Its Approach to Excess Lines Brokers
In Issue 19-1 of ELANY Elaborates, ELANY details their collaborative effort with the New York legislature to modernize New York’s approach to excess lines brokers. In an effort to streamline ...
Kentucky DOI Clarifies Position on Arbitration Provisions
On January 25, 2019, the Kentucky Department of Insurance issued Bulletin 2019-1, explaining its position on arbitration or other out-of-court dispute resolution provisions contained in insurance policies. In accordance with ...
Maryland Seeks to Impose Fiduciary Standards on Agents, Brokers, and Dealers
The Maryland Senate and House of Representatives have introduced companion bills-Senate Bill 786 and House Bill 1127-aimed at boosting consumer protection by imposing fiduciary standards on agents, brokers, and dealers ...
ELANY Issues Bulletin Reiterating Position on Excess Line Binders and Confirmations of Coverage
The NYDFS recently completed an audit of records of NY excess line transactions submitted by brokers and found that binders were being issued by brokers who had no binding authority ...
Florida Senator Seeks to Replace the Existing No-Fault Law
A Florida Senator is again proposing a measure to eliminate the existing motor vehicle no-fault insurance law and replace it with legislation that will require all drivers to purchase bodily ...
New York Issues Guidance on Use of External Data in Underwriting Life Insurance
On January 18, 2019, the New York State Department of Financial Services (“the Department”) released Insurance Circular Letter No. 1 to advise life insurers regarding the type of data that ...