Westmont Wire
Michigan Seeks to Enact Consumer Rate Relief Programs for No-Fault Insurance
On January 15, 2019, the Michigan Senate introduced a bill, Senate Bill No. 1 (“SB 1”), aimed at reducing costs under the current no-fault system. In doing so, SB 1 ...
Travel Insurance Model Law Adopted by the NAIC
On December 19, 2018, the National Association of Insurance Commissioners (“NAIC”) adopted a Travel Insurance Model Law after three years of development in the Travel Insurance Working Group. Largely based ...
New York Department of Financial Services Cybersecurity: Action Required for Regulated Entities
The New York Department of Financial Services (NYDFS) requires all regulated entities and licensed persons to file the annual Certification of Compliance for calendar year 2018 on or before February ...
New York Takes a Closer Look at Minimum Loss Ratios
Recently, the New York Department of Financial Services (“NYDFS”) has taken a stricter examination of the minimum loss ratio standards for premiums. These standards require a reasonable premium relative to ...
Pennsylvania Adopts a Corporate Governance Annual Disclosure Filing Requirement
On October 24, 2018, Pennsylvania signed into law Senate Bill 1205, which adopts the NAIC Corporate Governance Annual Disclosure (“CGAD”) Model Act. Beginning June 1, 2020, all Pennsylvania domiciled ...
North Carolina Issues Bulletin Notifying Insurers of Annual Report Requirements
On October 25, 2018, the North Carolina Department of Insurance issued a bulletin to all property and casualty insurers writing homeowners insurance in North Carolina. The purpose of the bulletin ...
Delaware Increases Annual Assessment for Insurers
In September, Delaware Governor John Carney signed HB 303 into law, increasing the annual fraud fund assessment for each insurance company admitted or authorized to transact business in Delaware from ...
Florida Freezes Insurance Rates After Hurricane Michael
In the wake of Hurricane Michael, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to place a 90-day rate increase freeze on any potential property insurance filings and updates. ...
NYDFS Cyber Requirement Reminder
All Companies Regulated by the New York Department of Financial Services Are Required to Comply with Regulation’s Governance Policies and Procedures, as Well as Risk Based Monitoring Systems Requirements and ...