Westmont Wire
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 ...
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 ...