Westmont Wire
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 ...
Connecticut Issues New Bulletin Regarding Stop Loss Policies
On August 1, 2018, the Connecticut Insurance Department issued Bulletin HC-120 rescinding and combining provisions from Bulletins HC-95 & PC-75 and HC-108 & PC-80. The new Bulletin reaffirms that the ...
Westmont on the Waterfront
Come Visit Westmont Associates, Inc. at the 111th Mid-Atlantic Mutual Advantage Convention! Joseph Keller, Esq. and Katherine Lenguadoro of Westmont Associates, Inc. will be attending the Mid-Atlantic Mutual Advantage Convention ...
Final Rule Regarding Short-Term, Limited Duration Insurance
On August 1, 2018, the Department of the Treasury, the Department of Labor and the Department of Health and Human Services issued a final rule regarding Short-Term, Limited Duration Insurance. ...