NYDFS Issues Emergency Regulation for Looting/Vandalism Claims

By on June 9, 2020   /   Westmont Wire  
On June 5, 2020, the New York Department of Financial Services (“NYDFS”) issued an emergency regulation amending 11 NYCRR 216 (Regulation 64 – Unfair Claims Settlement Practices and Claim Cost Control Measures). This regulation, Amendment Seventeen to 11 NYCRR 216, requires insurance companies regulated by the NYDFS to accelerate the adjustment and payment of insurance claims submitted by businesses and individuals who suffered damage as a result of “riot” and “civil commotion.” As noted in the regulation, insurers are required to process and investigate such claims within very strict time frames. To view the full emergency regulation, please click here.
For more information on this Emergency Regulation, or any other regulatory compliance matter, please contact
Westmont Associates, Inc.
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Arkansas Rescinds Numerous COVID-19 Measures

By on May 12, 2020   /   Westmont Wire  
In order to wind back numerous measures taken in response to the COVID-19 public health emergency, the Arkansas Insurance Department (“AID”) issued Bulletin No. 20-2020 dated May 11, 2020 rescinding ten bulletins that provided relief and regulatory guidance. The rescissions are effective May 11, 2020. On that same date, the AID also issued five new COVID-19 related bulletins, including, inter alia, Bulletin No. 21-2020 that provides for a 45-day moratorium on the cancellation/non-renewal of personal lines and life and health insurance policies for the non-payment of premiums for certain Arkansas residents.
For questions regarding the recent Bulletins issued by the AID or any of your compliance needs, please contact Westmont Associates, Inc.
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Pennsylvania to No Longer Accept Paper Filings

By on May 12, 2020   /   Westmont Wire  
Beginning August 1, 2020, the Pennsylvania Insurance Department will no longer accept paper filings for Property and Casualty form, rate, rule, or statistical filings. Instead, all such filings must be submitted through System for Electronic Rates & Forms Filings (SERFF). The Department may make an exception for unique circumstances which necessitate a paper filing.
With teams of experienced insurance professionals, Westmont facilitates SERFF filings across the country for multiple insurers daily. For assistance with SERFF filings or other product compliance needs, please contact Westmont Associates, Inc.
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