Westmont Wire
Delaware Domestic and Foreign Insurers Bulletin No. 141
The Delaware Department of Insurance has recently released Bulletin No. 141 regarding the timeline for filing and reviewing insurers’ rate filings. The key highlights are as follows: Extends the timeline ...
Delaware Increases the Required Minimum Capital and Surplus Amounts for Licensed Insurers
Effective May 25, 2023, the Delaware legislature passed a law amending 18 Delaware Code Section 511, which establishes the minimum amounts of capital and surplus required for a carrier to ...
Nevada Division of Insurance Update Regarding the Regulations Governing Defense Costs
On July 20, 2023, The Nevada Division of Insurance issued guidance in response to the recently passed Assembly Bill 398, affecting policies of liability insurance including insurance issued by authorized insurers and non-risk ...
Washington Adopted a Rule Requiring Insurers to Inform Policyholder Regarding Premium Increases
On June 22, 2023, Washington Insurance Commissioner Mike Kreidler adopted a rule requiring insurers to explain premium increases to their policyholders, using basic language that a policyholder can understand. The ...
Westmont News
In recognition of their service and experience, Westmont is proud to announce the following recent staff promotions. Please join us in congratulating our team members. Logan Marro, Senior Vice President, ...
New Mexico Superintendent of Insurance Bulletin 2023-014
The New Mexico Superintendent of Insurance recently released Bulletin 2023-014, requiring insurance companies to report claims data related to natural disaster events. The key highlights are as follows: Claims data ...
North Carolina Issues Memorandum on Enforcement of Surplus Lines Licensing Laws
The North Carolina Surplus Lines Association (“NCSLA”) announced (https://www.ncsla.com/announcements/ncdoi-audit-memorandum) that it has been notified by the North Carolina Department of Insurance (the “Department”) that the Department has begun performing agency ...
New Vermont TPA regulations going into effect on July 1, 2022
Vermont has released information on new TPA regulations signaling new licensing requirements for TPAs operating in the state. The rule will become effective July 1, 2022. Although the Rule does ...
Pennsylvania Introduces Program to Encourage Insurance Innovation
The Pennsylvania Insurance Department (PID) announced the implementation of a new program designed to encourage innovation in the insurance industry by removing barriers and speeding up the regulatory process for ...