Westmont Wire

On July 2, 2018, the California Department of Insurance released an order requiring workers’ compensation insurers to report their federal income tax savings incurred under the Tax Jobs and Cuts Act of 2017.

By December 31, 2018, and on a yearly basis through December 31, 2020, workers’ compensation insurers must make a rate filing through the System for Electronic Rates and Forms Filing (SERFF) to report the dollar amount of their tax savings. To supplement the report, an insurer must provide a detailed calculation of the tax saving impacts on the insurer’s rates. If an insurer incurs no rate impact, the insurer must provide a detailed explanation stating why the reduction in the federal corporation tax rate does not affect their rates.

For any questions or updates regarding the California federal income tax report, or any other reporting requirements, please contact Westmont Associates, Inc.

Westmont is proud to be a Diamond Level and primary sponsor of  the Mid-Atlantic Chapter of the AICP Annual Education Day on Friday, June 15, 2018 at the Hotel Du Pont in Wilmington, DE.  In addition to being a sponsor, Westmont will be moderating  “A View from the Top” with the following esteemed panelists: Delaware Commissioner of Insurance Trinidad Navarro, Pennsylvania Deputy Commissioner of Insurance Seth Mendelsohn,  Maryland Commissioner of Insurance Al Redmer, Jr. and New Jersey Acting Commissioner of Banking and Insurance Marlene Caride.

The 2018 E-Day includes breakout sessions with regulators from several state insurance departments participating. In addition to a wide variety of insurance-related educational sessions, E-Day offers an excellent opportunity to learn about emerging issues  from state regulators as well as to network with other insurance industry  professionals.

For more information, please visit the following link: https://www.linkedin.com/pulse/aicp-mid-atlantic-chapter-e-day-dont-miss-out-mark-h-miller/  or contact Westmont Associates, Inc.

The Excess Line Association of New York recently released Bulletin No. 2018-20 as a reminder that all excess line broker business entity licenses expire on October 31, 2018.

Included within the bulletin was an important statement regarding when an entity license is required as opposed to when an individual license can be used. Most notably this notice from New York clearly draws the line stating “when an entity is selling, soliciting or negotiating insurance contracts, gets paid commissions and holds premium trust funds in its name… the entity must be licensed.”

The license referenced in this bulletin is a New York Excess Lines license. However, it articulates a common stance held in many states for both Producer and Surplus Lines entity licenses.

If you have any compliance questions or need licensing support do not hesitate to contact Westmont!

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us at (856)216-0220.