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Westmont Wire

Pennsylvania DOI issues Notice to Medical Malpractice insurance carriers

By on February 1, 2021   /   Westmont Wire  
On January 30th, 2021, the Pennsylvania Department of Insurance issued Notice 51 Pa.B. 664 directed to medical malpractice insurance carriers requiring a response to a data call pursuant to 40 P.S. Section 1303.711(d)(3).
Each insurer providing medical professional liability insurance within Pennsylvania is required to respond to the data call no later than March 1, 2021. Insurers with positive medical malpractice direct written premium in 2019 are identified in Exhibit 2 of the data call. Data for more than one insurer should not be combined into a single submission.
For more details regarding this matter, please review the Notice HERE.
Westmont Associates, Inc. handles compliance matters for all facets of Medical Malpractice insurance, including SERFF filings.   Please contact us for any questions regarding our services.
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Michigan DOI issues Bulletin regarding Automobile Rule and Rate filings

By on January 29, 2021   /   Westmont Wire  
On January 28th, 2021, the Michigan Department of Insurance issued Bulletin 2021-07-INS as a reminder to automobile insurers that, beginning February 1st, 2021, personal automobile rule and rate filings must be submitted no fewer than 90 days prior to their effective date pursuant to MCL 500.2108(6).
Additionally, auto insurance rule and rate filings submitted after February 1st, 2021 must use a new P&C Rate Checklist which can be found on SERFF under the Supporting Documentation tab under the heading of “Checklist Submission.”
For more details regarding this matter, please review the Bulletin  HERE.
Westmont Associates, Inc. can assist with product development and SERFF filings for Personal Automobile in Michigan. Please contact us with any questions regarding our services.
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Louisiana DOI Issues Bulletin Regarding New TRIA Guidelines

By on January 25, 2021   /   Westmont Wire  
On January 20th, 2021, The Louisiana Department of Insurance issued Bulletin 2021-01 to advise insurers of the recent amendment and extension to the Terrorism Risk Insurance Act (TRIA). Additionally, the Louisiana Department of Insurance has rescinded Bulletin 2015-01, which addresses the now expired version of the TRIA.
Several changes have been made to the TRIA, including the elimination of outdated language, amended timing for mandatory recoupment periods, additional reporting requirements for the Secretary of Treasury and Comptroller General of the United States, as well as a change to the reimbursement level for covered terrorism losses to a fixed 80%. This amended version of the TRIA is extended until December 31st, 2027.
For more details relating to this amended version of the TRIA, please review the Bulletin HERE.
Westmont Associates, Inc. routinely submits TRIA form and rate filings on behalf of our clients in SERFF.   If you require any assistance with these submissions, please do not hesitate to contact us.
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