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Westmont Wire

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 make reference to the NAIC Uniform Application for Third Party Administrators, no additional application materials are yet available.

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Westmont will continue to monitor developments. If you have any questions about how this effects your business, or would like to learn more about TPA requirements, please reach out to the Westmont team.

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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 new services and products.

Keystone Smart Launch features discussion forums and an Idea Portal through which individuals may discuss and submit ideas for new insurance solutions and products. Once submissions are reviewed, the PID will supply feedback and note considerations that should be addressed before starting the regulatory process. By providing this information up front, the program aims to make the process smoother and faster. Keystone Smart Launch is open to registered and non-registered entities.

For more information on Keystone Smart Launch, or any other questions regarding new insurance products, please contact Westmont Associates, Inc.

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States Continue to Roll Out Data Security Initiatives

Two additional states recently adopted versions of the NAIC Data Security Model Law. On April 30, 2021, Iowa governor Kim Reynolds signed HF 719, and on May 6, 2021, Tennessee governor Bill Lee signed HB 0766. Both statutes require licensees to develop, implement, and maintain an information security program to protect nonpublic information.

Effective in 2022, the statutes require that each year insurers domiciled in the state submit to the Commissioner a written certification of compliance with the statute.  If there is a cybersecurity event, the licensee must conduct a prompt investigation, including notifying the commissioner as soon as possible. Furthermore, affected consumers or those consumers reasonably believed to have been affected must also be notified.

Furthermore, Louisiana, having passed a similar law in June 2020, issued Bulletin 2021-04 reminding licensees that they are required to have designed and implemented a compliant information security program by August 1, 2021.

For more information on HF 719, HB 0766, La. R.S. 22:2501, or any other questions regarding licensee’s cybersecurity reporting responsibilities, please contact Westmont Associates, Inc.

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