Westmont Wire

 

On July 5, 2017, Delaware Insurance Commissioner Trinidad Navarro issued Universally Applicable Bulletin No. 2 affecting all parties engaged in the business of insurance in Delaware. Bulletin No. 2, effective July 1, 2017, notifies the insurance community of the increases to the fees and charges collected by the Delaware Department of Insurance. As a result of the changes, all checks postmarked after July 1, 2017 must be at the new rates listed in the bulletin. Insurers, Producers, and all parties currently operating in or seeking to operate in the state of Delaware should plan accordingly for these increases and the greater financial burden the increases will bring.

Click here to see Bulletin No. 2

For any questions regarding Bulletin No. 2, or for assistance in compliance matters pertaining to the new law, please contact Westmont Associates, Inc.
info@westmontlaw.com | (856) 216-0220 | westmontlaw.com

Effective January 1, 2018, Oregon Bill 985 will exempt certain lines of business from filing rates and forms in an effort to improve speed to market and provide opportunities for new and innovative products.  The exempted lines include: surety insurance, wet marine and transportation insurance, boiler and machinery insurance, environmental impairment and pollution insurance, kidnap and ransom insurance and political risk or expropriation insurance. The law additionally exempts property insurance in certain defined cases, as well allowing for the Director to exempt commercial lines insurance if specific requirements are met.

 

Insurance lines not exempted under Bill 985 include: workers’ compensation, medical professional liability, commercial automobile liability and insurer coverage issued under assigned risk plans, residual market pools, residual markets, or any class or line of insurance which an insurer transacts with a individual for personal, family, or household purposes.

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.

856-216-0220
info@westmontlaw.com

The Maryland Insurance Administration has released a draft bulletin to advise property and casualty insurance companies and producers of possible upcoming changes to the regulation of Commission Expense Reduction Plans (“CERP”). The bulletin outlines that a CERP continues to be prohibited by Maryland law, but it also summarizes possible changes to the Maryland Insurance Article which would allow CERPs to be filed and approved under limited circumstances as provided in the proposed changes to §§ 27-212(e) and 27-216(b)(2)(iii) of the Insurance Article of the Annotated Code of Maryland (“Insurance Article”).

The bulletin indicates that there is a period of public comment available until Friday, July 7, 2017. All comments on the bulletin should be sent to Robert Baron of the Maryland Insurance Administration (Robert.baron@maryland.gov).

Click HERE to view the Bulletin and/or instructional video.

856-216-0220
info@westmontlaw.com

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.