California has amended Title 10 CCR Section 2644.27. Among other provisions, the rule states that a variance request may be submitted to the Rate Regulation Branch if the standard Net Cost of Reinsurance (NCOR) does not accurately reflect the company's actual reinsurance costs and does not produce an actuarially sound result. The rule describes the information that should be included with a variance request.
California Amends Title 10 CCR Section 2644.27
Feb 13, 2025 / by AAIS posted in Compliance, California
Florida has amended Rule 19-8.029 to update certain revision dates for data calls and loss reporting forms for insurers that participate in the Florida Hurricane Catastrophe Fund (FHCF). Additionally, companies required to reimburse the FHCF for costs are liable for interest on the amount owed. The applicable interest rate for interest charges will be the average rate earned by the State Board of Administration for the FHCF for the six months preceding the start of the contract year. For balances paid after the invoice due date, interest will accrue at that same rate plus five percent.
New Jersey has adopted Rule 11:1-48.
Alaska Withdraws Bulletin Regarding Depreciation of Labor
Jan 28, 2025 / by AAIS posted in Compliance, Alaska
On January 23, 2025, the Alaska Division of Insurance (AKDOI) released Bulletin B 25-03 to withdraw Bulletin B 24-07 Depreciation of Labor that was released on May 7, 2024.
North Carolina Rate Bureau Sends Schedule for 2025 Data Calls
Jan 27, 2025 / by AAIS posted in Compliance, Data Call, North Carolina
On January 24, 2025, the North Carolina Rate Bureau (NCRB) released Circular G-25-1, providing a schedule of data calls for 2025 with the due date and who is required to report for each one.
Florida has enacted Rule 69O-137.009. The rule applies to all commercial and residential property policies as defined and requires each insurer doing business in the state to file a monthly supplemental report. Additionally, a separate report should be prepared for each ZIP code in which business was written. The rule provides the form that is to be submitted monthly, and where to find it on the Department's website.
Maryland Issues Bulletin Requesting Disaster or Catastrophic Event Contact Information
Jan 21, 2025 / by AAIS posted in Compliance, Maryland
On January 14, 2025, the Maryland Insurance Administration (MIA) issued Bulletin 25-3 to all insurers directing them to submit contact information in the event of a disaster or catastrophic event.
Washington State Issues Survey Regarding Premium Transparency Rule
Jan 17, 2025 / by AAIS posted in Compliance, Washington
On January 9, 2025, the Washington State Office of the Insurance Commissioner (OIC) issued a cover letter and a survey regarding the R 2024-07 Premium Transparency Rule.
California Issues Moratorium Following the Palisades and Eaton Fires
Jan 16, 2025 / by AAIS posted in Compliance, California
On January 9, 2025, the California Department of Insurance (CDI) released Bulletin 2025-1 to all admitted and non-admitted insurers in the state to issue a mandatory moratorium on the cancellation and nonrenewal of residential property insurance following the emergency declarations due to wildfires in certain counties.
Pennsylvania Increases Accident Surcharge for Private Passenger Auto Insurance
Jan 15, 2025 / by AAIS posted in Compliance, Pennsylvania
On January 4, 2025, the Pennsylvania Insurance Department (PID) issued Notice 2025-01 regarding private passenger automobile insurance and an increase to the accident surcharge dollar threshold (cap).