On April 12, 2024, the Maryland Insurance Administration (MIA) issued Bulletin 24-8 to all insurers authorized to issue motor vehicle insurance in Maryland requiring uninsured/underinsured (UI/UIM) coverage for diminution of value damages.
Compliance (13)
Maryland Issues Bulletin Regarding Diminution of Value Damages
Apr 18, 2024 / by AAIS posted in Compliance, Maryland
Delaware Releases Financial Responsibility Forms for Auto Insurers
Apr 17, 2024 / by AAIS posted in Compliance, Delaware
On April 15, 2024, the Delaware Department of Insurance (DEDOI) released Auto Bulletin No. 35 informing all Delaware licensed insurers, brokers, and agents providing automobile coverage in Delaware that new financial responsibility forms are available on the Delaware Division of Motor Vehicles (DMV) website. The provided new forms are:
Maryland Senate Bill 254, which was enacted on April 9, 2024, will require auto carriers to change the method of reporting insurance coverage to the Maryland Motor Vehicle Administration from an electronic to an online system. The bill also eliminates the requirement to report new policies for non-fleet vehicles and enacts a requirement to report all active policies. Under the bill, the format and cadence for online reporting will be determined by the MVA. The bill becomes effective on January 1, 2025.
On April 2, 2024, Kentucky enacted Senate Bill 29. Among other things, this bill establishes definitions and claims practices around auto glass repair and advanced driver assistance systems, sets guidelines for auto glass repair facilities, and clarifies underinsured motorist credits and offset handling for insurers.
Maryland Requests Contact Information Following Francis Scott Key Bridge Disaster
Apr 12, 2024 / by AAIS posted in Compliance, Maryland
The Maryland Insurance Administration (MIA) has requested that insurers provide contact information for the persons whom the MIA may contact directly regarding the Francis Scott Key Bridge collapse. The provided information should include:
New York Issues Public Auto Classification Data Call
Apr 9, 2024 / by AAIS posted in Compliance, Data Call, New York
On April 3, 2024, New York's Department of Financial Services (DFS) released a letter pursuant to Section 308 of the Insurance Law requiring companies reporting written premium for commercial automobile insurance in calendar year 2023 to complete a survey. This survey requests detailed information on the total number of policies and direct premiums written, by category, for all public auto rate classifications during the time period of January 1, 2023, through December 31, 2023. Any rate revisions that are being contemplated, or changes in your current level of writings in the immediate future, should also be included.
Florida Issues Additional Data Call Following Hurricane Ian
Apr 8, 2024 / by AAIS posted in Compliance, Data Call, Florida
On April 4, 2024, the Florida Office of Insurance Regulation (FLOIR) issued a data call notice requiring enhanced catastrophe reporting for April 2024 in response to Hurricane Ian.
Michigan Adjusts Minimum Claims Amount for Homeowners Nonrenewals
Apr 5, 2024 / by AAIS posted in Compliance, Michigan
On March 27, 2024, the Michigan Department of Insurance and Financial Services (DIFS) released Bulletin 2024-02-INS, updating the minimum dollar amount of the three-year claim history to be used for nonrenewal of a home insurance policy, effective on January 1, 2024.
Indiana Issues Moratorium Following Recent Disasters
Mar 29, 2024 / by AAIS posted in Compliance, Indiana
On March 25, 2024, the Indiana Department of Insurance (IDOI) issued Bulletin 274 following tornadoes and severe storms that occurred on March 14, 2024. These disaster events resulted in significant property damage in the counties of Delaware, Jefferson and Randolph.
Maryland Sends Reminder of Information Security Program Certification Deadline
Feb 16, 2024 / by AAIS posted in Compliance, Maryland
On February 14, 2024, the Maryland Insurance Administration (MIA) issued Bulletin No. 24-6 reminding those insurers required to file an Information Security Program Certification with the department that the annual filing deadline is April 15. The first certification is to be submitted to the department on or before April 15, 2024. The MIA reviewed criteria for a filing exemption in Bulletin No. 23-18. Bulletin No. 24-6 sets forth the primary method carriers are to use when filing the certification with the department.