Compliance (14)

On July 8, 2024, the New Jersey Department of Banking and Insurance (NJDOBI) issued Bulletin No. 24-10 and Order No. A24-06 simultaneously to request information from insurers that have written premium in 2023 for certain lines of business.

Rhode Island has adopted Regulation 230-RICR-20-50-3, which indicates that if an insurer does not promptly appraise a damaged motor vehicle, it will forfeit the right to inspect the vehicle prior to repairs. The regulation went into effect on May 20, 2024.

Colorado has adopted Regulation 5-1-25, which applies to insurers issuing replacement cost homeowners insurance policies. This regulation outlines the requirements for notifying policyholders of the availability of Extended Replacement Cost and Law and Ordinance coverage. It lays out certain requirements that insurers must follow if a policyholder decides not to purchase the coverages, including a paragraph that must be put on the policy declarations page and a separate notification. These requirements apply to new policies effective and renewal offers sent on or after January 1, 2025.

Oklahoma recently enacted Senate Bill 542. Among other provisions, this Bill requires insurers under the jurisdiction of the Insurance Commissioner to keep any contact information deemed necessary on file with the Insurance Department. The contact information must be kept current and submitted electronically in the way prescribed. Any change in contact information should be submitted within 20 days of the change. The Bill goes into effect on November 1, 2024.

Louisiana has recently enacted House Bill 144 and House Bill 375. Please see the summaries below.

On June 24, 2024, the Washington State Office of the Insurance Commissioner (WOIC) issued a news release urging insurance companies to extend the additional living expenses benefit for wildfire victims who are nearing their 12-month limit on that coverage.

On June 18, 2024, the Louisiana Department of Insurance (LDI) issued Bulletin 2024-01 to all property and casualty insurers, providing notification and guidance on reporting requirements relating to homeowners insurance policies issued in Louisiana.

On June 18, 2024, the New Mexico Office of Superintendent of Insurance (NMOSI) issued Emergency Order 2024-0051 in response to fire emergencies in various parts of New Mexico. The Emergency Order mandates insurers who write property, homeowners, and automobile policies in the affected counties to implement specific measures to help policyholders.

Louisiana has enacted multiple bills in this year's legislative session. Summaries of some of the recent bills follow.

On June 20, 2024, the Florida Office of Insurance Regulation (FLOIR) issued a Data Call Notice following Invest 90L South Florida Flash Flooding, requiring certain insurers to report claims data.