Compliance (6)

Utah Issues Bulletin Regarding Motorboat Reporting Requirement

Aug 8, 2024 / by AAIS posted in Compliance, Utah

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On August 1, 2024, the Utah Insurance Department (UID) issued Bulletin 2024-9 to inform insurers that due to the passage of House Bill 184, those that offer motorboat insurance are required to report the motorboats that they insure to the Utah Uninsured Motorist Identification Database Program beginning on January 1, 2025. The bulletin provides the instructions for the reporting requirements.

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Florida Issues Data Call Following Hurricane Debby

Aug 7, 2024 / by AAIS posted in Compliance, Data Call, Florida

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On August 6, 2024, the Florida Office of Insurance Regulation (FLOIR) issued a Data Call Notice following Hurricane Debby, requiring certain insurers to submit daily simplified catastrophe reporting.

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Texas Issues Disallowed Expenses Data Call

Aug 7, 2024 / by AAIS posted in Compliance, Data Call, Texas

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On August 1, 2024, the Texas Department of Insurance (TDI) issued Commissioner's Bulletin #B-0015-24 to announce their disallowed expenses data call. 

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Louisiana Enacts Senate Bill 323

Aug 6, 2024 / by AAIS posted in Compliance, Louisiana

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Louisiana has enacted Senate Bill 323, which, among other provisions, adds many requirements for claims settlement practices, including penalties for the failure of payments by insurers as specified. The bill also outlines that insurers owe their insureds a duty of good faith and fair dealing with their claims. Lastly, the bill provides catastrophic loss claims settlement practices and timelines that insurers must follow, along with the penalties that may apply. The bill became effective on July 1, 2024.

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Louisiana Enacts House Bill 879

Aug 2, 2024 / by AAIS posted in Compliance, Louisiana

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Louisiana has enacted House Bill 879, which provides changes to certain insurance policy and indemnity bond requirements for specific trucks and motor vehicles. Among these changes are the removal of a bond requirement from all common carriers of freight by motor vehicle, increases to the dollar requirement for public liability and property damage insurance on trucks carrying specific products and passenger-carrying vehicles, adjustments to the minimum dollar requirement for public liability and property damage insurance on trucks transporting waste, and an increase to the amount of required property damage insurance on passenger buses.

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Washington State Issues Low-Income Housing Data Call

Aug 2, 2024 / by AAIS posted in Compliance, Data Call, Washington

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On July 22, 2024, the Washington State Office of the Insurance Commissioner (WOIC) issued a data call with instructions and the worksheet that is to be submitted. Companies that may have provided any property and/or liability coverage with effective dates between January 1, 2019, and December 31, 2023, to housing providers receiving housing trust fund resources and serving extremely low-income households must complete the data call. If, after review, companies identify that they have not provided any such coverage, they only need to complete the first tab of the worksheet for submission. All responses should be emailed to datacall@oic.wa.gov by the close of business on August 27, 2024.

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New Mexico Requests Relief Following Wildfires

Jul 26, 2024 / by AAIS posted in Compliance, New Mexico

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On July 24, 2024, the New Mexico Office of Superintendent of Insurance (OSI) issued a notice to all property and casualty insurers doing business in New Mexico requesting relief for the victims of the Salt and South Fork wildfires.

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Iowa Extends Disaster Proclamations Following Severe Storms

Jul 26, 2024 / by AAIS posted in Compliance, Iowa

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On July 22, 2024, Iowa Governor Kim Reynolds issued a Proclamation of Disaster Emergency No. 2024-37 to extend the three previously issued proclamations following severe storms that occurred in certain counties starting on June 21, 2024.

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Colorado Adopts Regulation 5-1-26

Jul 26, 2024 / by AAIS posted in Compliance, Colorado

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Colorado has adopted Regulation 5-1-26, which establishes factors and cost considerations that insurers must follow when estimating the reconstruction cost of a dwelling for new business or renewal policies.

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Illinois Enacts House Bill 5559

Jul 25, 2024 / by AAIS posted in Compliance, Illinois

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Illinois has enacted House Bill 5559, which amends the Illinois Insurance Code and states that insurers must provide the insured with a brief description of how the determination of a total loss of an insured vehicle was made. This includes any available repair estimate, estimated vehicle salvage value, assessed market value, and other costs and calculations that were used. This applies to policies issued or renewed on or after July 1, 2025.

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