Oregon Bulletin No. DFR 2023-3

The Oregon Department of Consumer and Business Services Division of Financial Regulation has recently released Bulletin No. DFR 2023-3 to identify the most common notice and filing issues/deficiencies and to remind producers and applicants of their responsibility to timely furnish the division with complete, accurate, and truthful information in all filings. Westmont is sharing with you, since this aligns with requirements across many of the states.

The key highlights are as follows:

  • Failure to timely furnish the division with complete, accurate, and truthful information may result in the director taking an adverse action against a producer or applicant, including but not limited to refusal to issue a license, suspending or revoking an existing license, or assessing civil penalties.
  • The following is a list of common notice and filing issues and deficiencies noted by division staff:
  1. Failure to provide a direct phone number that allows staff to contact the individual. For example, using a phone number that connects to a call center instead of a direct phone line;
  2. Using a generic or shared email address (e.g., licensingteam@xyzco.com) instead of the individual’s direct email address;
  3. Failing to notify the division within 30 days of changes in producer and applicant address or contact information;
  4. Failing to notify the division within 30 days if an individual receives a notification of a Regulatory Information Retrieval System (RIRS) violation or notice of a criminal case;
  5. Failing to provide a prompt and truthful response to an inquiry from the director of the Department of Consumer and Business Services in the time and manner specified;
  6. Applications that are incomplete, misleading, or contain information that is materially untrue;
  7. Applicants that submit more than one application with different responses, especially responses that misrepresent misdemeanor/felony convictions declared on a prior filing.

For any questions related to the above referenced bulletin in Oregon, please contact Westmont Associates!

856-216-0220

info@westmontlaw.com

westmontlaw.com

Delaware Domestic and Foreign Insurers Bulletin No. 142/Producers and Adjusters Bulletin No. 36

The Delaware Department of Insurance has recently released Domestic and Foreign Insurers Bulletin No. 142/Producers and Adjusters Bulletin No. 36 regarding ​pet insurance policies in Delaware. The key highlights are as follows:

  • The passage of House Bill No. 156 adds new Chapter 88 to Title 18, entitled the “Pet Insurance Act”, which reflects the adoption of the NAIC Pet Insurance Model Act.
  • The Act applies to a pet insurance policy that is issued to a resident of Delaware, a pet insurance policy that is sold, solicited, negotiated, or offered in Delaware, or a pet insurance policy or certificate
  • that is delivered or issued for delivery in Delaware.
  • The Act standardizes policy language and includes various consumer protections, including:
    • Multiple disclosure requirements
    • 30-day “free look” period for consumers
    • Insurers may impose a 30-day waiting period before coverage starts for illnesses or orthopedic conditions not resulting from an accident. However, a pet owner may avoid the waiting period by having a medical examination of the pet completed right away.
    • Insurers are prohibited from imposing waiting periods for injuries due to accidents.
    • Wellness programs are not insurance and may not be marketed as a prerequisite for pet insurance coverage.
  • An insurance producer is prohibited from selling, soliciting or negotiating a pet insurance product until after the producer is appropriately licensed and has completed training on the product the producer is offering for sale.
  • It is the insurer’s responsibility to confirm that the insurer’s insurance producer is properly trained – the insurer should maintain documentation of the insurer’s compliance with the Code. If a producer is selling the products of multiple carriers, presumably with differing products, then training would have to be provided for each product/carrier.
  • Satisfaction of the training requirement of another state that is substantially similar to the training requirements set forth at subsection 8807(c) (as determined by the Commissioner) satisfies the training requirement under Chapter 88.

Please note the bulletin became effective upon signing on 8/31/2023 and allows insurers up until 12/1/23 to refile any currently-approved pet insurance policy forms to bring them into compliance with the Act.

For any questions related to the above referenced bulletin in Delaware, please contact Westmont Associates!

856-216-0220

info@westmontlaw.com

westmontlaw.com

Delaware Domestic and Foreign Insurers Bulletin No. 141

The Delaware Department of Insurance has recently released Bulletin No. 141 regarding the timeline for filing and reviewing insurers’ rate filings. The key highlights are as follows:

  • Extends the timeline for filing and reviewing insurers’ rate filing by requiring rate filings to be filed at least 60 days in advance of the proposed effective date.
  • Authorizes the Commissioner to extend the timeframe to review the filing and postpone the effective date of the filing pending completion of the extended review.
  • Sets forth the process for when the Commissioner proposes to deny a rate filing and require that a filing may not become effective until a final order is issued.

Please note the bulletin became effective upon signing on 8/31/2023. Please further note that this bulletin does not apply to workers’ compensation; Chapter 26 of Title 18, entitled “Workers’ Compensation Rating”, applies specifically to workers’ compensation rate filings.

For any questions related to the above referenced bulletin in Delaware, please contact Westmont Associates!

856-216-0220

info@westmontlaw.com

westmontlaw.com