DELAWARE INSURANCE DEPARTMENT: FORM FILING FEE CAP LEGISLATION INTRODUCED

At the request of industry representatives and with feedback provided by the staff at Westmont Associates, the Delaware Department of Insurance had House Bill 242 introduced in the General Assembly on June 20, 2019, which if enacted will cap form filing fees at $2000 per insurer in the filing. There are four legislative days left in the 2019 session, so the bill likely will not make it to the Senate floor until the last day, Sunday, June 30th. Delaware domiciled insurers had requested relief from high retaliatory fee expenses incurred in other states.

HB 242 may be viewed at the link below:

http://legis.delaware.gov/Search?searchTerm=hb%20242&assemblyId=150

Wyoming Insurance Department: New Business Entity License Requirements

Wyoming Insurance Department recently changed their requirements for business entity producer licenses. The licenses used to be perpetual, but now expiration dates will be applied and renewals will be required.
Here is the original note from Wyoming Insurance Department:
***Due to law change WY business entity licenses will no longer be perpetual.  Expiration dates will be applied and renewals will be required.***
  • Expiration dates will be applied in the system and available to view mid-July.
  • Renewals will be based on license issue month and will start in October. (Verify your renewal/expiration date through any license look-up tool starting mid-July)
Westmont can help track, renew, and maintain all of your insurance licenses. Contact us today for a quote.

Vermont Enacts an Innovation Sandbox Bill

On June 10, 2019, Vermont Governor Phil Scott signed into law Senate Bill 131, creating an insurance regulatory sandbox that gives the Department of Financial Regulation the authority to grant limited-duration innovation waivers of statutory and regulatory requirements.  The waivers are designed to enable companies to create innovative or more efficient insurance products and services that can be developed, tested and brought to market more quickly.  In order to obtain an innovation waiver, a company must demonstrate, inter alia, that such waiver is in the public interest and will not substantially or unreasonably increase any risk to consumers.
The new law, effective July 1, 2019, also authorizes domestic surplus lines insurers.  Accordingly, Vermont domestic surplus lines insurers may obtain a certification from the Commissioner as a surplus lines insurer, enabling such insurers to place policies not reasonably available in the admitted market.
For any questions regarding Senate Bill 131, or for innovation waiver and surplus inquiries, please contact Westmont Associates, Inc.