AICP Webinar: COVID-19 Impact on Insurance Regulation

The AICP will be presenting a webinar focused on the impact of COVID-19 on insurance regulation.  The webinar will be hosted by Mid-Atlantic Chapter of the Association of Insurance Compliance Professionals (AICP). Joseph Keller and Wesley Pohler of Westmont Associates, Inc. will be the presenters for the webinar.
The Westmont team has tracked all COVID-19 actions by states since the on-set of the virus in the United States.  Please visit our website for a comprehensive listing at www.westmontlaw.com.
If you have been flooded with DOI communications, bulletins and emergency actions regarding COVID 19 and need help sorting it all out, we are here to help. This webinar will review COVID 19 regulatory actions for all lines of business (P&C and L&H) such as:
  • Current Department treatment of communicable disease  exclusions;
  • Telehealth visits: The new normal
  • Mandated rate reductions for certain lines of business by state;
  • Freezes on rate increases for certain lines of business by state;
  • Impact on DOI’s ability and timing of review of carrier filings;
  • Discussion of possible federal backstop for Business Interruption losses; and
  • Discussion of federal litigation related to Business Interruption losses.
This webinar will take place July 9, 2020 from 1:00 pm – 2:00 pm EDT. For AICP members this webinar is free; the fee for non-members is $45.

Illinois Issues Bulletin Regarding Vandalism/Looting

On June 8, 2020, the Illinois Department of Insurance issued Company Bulletin 2020-15 addressing coverage for property damage resulting from vandalism and looting. This Bulletin requests that all insurers take multiple actions in providing flexibility to impacted policyholders. Such actions include, but are not limited to, implementing a moratorium on cancellation or non-renewal for 60 days, providing premium payment relief, and affording favorable evaluations of business interruption insurance payouts and exclusions.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.

NYDFS Issues Emergency Regulation for Looting/Vandalism Claims

On June 5, 2020, the New York Department of Financial Services (“NYDFS”) issued an emergency regulation amending 11 NYCRR 216 (Regulation 64 – Unfair Claims Settlement Practices and Claim Cost Control Measures). This regulation, Amendment Seventeen to 11 NYCRR 216, requires insurance companies regulated by the NYDFS to accelerate the adjustment and payment of insurance claims submitted by businesses and individuals who suffered damage as a result of “riot” and “civil commotion.” As noted in the regulation, insurers are required to process and investigate such claims within very strict time frames. To view the full emergency regulation, please click here.
For more information on this Emergency Regulation, or any other regulatory compliance matter, please contact
Westmont Associates, Inc.