NC DOI Issues Filing Guidance Regarding Reauthorization of TRIA

On April 28, 2020, the North Carolina Department of Insurance issued Bulletin 20-B-08, discussing certain provisions of the Terrorism Risk Insurance Program Reauthorization Act of 2019, which amends and extends the Terrorism Risk Insurance Act of 2002 (the Act) by reauthorization. Please review this bulletin carefully as submissions of rates, revised forms, and disclosure notices may need to be made. Further, please note that the reauthorized Act extends the Terrorism Risk Insurance Program through December 31, 2027.
For questions regarding filings in response to the reauthorized Act, or any assistance with your filing needs, please contact Westmont Associates, Inc.

We Are Working Together

While insurance is on our minds, you are in our hearts.  We salute the many insurance related companies and individuals providing charitable support in so many meaningful ways.
We are working together by providing meals locally to our healthcare heroes while also supporting the small business restaurants preparing the meals.  Meals have been provided or are in the process of being provided to our family and friends serving as health care workers on the front line at the following locations:
Kennedy Hospital, South Jersey
Lady of the Lourdes Hospital,  Camden, New Jersey
Southern Ocean Medical Center, Manahawkin, New Jersey
Thomas Jefferson Hospital, Philadelphia
Jefferson Methodist Hospital, Philadelphia
JFK Medical Center EMS, New Jersey
Towers Health Urgent Care, Levittown, Pennsylvania
In addition, Westmont continues our support of The Food Bank of South Jersey.  We are so very proud to be working together with so many others in our industry.  Our hope is that you and your families remain healthy and strong.

NJDOBI: Rate Filings

The New Jersey Department of Banking and Insurance (via SERFF) has requested that all insurance companies withdraw any pending rate filings. The request is in response to COVID-19 and due to public interest concerns. The NJDOBI advised that any new rate filings will be rejected. The prohibition does not apply to rate filings where ALL POLICYHOLDERS receive rate decreases.  The NJDOBI will reevaluate its position on rate filings at an unknown, future date.

For any questions regarding rate filings, please contact Westmont Associates, Inc.

856-216-0220