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Westmont Wire

Montana CSI Recession of Advisory Memorandum

On November 2nd, 2020, the Montana Commissioner of Securities and Insurance released a notice which rescinded an Advisory Memorandum issued on January 23, 2013, titled “Form Provisions Limiting Coverage of Defense Expenses, Including Defense Within Limits Provisions – Montana Code § 33-1-502”.

For Commercial lines, any form that is providing Defense within the limits of liability will need to provide, with the submission of forms, the limits that will be offered with that product. A determination will be made with each filing. If it is determined appropriate and will be allowed under the discretion of the Commissioner in compliance with MCA 33-1-502(2).

The Commissioner still requires forms containing defense within limits provisions to include “conspicuous disclosure” of the meaning and implications of those provisions. Defense within limits provisions that lack adequate disclosure may violate insurance consumers reasonable expectations. See MCA 33-1-502(3). The Notice of Recession can be found HERE.

For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.

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Alaska DOI issues Bulletin detailing new round of COVID-related extensions.

On November 16th, 2020, the Alaska Division of Insurance issued Bulletin B20-21 extending review periods for rate, form, and advertisement filings due to COVID related telework orders. Insurers will be permitted an additional 15-days to respond to objection letters for form and rate filings. Furthermore, file and use form filings will automatically be granted a 30-day extension. This is in addition to the standard 30-day review timeframe.

For more details relating to these extension periods, please review the Bulletin HERE.

For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.

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1-year Moratorium on Residential Property Insurance affected by California Wildfires

On November 5, 2020, the California Insurance Commissioner declared a 1-year moratorium on the cancellation or non-renewal of residential property insurance policies for properties located in any California ZIP code affected by the California wildfires.
The Bulletin and list of affected Zip-codes can be found HERE.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.
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