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Westmont Wire

Pennsylvania Adopts a Corporate Governance Annual Disclosure Filing Requirement

On October 24, 2018, Pennsylvania signed into law Senate Bill 1205, which adopts the NAIC Corporate Governance Annual Disclosure (“CGAD”) Model Act.

 

Beginning June 1, 2020, all Pennsylvania domiciled insurers, as well as insurance groups of which Pennsylvania is the lead state, must file annual reports detailing the company’s corporate governance framework, policies, and practices.

There are no exemptions for any insurer and the Pennsylvania Insurance Department will not issue a specific form or format in which the filing should be structured. Instead, insurers will create their own description and documentation of their company’s governance.

 

Though very similar to the NAIC Model Act, Pennsylvania’s SB 1205 differs from the NAIC Model Act by considering premium volume, licensing status, and corporate complexity during the Pennsylvania Insurance Department’s evaluation of the CGAD filings.

 

For any questions regarding Pennsylvania’s new Corporate Governance Annual Disclosure, or any other reporting requirements, please contact Westmont Associates, Inc.

info@westmontlaw.com

https://www.westmontlaw.com/

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.

North Carolina Issues Bulletin Notifying Insurers of Annual Report Requirements

On October 25, 2018, the North Carolina Department of Insurance issued a bulletin to all property and casualty insurers writing homeowners insurance in North Carolina.

The purpose of the bulletin is to notify insurers of the annual reporting requirements of consent-to-rate data for policies covering the loss to residential real property with not more than four housing units. This annual report must be submitted to the Department by March 15, 2019.

For any questions regarding the North Carolina residential property annual report, or any other reporting requirements, please contact Westmont Associates, Inc.

856-216-0220

info@westmontlaw.com

https://www.westmontlaw.com/

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.

Delaware Increases Annual Assessment for Insurers

In September, Delaware Governor John Carney signed HB 303 into law, increasing the annual fraud fund assessment for each insurance company admitted or authorized to transact business in Delaware from $700 to $950. The Department of Insurance intends to direct the increased revenue towards its Fraud Prevention Bureau.

This increase begins with the 2018 annual fee, meaning that it will be applied to the annual premium tax and fees report due in March 2019.

For any questions or updates regarding the Delaware premium tax report, or any other reporting requirements, please contact Westmont Associates, Inc.

856-216-0220

info@westmontlaw.com

https://www.westmontlaw.com/

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us.


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Cherry Hill, NJ 08003
Phone: 856-216-0220
Email: nancy@westmontlaw.com