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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.

Florida Freezes Insurance Rates After Hurricane Michael

In the wake of Hurricane Michael, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to place a 90-day rate increase freeze on any potential property insurance filings and updates. The directive intends to give homeowners and business owners time to recover from the damage caused by the hurricane.

Additionally, Governor Scott directed Commissioner Altmaier to rescind for 90 days all policy non-renewals or cancellations issued in the days leading up to Hurricane Michael, giving policyholders more time to find coverage. Furthermore, policyholders will have an extra 90 days to provide their insurers with any required information for their claims.

For any questions or updates regarding Florida’s insurance directives due to Hurricane Michael, 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.

NYDFS Cyber Requirement Reminder

All Companies Regulated by the New York Department of Financial Services Are Required to Comply with Regulation’s Governance Policies and Procedures, as Well as Risk Based Monitoring Systems Requirements and Encryption Programs for Nonpublic Information by September 4, 2018

 

New York has reminded all regulated companies that the third transitional period for the New York cyber regulation ends on September 4, 2018. Starting September 4 all companies will be required to have:

  • Commenced mandatory annual reporting to the board by the Chief Information Security Officer concerning critical aspects of the cybersecurity program;
  •  An audit trail designed to reconstruct material financial transactions sufficient to support normal operations in the event of a breach;
  •  Policies and procedures in place to ensure the use of secure development practices for IT personnel that develop applications for the Covered Entity;
  •  Implemented encryption to protect nonpublic information held or transmitted by the company;
  • Developed policies and procedures to ensure secure disposal of information that is no longer necessary for the business operations; and
  •  Implemented a monitoring system that includes risk based monitoring of all persons who access or use any of the company’s information systems or who access or use the company’s nonpublic information.

 

The New York Department also reminds regulated entities that they utilize Third-Party Service Providers, they must evaluate the risk that any Third-Party Service Providers pose to the security of those systems and data and ensure those systems and data are protected by March 1, 2019.

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