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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.

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.


CONTACT

1763 Marlton Pike East, #200
Cherry Hill, NJ 08003
Phone: 856-216-0220
Email: nancy@westmontlaw.com