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Westmont Wire

NAIC Votes to Conduct Auto Insurance Data Call

The National Association of Insurance Commissioners’ Auto Insurance Working Group Panel recently voted to conduct a data call to evaluate the availability and affordability of auto insurance. The Panel wants to begin the data analysis quickly and industry representatives have indicated that the data might be provided by ISO in as few as three months.

For any questions or for assistance in compliance matters

Please contact Westmont Associates, Inc.
info@westmontlaw.com | (856) 216-0220 | www.westmontlaw.com

Delaware Department of Insurance to Increase Fee Structure Across the Board

 

On July 5, 2017, Delaware Insurance Commissioner Trinidad Navarro issued Universally Applicable Bulletin No. 2 affecting all parties engaged in the business of insurance in Delaware. Bulletin No. 2, effective July 1, 2017, notifies the insurance community of the increases to the fees and charges collected by the Delaware Department of Insurance. As a result of the changes, all checks postmarked after July 1, 2017 must be at the new rates listed in the bulletin. Insurers, Producers, and all parties currently operating in or seeking to operate in the state of Delaware should plan accordingly for these increases and the greater financial burden the increases will bring.

Click here to see Bulletin No. 2

For any questions regarding Bulletin No. 2, or for assistance in compliance matters pertaining to the new law, please contact Westmont Associates, Inc.
info@westmontlaw.com | (856) 216-0220 | www.westmontlaw.com

Oregon Governor Signs Senate Bill 985 Exempting Some Insurance Lines From Rate and Form Filings

Effective January 1, 2018, Oregon Bill 985 will exempt certain lines of business from filing rates and forms in an effort to improve speed to market and provide opportunities for new and innovative products.  The exempted lines include: surety insurance, wet marine and transportation insurance, boiler and machinery insurance, environmental impairment and pollution insurance, kidnap and ransom insurance and political risk or expropriation insurance. The law additionally exempts property insurance in certain defined cases, as well allowing for the Director to exempt commercial lines insurance if specific requirements are met.

 

Insurance lines not exempted under Bill 985 include: workers’ compensation, medical professional liability, commercial automobile liability and insurer coverage issued under assigned risk plans, residual market pools, residual markets, or any class or line of insurance which an insurer transacts with a individual for personal, family, or household purposes.

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

856-216-0220
info@westmontlaw.com


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