California Governor Jerry Brown has signed legislation intended to provide greater consumer protections to those affected by wildfires. Assembly Bill 1799 requires insurers to provide policyholders with a complete copy of policy documents, including the full policy, any endorsements to the policy, and the policy declarations page, within 30 calendar days of a covered loss under a fire insurance policy.
For any questions or updates regarding AB 1799, please contact Westmont Associates, Inc.
Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services. If you have any questions, please contact us.
On July 2, 2018, the California Department of Insurance released an order requiring workers’ compensation insurers to report their federal income tax savings incurred under the Tax Jobs and Cuts Act of 2017.
By December 31, 2018, and on a yearly basis through December 31, 2020, workers’ compensation insurers must make a rate filing through the System for Electronic Rates and Forms Filing (SERFF) to report the dollar amount of their tax savings. To supplement the report, an insurer must provide a detailed calculation of the tax saving impacts on the insurer’s rates. If an insurer incurs no rate impact, the insurer must provide a detailed explanation stating why the reduction in the federal corporation tax rate does not affect their rates.
For any questions or updates regarding the California federal income tax report, or any other reporting requirements, please contact Westmont Associates, Inc.
Westmont is proud to be a Diamond Level and primary sponsor of the Mid-Atlantic Chapter of the AICP Annual Education Day on Friday, June 15, 2018 at the Hotel Du Pont in Wilmington, DE. In addition to being a sponsor, Westmont will be moderating “A View from the Top” with the following esteemed panelists: Delaware Commissioner of Insurance Trinidad Navarro, Pennsylvania Deputy Commissioner of Insurance Seth Mendelsohn, Maryland Commissioner of Insurance Al Redmer, Jr. and New Jersey Acting Commissioner of Banking and Insurance Marlene Caride.
The 2018 E-Day includes breakout sessions with regulators from several state insurance departments participating. In addition to a wide variety of insurance-related educational sessions, E-Day offers an excellent opportunity to learn about emerging issues from state regulators as well as to network with other insurance industry professionals.
For more information, please visit the following link: https://www.linkedin.com/pulse/aicp-mid-atlantic-chapter-e-day-dont-miss-out-mark-h-miller/ or contact Westmont Associates, Inc.