Regulatory Compliance Consulting Firm

Westmont Wire

Final Rule Regarding Short-Term, Limited Duration Insurance

On August 1, 2018, the Department of the Treasury, the Department of Labor and the Department of Health and Human Services issued a final rule regarding Short-Term, Limited Duration Insurance.  This rule amends the definition of short-term, limited-duration insurance for purposes of its exclusion from the definition of individual health insurance coverage.  Under the current rule issued in late 2016, short-term, limited duration insurance cannot last for more than 3 months.  Under this new rule, the limit is 12 months, and insurers may extend policies up to 36 months.  For more information about this final rule and the requirements contained therein, please contact Westmont Associates, Inc.

 

856-216-0220

info@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.

New California Law Regarding Policy Documents

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.

 

856-216-0220

info@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.

California Order Regarding Federal Income Tax Reports

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.


CONTACT

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