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Westmont Wire

Hawaii Announces New Trade Name Approval Processes for Licensees, Producers, and Adjusters

All Insurance Licensees, Producers, and Adjusters will be subject to a new requirement in Hawaii in order to use a trade name. Effective October 1, 2019 all licensees will need to register the trade name with the Business Registration Division (“BREG”), Department of Commerce and Consumer affairs prior to the use or change of a trade name to sell, solicit, or negotiate insurance in Hawaii.

Once registered with BREG, the licensee can apply to the Insurance Division’s Licensing Branch to add or remove a trade name on an active insurance license.

Any existing licensees using unregistered trade names will need to register their trade name with BREG. It will be the responsibility of the licensee to take the appropriate action (no additional notice will come from the Insurance Division).

Contact Westmont today for assistance in registering your trade name in Hawaii.

DELAWARE FORM FILING FEE CAP: Bill Passes Senate in Waning Hour of 2019 Session

Past midnight on July 1, 2019, the Delaware State Senate unanimously passed House Bill 242, which imposes a $2000 cap on form filing fees per insurer in the filing. HB 242 had been approved in the House the previous Thursday. The legislation will take effect upon signing by the Governor, which could take several weeks as the Secretary of the Senate sends bills to the Governor’s desk in daily batches over the course of the summer. Westmont Associates will monitor the status of this legislation.

HB 242 was the result of extensive discussions between industry representatives and the Delaware Department of Insurance, with feedback from staff at Westmont Associates. It is designed to give Delaware domiciled insurers relief from high retaliatory fee expenses in other states.

HB 242 may be viewed at the link below:

http://legis.delaware.gov/BillDetail?legislationId=47791 

Florida Passes Surplus Lines Modernization Package

On June 18, 2019, Florida Governor Ron DeSantis signed House Bill 301 into law, implementing two major changes to Florida’s surplus lines regulations. First, HB 301 lifts the $35 cap on surplus lines agent policy fees, instead only requiring the fee to be reasonable. The agent fees must be disclosed to the consumer before purchase and separately stated in the policy. Next, the bill revises the types of residential property that require only one declination instead of the standard three declinations to obtain surplus lines insurance from properties valued at $1,000,000 or more to properties valued at $700,000 or more. This will allow more homeowners to access the surplus lines market. HB 301 takes effect on July 1, 2019.
For any questions regarding House Bill 301, or for surplus lines regulatory inquiries, please contact Westmont Associates, Inc.

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Cherry Hill, NJ 08003
Phone: 856-216-0220
Email: nancy@westmontlaw.com