Regulatory Compliance Consulting Firm

Westmont Wire

Update on Westmont Operations

The health and safety of our clients, friends, and colleagues is in the forefront of our minds as we monitor and react to the COVID-19 virus. In light of the rapidly changing events related to the coronavirus, we are providing this “Wire” regarding the status of our operations.  Currently, Westmont remains open for business staffed by rotating crews of personnel. We are reviewing the evolving guidelines from the Centers for Disease Control and Prevention, the World Health Organization and state and local health departments. If necessary, Westmont is prepared to implement its business continuity plan which enables us to provide continuous services using remote access technology. Our goal remains to provide the highest level of service in a manner safe and secure for our personnel. Beginning this week, Westmont’s physical office will be open Monday through Thursday and closed on Friday. Please contact us if you have any questions or concerns. We hope all stay healthy and safe during these challenging times.

New Address for the Arkansas Insurance Department

On March 9, 2020, the Arkansas Insurance Department issued Bulletin No. 4-2020 informing insurance carriers, producers, licensed entities, and any other interested parties of its address change effective March 15, 2020. The new mailing address for the Department will be:
 
Arkansas Insurance Department
1 Commerce Way, Suite 102
Little Rock, AR 72202
 
Pursuant to Ark. Code Ann. § 23-79-138(a)(3), policies issued after March 15, 2020 should contain the new Department address. Furthermore, the Department asks that policies issued after March 15, 2020 also include the following language:
 
“Policyholders have the right to file a complaint with the Arkansas Insurance Department (AID). You may call AID to request a complaint form at (800) 852-5494 or (501) 371-2640 or write the Department at:”
 
For any questions regarding the new Arkansas Insurance Department address requirements, please contact Westmont Associates, Inc.

Connecticut Issues a Reminder for P&C Companies to File Reports

On February 18, 2020, the Connecticut Insurance Department released a notice reminding property and casualty insurers of two upcoming reporting requirements.

First, Conn. Gen. Stat. § 38a-393 requires insurance companies to report the number of cancellations and refusals to renew professional liability insurance policies in the previous calendar year on or before March 1. Companies must file the report even if there are no cancellations or non-renewals. Please note, the Department Notice states that the report is due on March 31; however, the statute indicates the correct due date of March 1.

Second, Conn. Gen. Stat. § 38a-350 requires all insurers writing automobile liability policies in Connecticut to file for each calendar year in which it writes business in Connecticut, a record of various insured motor vehicle figures, including, but not limited to, the number of such policies non-renewed or canceled, the number of such new policies underwritten, and the total number of such policies in force as of Dec. 31. The report is due 60 days after the start of each year.

The Department has not promulgated a form for use so each insurer must report in a manner that captures all of the required information. For questions about Connecticut property and casualty reporting requirements, or any other reporting needs, please contact Westmont Associates, Inc.


CONTACT

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