Regulatory Compliance Consulting Firm

Westmont Wire

Oregon DFR issues reminder regarding TRIA extension

On March 19th, the Oregon Division of Financial Regulation issued a reminder to insurers regarding the Terrorism Risk Insurance Act (TRIA) extension. The TRIA extension of coverage will last until December 31, 2027 and, as of January 1, 2020, the federal reimbursement level of covered terrorism losses exceeding the statutorily established deductible is now fixed at 80%.

The OR DFR urges insurers to review the DFR’s most recent TRIA extension bulletin, INS 2015-1, for more information. Also, the OR DFR suggests insurers to review the following NAIC link found HERE when developing materials to be filed for Oregon policies.

Oregon will now review and approve Terrorism Conditional endorsement forms, and Disclosure forms containing conditional language. Please be sure to place all terrorism contract forms and Disclosure forms under the Form Schedule tab of the SERFF submission.

Questions for the OR DFR regarding this matter can be sent via e-mail to Jan Vitus at, or Cliff Nolen at

Westmont Associates, Inc. can assist with TRIA form and rate SERFF filings for all applicable commercial lines of business.   Please do not hesitate to contact us with any questions.

Click Here to receive Westmont Wires directly to your inbox.

GA DOI issues Bulletin providing Certificate of Insurance guidance

On March 11th, 2021 the Georgia Department of Insurance issued Bulletin 21-EX-5 to provide some clarifying guidance relating to Certificates of Insurance in Georgia. The law governing certificates and relevant regulations applies to all certificate holders.
Certificates of Insurance in Georgia must comply with the provisions of OCGA § 33-24-19. A certificate is not an insurance policy and cannot be used to alter or expand coverage. As defined by the statute, a ‘certificate’ or ‘certificate of insurance’ shall not include a policy of insurance or insurance binder, including any policy of insurance which may be referred to as a certificate issued in conjunction with a motor vehicle insurance policy OCGA § 33-24- 19.1 (a) (1).
Certificates must be issued on either ACORD or ISO forms, or on other forms approved explicitly by the Commissioner of Insurance. Additionally, they must contain the following disclaimer language:
“This certificate of insurance is issued as a matter of information only and confers no rights upon the certificate holder. This certificate does not amend, extend or alter the coverage, terms exclusions and conditions afforded by the policies referenced herein.”
It is a violation to issue a certificate on an unapproved form, or to include information on a certificate that purports to alter or expand coverage. It is also a violation of the law to request such a certificate. Fines can be up to $5,000 for each violation.
For more details relating to these extension periods, please review the downloadable Bulletin HERE.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.
Click Here to receive Westmont Wires directly to your inbox.

PR OCI issues Ruling Letter relating to Health insurer Form and Rate submissions

On March 9th, the Puerto Rico Office of the Commissioner of Insurance (“OCI”), issued a Ruling Letter directed toward Disability and Health insurers that write group health plans in Puerto Rico. Pursuant to Section 19.080(2)(a) of the Puerto Rico Insurance Code, the Puerto Rico OCI requires a submission of form/rate filings for all metallic plans, even if no changes have been made, and a submission for plans with rate increases greater than 10%.
Rate filings for non-grandfathered Individual plans that will be effective on January 1, 2022 must be submitted to the OCI on or before May 31, 2021. Rate filings for non-grandfathered Small Group plans, including small group health plans for bona fide associations, must be submitted to the OCI on or before July 1, 2021
Every filing must be submitted through the SERFF system, including all the information required in this ruling letter and its attachments. In compliance with Act No. 162 of December 30, 2020, the insurer shall submit the required translated Evidence of Coverage or Policy form to the Braille System for blinded persons along with a Certification of translation within the next sixty (60) days from the date of approval of this filing via new SERFF filing under the Supporting Documentation tab
All Health insurers are also required to complete and submit the Supplemental Health Care Exhibit to the NAIC and the Puerto Rico OCI before March 30 of each year for Disability insurers, and before March 31 of each year for HMOS.
The contents of this Wire represent only a portion of the requirements outlined in the Ruling Letter. For more details regarding this matter, please review the Ruling Letter HERE.
For any other information on this Ruling Letter, or any other regulatory compliance matter, please contact Westmont Associates, Inc.
Click Here to receive Westmont Wires directly to your inbox.


1763 Marlton Pike East, #200
Cherry Hill, NJ 08003
Phone: 856-216-0220