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Westmont Wire

Maryland Releases Draft Bulletin on Commission Expense Reduction Plans

The Maryland Insurance Administration has released a draft bulletin to advise property and casualty insurance companies and producers of possible upcoming changes to the regulation of Commission Expense Reduction Plans (“CERP”). The bulletin outlines that a CERP continues to be prohibited by Maryland law, but it also summarizes possible changes to the Maryland Insurance Article which would allow CERPs to be filed and approved under limited circumstances as provided in the proposed changes to §§ 27-212(e) and 27-216(b)(2)(iii) of the Insurance Article of the Annotated Code of Maryland (“Insurance Article”).

The bulletin indicates that there is a period of public comment available until Friday, July 7, 2017. All comments on the bulletin should be sent to Robert Baron of the Maryland Insurance Administration (Robert.baron@maryland.gov).

Click HERE to view the Bulletin and/or instructional video.

856-216-0220
info@www.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.

Stop Loss Insurance in New Mexico No Longer a Health Product, Now a Casualty Product

On May 10, 2017, the Office of the New Mexico Superintendent of Insurance issued Bulletin 2017-005 in response to inquiries from industry representatives regarding the future regulation of stop loss insurance. This Bulletin provides that effective July 1, 2017, stop loss insurance will be defined and regulated exclusively as a casualty product, not as a health product. Further, carriers should anticipate that the Superintendent will propose regulations that include the following two requirements:

1.The aggregate attachment point must be equal to 110% or more of the underlying self-funded plan’s expected claims; and
2.Any individual or specific attachment point must equal or exceed $10,000.

Click HERE to view the Bulletin and/or instructional video.

856-216-0220
info@www.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.

ELANY’S NEW ELECTRONIC PART C AFFIDAVIT

 

 

On June 12, 2017 the Excess Line Association of New York (ELANY) released new instructions for electronic filing for Part C Affidavit. Read more


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