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Westmont Wire

AICP Mid-Atlantic Chapter E-Day

Westmont is proud to be a Diamond Level and primary sponsor of  the Mid-Atlantic Chapter of the AICP Annual Education Day on Friday, June 15, 2018 at the Hotel Du Pont in Wilmington, DE.  In addition to being a sponsor, Westmont will be moderating  “A View from the Top” with the following esteemed panelists: Delaware Commissioner of Insurance Trinidad Navarro, Pennsylvania Deputy Commissioner of Insurance Seth Mendelsohn,  Maryland Commissioner of Insurance Al Redmer, Jr. and New Jersey Acting Commissioner of Banking and Insurance Marlene Caride.

 

The 2018 E-Day includes breakout sessions with regulators from several state insurance departments participating. In addition to a wide variety of insurance-related educational sessions, E-Day offers an excellent opportunity to learn about emerging issues  from state regulators as well as to network with other insurance industry  professionals.

 

For more information, please visit the following link: https://www.linkedin.com/pulse/aicp-mid-atlantic-chapter-e-day-dont-miss-out-mark-h-miller/  or contact Westmont Associates, Inc.

Excess Line Association of New York Bulletin No. 2018-20

The Excess Line Association of New York recently released Bulletin No. 2018-20 as a reminder that all excess line broker business entity licenses expire on October 31, 2018.

Included within the bulletin was an important statement regarding when an entity license is required as opposed to when an individual license can be used. Most notably this notice from New York clearly draws the line stating “when an entity is selling, soliciting or negotiating insurance contracts, gets paid commissions and holds premium trust funds in its name… the entity must be licensed.”

The license referenced in this bulletin is a New York Excess Lines license. However, it articulates a common stance held in many states for both Producer and Surplus Lines entity licenses.

If you have any compliance questions or need licensing support do not hesitate to contact Westmont!

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us at (856)216-0220.

South Carolina Passes Cybersecurity Bill

On May 3, 2018, South Carolina became the first state to enact a cybersecurity law derived from the National Association of Insurance Commissioners’ (“NAIC”) Data Security Model Law.

Establishing an aggressive program to protect insurance companies and their consumers from data breaches, House Bill 4655 requires insurers to develop, implement, and maintain a comprehensive information security program based on their risk assessment. Among other provisions, the Bill also establishes requirements for notifying regulators of cybersecurity events, protecting consumer information, and overseeing third-party service providers.

The Bill takes effect on January 1, 2019. Currently, several other states are considering enacting their own legislation regarding cybersecurity based on the NAIC model law.

For any or for assistance in compliance matters pertaining to the South Carolina’s cybersecurity law, please contact Westmont Associates, Inc.

Westmont Associates, Inc. tracks developments affecting the insurance industry, in addition to our other services.  If you have any questions, please contact us at (856)216-0220.

856-216-0220

info@westmontlaw.com


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Phone: 856-216-0220
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