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Louisiana DOI Issues Bulletin Regarding New TRIA Guidelines

On January 20th, 2021, The Louisiana Department of Insurance issued Bulletin 2021-01 to advise insurers of the recent amendment and extension to the Terrorism Risk Insurance Act (TRIA). Additionally, the Louisiana Department of Insurance has rescinded Bulletin 2015-01, which addresses the now expired version of the TRIA.
Several changes have been made to the TRIA, including the elimination of outdated language, amended timing for mandatory recoupment periods, additional reporting requirements for the Secretary of Treasury and Comptroller General of the United States, as well as a change to the reimbursement level for covered terrorism losses to a fixed 80%. This amended version of the TRIA is extended until December 31st, 2027.
For more details relating to this amended version of the TRIA, please review the Bulletin HERE.
Westmont Associates, Inc. routinely submits TRIA form and rate filings on behalf of our clients in SERFF.   If you require any assistance with these submissions, please do not hesitate to contact us.
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Texas DOI issues Notice to all Texas Automobile Insurers

On December 28th, 2020, the Texas Department of Insurance issued a notice to remind automobile insurers of the new “class of driver” exclusion prohibition. Per Texas Insurance Code Section 1952.353, automobile insurers must not exclude any classes of driver in either their policy provisions or endorsements. An insurer may only exclude a driver if the excluded driver is specifically named and the named insured accepts the exclusion in writing. This prohibition applies to both personal and commercial automobile insurance policies.
For more information on this Notice, or any other regulatory compliance matter, please contact Westmont Associates, Inc.

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Westmont Associates, Inc. can assist with statutorily required form, rate, and rule SERFF filings for all commercial and personal lines of business.   Please contact us at info@westmontlaw.com for further information.

Connecticut DOI Financial Statement Bulletin to all Foreign surplus line insurers

On December 18th, 2020, the Connecticut Insurance Department issued Bulletin Number FS-4SL-20 requiring that every eligible foreign surplus line insurer submit to the Commissioner a report, in compliance with NAIC report guidelines, detailing the financial health and conditions of the insurer as of December 31st, 2020.
This report must be signed and sworn by the President, or Vice-President, of the insurer and must be submitted to the Commissioner by March 1st, 2021. Furthermore, foreign surplus line insurers will be required to submit additional quarterly financial reports of a similar kind in 2021, the first being due on May 15th, 2021.
These reports should be submitted to the Commissioner electronically through the NAIC. For more details relating to the above financial reports, please review the Bulletin HERE.
For more information on this Bulletin, or any other regulatory compliance matter, please contact Westmont Associates, Inc.
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Westmont Associates, Inc. provides form, rate, and rule drafting for SERFF filings for all commercial and personal lines of business.   Please contact us at info@westmontlaw.com  for further information.


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Email: nancy@westmontlaw.com