Westmont Wire

On March 11^th, 2021 the California Department of Insurance issued Bulletin 2021-03 detailing the over-charging of private passenger automobile premiums. Through a review of available premium data, the CA DOI has stated that the 2020 relief provided by insurers was insufficient.

The CA DOI directs insurers to provide additional premium relief to Policyholder’s for premiums issued in 2020 and report those returns to the CA DOI. The CA DOI expects the continued quarterly reporting of premium relief information and directs insurers to submit a quarterly report detailing premium relief paid for private passenger automobile policies, where the first report is due April 30, 2021.

The CA DOI requests that insures use the Excel workbook found HERE to submit premium reports the following e-mail address: RSBCovid19PR@insurance.ca.gov.

Additionally, the CA DOI directs insurers to provide notice to policyholders as to how they will return premiums, as well as detail options available to consumers to reduce their ongoing premium.

For additional details, please refer to the Bulletin linked HERE.

For more information on this Notice, or any other regulatory compliance matter, please contact Westmont Associates, Inc.

On December 4^th, 2020 the Arizona Department of Insurance issued Regulatory Bulletin 2020-06, which provided regulatory guidance on certain rule/rate practices related to motor vehicle insurance premiums and the use of historical accident data pursuant to ARS § 20-263.

The Arizona Department of Insurance wishes to remind all property and casualty insurers that updated PPA Rate/Rule filings, compliant with ARS § 20-263, must be submitted by or before April 1, 2021. Additionally, modified rates and/or rules should be implemented to as soon as practicable, but no later than September 1, 2021.

For more details relating to these extension periods, please review the Bulletin HERE.

Westmont Associates, Inc. handles compliance matters for all facets of Property and Casualty insurance, including SERFF filings. Please contact us for any questions regarding our services.

On February 24th, 2021 the New York State Department of Financial Services (“NYDFS”) issued a reminder of the Certification of Compliance due by April 15th pursuant to 23 NYCRR 500.

In accordance with New York guidelines released in 2020, each licensee should file an exemption (if applicable) and/or a cybersecurity notification with the NYDFS. All licensees who are not fully exempt from the Cybersecurity Regulation are required to submit a Certification of Compliance attesting to their compliance for the 2020 calendar year.

If a licensee has an exemption that remains valid, they will not need to file a new Notice of Exemption in 2021. If there has been any change in exemption status (or an exemption has not been previously filed), regulated entities or licensed individuals must file, amend, or terminate their exemption as soon as possible.

The NYDFS is currently accepting Certifications of Compliance filing for calendar year 2020.  If you were compliant with the regulation as of December 31, 2020, please file in a timely manner.

All filings should be filed electronically via the DFS Web Portal.

For detailed questions regarding any filing issues, please send an email to: cyberregsupport@dfs.ny.gov.

For more information on this Notice, or any other regulatory compliance matter, please contact Westmont Associates, Inc.