Industry News

Keep up to date with recent developments in the Insurance Industry


All Workers’ Compensation Insurers in California, Notice Regarding Changes in and Exclusions to Definition of Employee (Officers and Members of Boards of Directors, and Partners)

State: California
Posted: October 2016

Action required by no later than November 15, 2016

 

October 17, 2016 California Department of Insurance Notification

As a result of Enactment of AB 2883, effective January 1, 2017 all workers' compensation insurance policies, including in-force policies, will be required to cover, among others, certain officers and directors of private corporations and working members of partnerships and limited liability companies that may have been previously excluded from coverage.

Insurers are required to provide notice to each employer that may have employees who are currently excluded from coverage and may be affected by this law change. Additionally, insurers are to determine and report to the WCIRB the premium and loss experience associated with those who have not executed a waiver as covered employees.

For additional requirements and information, refer to the October 17, 2016 California Department of Insurance Notification.



All Property and Casualty Insurers Authorized to do Business in Florida 2015 Profit and Contingency Factors

State: Florida
Posted: June 2016

OIR-16-04M – Informational Memorandum
Pursuant to Rule 69O-170.003, Florida Administrative Code, the Office of Insurance Regulation annually establishes underwriting profit and contingency factors that may be used in rate filings.  Insurers may use the referenced profit and contingency factors when they are unable to produce credible profit and contingency factors from their own data.
 
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All Workers’ Compensation Insurers Authorized to Transact Insurance in Florida Unfiled Side Agreements

State: Florida
Posted: May 2016

OIR-16-03M – Informational Memorandum - this Memorandum addresses the use of unfiled side agreements in conjunction with Workers’ Compensation and Employer’s Liability insurance policies applicable to risks and exposures in Florida.
Section 627.091(1)Florida Statutes, provides in part: “As to workers’ compensation and employer’s liability insurances, every insurer shall file with the office every manual of classifications, rules, and rates, every rating plan, and every modification of any of the foregoing which it proposes to use.”
Section 627.191, Florida Statutes, prohibits insurers from making or issuing “a contract or policy of workers’ compensation or employer’s liability insurance except in accordance with the filings which are in effect for such insurer, as provided in the applicable provisions of this part, or in accordance with s. 627.171.” S
 
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Personal Auto, Residential Property & Workers’ Compensation Underwriting Guidelines

State: Texas
Posted: May 2016

Action required by August 30, 2016


Filing requirements for Underwriting Guidelines (May 4, 2016)
Texas Administrative Code Section 5.9342 requires insurers writing the referenced lines of business to file a full copy of their underwriting guidelines with the TDI every three years. 

Texas prefers that the Underwriting Guidelines be submitted via SERFF.
 
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All Insurers Licensed to Write Property and Casualty Compliance with Statutory Rate Standards in File-and-Use Lines of Insurance

State: Virginia
Posted: April 2016

Administrative Letter 2016-03 – Reminder to review the rate standards outlined in 38.2-1904.
“In order to comply with the rate standards, any rate differentials for the same coverage must be based on differences between expected losses and/or expenses.”
 
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