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Maryland Uninsured Driving Penalties

Posted: June 2024

Insurers that currently specify in their policy forms any of the penalty amounts changed by House Bill 1482 are required to update those forms to include the revised penalty amounts and are also required to file updated forms with the Administration for approval. Updated forms must be submitted for review by the Property & Casualty Rates and Forms Unit not later than June 30, 2024. The Administration encourages insurers to make the filing as a stand-alone form filing to expedite our review.

South Carolina Notice of Liability Data Call

Posted: June 2024

In accordance with South Carolina Code of Laws Section 38-13-160, the South Carolina Department of Insurance is requiring all authorized property and casualty insurance companies, including licensed insurers and eligible surplus lines insurers, to submit a liability data report by August 9, 2024.  Please refer to the “attached spreadsheet” link, with instructions, contained in the notice.

Florida Office of Insurance Regulation (FL OIR) Posts 2024 Catastrophe Reporting Form (CRF) in Preparation for Hurricane Season

Posted: June 2024

The Florida Office of Insurance Regulation (FL OIR) has posted the 2024 Catastrophe Reporting Form (CRF) in preparation for the 2024 Atlantic Hurricane Season. If a natural disaster causes catastrophic damage, all insurers and other regulated entities will be required to provide claim and other relevant information using the CRF. On the FL OIR website, select the option “2024 Catastrophe Reporting Forms” for the necessary information.

New Minimum Limits of Liability Insurance Commercial Motor Vehicle and/or Autocabs

Posted: May 2024

NJ Senate Bill 2841 increased the minimum limits of liability insurance coverage that must be maintained by owners and/or operators of commercial motor vehicles registered or principally garaged in New Jersey engaged in intrastate commerce.

The Act takes effect July 1, 2024 and applies to all insurance policies initiated on, or renewed after, this date. Thus, insurers must file any policy forms that need to be updated by June 24, 2024 and submit rate filings to implement the new minimum coverage amounts no later than July 31, 2024.

Alabama Extends Statute of Limitations for Insurance Fraud

Posted: May 2024

Alabama has enacted House Bill 140, which extends from two to seven years the statute of limitations for prosecution of insurance fraud. The bill was signed by the Governor on May 15, 2024, and is effective October 1, 2024.

GA House Bill 1114 – Data Analysis for Tort Reform Act

Posted: May 2024

The Data Analysis for Tort Reform Act was introduced on behalf of Governor Brian Kemp to combat legal system abuse. No later than July 1, 2024, and as often as necessary through July 1, 2029, the Commissioner of Insurance (Commissioner) must request data from insurers and related organizations to determine the impact of tort lawsuits and assess tort related risks. The information collected must remain confidential, and the Commissioner may allow for the submission of requested data via electronic means. Please select “Current Version” on the site.

Kentucky Issues Local Government Premium Tax Guidance for 2024-2025

Posted: April 2024

Insurance companies, including surplus lines brokers, must adopt procedures to conform to the 2024-2025 Local Government Premium Tax Schedule by July 1, 2024. The 2024-2025 Local Government Premium Tax Schedule applies only to premiums collected July 1, 2024, through June 30, 2025.  Please review the “Latest News” on the KY Department of Insurance website.

Statutorily Required Uninsured/Underinsured Coverage for Diminution of Value Damages

Posted: April 2024

The Maryland Insurance Administration has issued Bulletin 24-8 to notify all motor vehicle insurers that have filed, issued, or delivered in-force policy forms that contain language excluding diminution of value (“DV”) damages as a possible component of UM/UIM coverage are hereby directed to refile these policy forms without such language. Such revised filings must be submitted within 90 days from the date of this Bulletin.

Iowa House File 2265

Posted: April 2024

On April 10, 2024, the Iowa Governor signed Iowa House File 2265, which extends the timeframe from 30 days to 60 days within which insurers writing personal lines policies must provide advanced non-renewal notices to policyholders before their policies expire. House File 2265 is effective January 1, 2025.

Maryland Insurance Administration holds special meeting for Property & Casualty Carriers

Posted: April 2024

MIA requests that carriers send contact information for those that can be contacted in regards to the bridge collapse.