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Hurricane Nicole Catastrophe Reporting

Posted: January 2023

Florida released information regarding OIR's Hurricane Nicole recovery efforts and resources for impacted policyholders and insurers.

Check out this update from Florida for more details and different resources.

New Mexico: Wildfire Disaster Claims Data Call

Posted: December 2022

The Office of Superintendent of Insurance released Bulletin 2022-023 with details about reporting claims related to wildfire events.

Check out Bulletin 2022-023 to learn more.

DFS Superintendent Adrienne A. Harris Announces Updated Cybersecurity Regulation

Posted: November 2022

This regulation update amends the first-in-the-nation cybersecurity regulation created in 2017 in response to the increasingly sophisticated technologies and threats. The Department seeks comments on the proposed regulation during the next 60 days.

Please see the press release from the New York Department of Financial Services for more information.

Bright Health Group to Further Focus on Delivering Affordable Healthcare to Aging and Underserved Populations Through Its Fully Aligned Care Model in Florida, Texas, and California

Posted: October 2022

Bright Health Group, Inc. today announced its decision to further focus its business on its Fully Aligned Care Model and will no longer offer Individual and Family Plans through Bright HealthCare, or Medicare Advantage products outside of California and Florida in 2023. In addition, Bright Health announced raising $175 million of committed convertible preferred equity capital that is expected to close in the coming weeks and take the business through profitability.

Please see the BusinessWire Article from Berkshire Hathaway for more information.

California Department of Insurance – Bulletin 2022-11

Posted: August 2022

In August 2022, California Department of Insurance released Bulletin 2022-11 to all admitted and non-admitted insurers writing residential property insurance in California. This Bulletin is in response to the mandatory moratorium on cancellations and non-renewals of policies of residentials property insurance after the declaration of a state of emergency. 

Use the PDF link below to learn more about Bulletin 2022-11. 

Virginia State Corporation Commission Bureau of Insurance

Posted: June 2022

Background: On December 17, 2021, the State Corporation Commission issued an order (INS-2021-00092) repealing Chapter 340 entitled “Rules Governing Standards for the Content of Fire Insurance or Fire Insurance in Combination with Other Coverages effective January 1, 2022; to adopt a new Chapter 341 entitled “Rules Governing Standards for the Content of Dwelling Property Insurance Policies”; and to adopt a new Chapter 342 entitled “Rules Governing Standards for the Content of Homeowners Insurance Policies.”

Action:  Insurers and rate service organizations are required to submit filings for compliance with these chapters no later than December 31, 2022.

The Bureau encourages insurers and rate service organizations file the forms necessary for compliance with Chapters 341 and 342 as soon as possible. The Bureau is unable to grant extensions to the compliance dates.

For more information, please review the Bulletin published by the State Corporation Commission Bureau of Insurance

Martin & Company can help your company stay in compliance, please contact us today.

Kentucky DOI Data Request FEMA 4595

Posted: June 2022

Background: - In May 2022, Kentucky was allocated over $74 million through HUD’s CDBG-Disaster Recovery (DR) program to help resiliently recover from the Severe, Storms, Flooding, Landslides and Mudslides, Straight-line Winds, and Tornadoes that hit the state in 2021 specifically known as FEMA-4595 and FEMA- 4630. In order to receive these funds, various assessments outlining current state needs will need to be completed, followed by an Action Plan that outlines proposed programs to address recovery and resilience in impacted communities.

Data Request - The Kentucky Department of Insurance is requesting insurers to report aggregate personal residence claims data, claims resulting in loss, and direct incurred losses ($) by the counties listed in the data request document or the appropriate zip code.

For specific instructions, please review the KDOI FEMA 4595 Data Request published by the Kentucky state DOI.

Martin & Company can help your company stay in compliance, please contact us today.

New Mexico Updates Disclosures and Exclusions Related to Uninsured Motorist/Underinsured Motorist

Posted: November 2021

This Bulletin serves as notice that the New Mexico Office of Superintendent of
Insurance (OSI) is requiring all automobile insurers covering risks located in New Mexico to
adopt, on an immediate basis, a Disclosure and an Exclusion for use in every automobile policy,
whether such policy is now in existence or is to be issued in the future, as set forth in this
Bulletin. 

Please see Bulletin 2021-024 from the Office of Superintendent of Insurance for more information. 

Louisiana Issues Bulletin to Provide Guidance on Reporting Requirements Related to Hurricane Ida

Posted: November 2021

The Louisiana Department of Insurance (LOI) is requiring all authorized property
and casualty insurers, including insurers that write private and/or excess flood insurance
coverage and surplus lines insurers, (collectively, insurers) to complete the claims
reporting Excel spreadsheet. 

Check out Bulletin 2021-10 for more information. 

Colorado Adds a New Regulation Addressing Rate Change Limitations Applicable to all P&C Carriers that File Rates and/or Loss Cost Filings

Posted: April 2021

The amended section of the regulation is intended to facilitate the transition to rate parity between policyholders of the same class and hazard to avoid unfairly discriminatory rating. The new section specifically addresses the practice of rate change limitations such as caps, ceilings, or floors to new and or existing policyholders.

Please see the Colorado Regulation Regulation 3 CCR 702 Reg. 5-1-20 s 1 for more information.