Due to wildfires, California has issued Bulletin 2025-1: Mandatory Moratorium on Cancellations and Non-Renewals of Policies of Residential Property Insurance After the Declaration of a State of Emergency.
Hawaii has increased the liability insurance minimum for Commercial and Personal Auto.
The Michigan Department of Insurance and Financial Services has released the following bulletin regarding the depreciation of nontangible items.
The New Hampshire Insurance Department passed changes to the law regulating entities selling, marketing, or administering service contracts, and they will become effective January 1, 2025.
The purpose of this Advisory Memorandum is to clarify the current conditions under which forms containing DWL provisions or any provisions limiting coverage for defense expenses will either be approved or prohibited by the Commissioner.
The insurance industry has been historically slow to adopt new technologies, but the COVID-19 pandemic accelerated the push toward digital transformation. Insurers are now embracing technology solutions to modernize their processes and enhance efficiency. AI and machine learning are at the forefront of this shift.
The regulatory landscape is changing rapidly, with both state and national bodies adapting to keep pace with technological advancements. The National Association of Insurance Commissioners (NAIC) has been active in developing guidance on AI, and states like California and New York have created their own regulations.
The Florida Office of Insurance Regulation (OIR) has amended Emergency Order (EO) 400385-24 to protect policyholders impacted by Hurricane Helene and has issued emergency Order (EO) 400386-24 to protect policyholders impacted by Hurricane Milton.
The insurance industry has always relied on outsourcing, but its role is evolving rapidly.
Traditionally, outsourcing was limited to functions like claims processing or customer service. Today, insurers are turning to outsourced partners for specialized roles, such as compliance, state filings, and actuarial work.