On March 16th, 2020, a state of emergency was declared on for all counties in West Virginia (the “State of Emergency Declaration”), to allow agencies to coordinate and create necessary measures to prepare for and respond to the outbreak of respiratory disease caused by a novel coronavirus now known as COVID-19.
Please see Executive Order No. 23-20 to learn more.
President Joseph Biden has declared a Major Disaster for Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans, and Washington counties, which suffered substantial damage during the December 22-24, 2022 winter storm.
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.
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.
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, 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.
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.
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.
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.
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.