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

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. Read More
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Alabama Extends Statute of Limitations for Insurance Fraud

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. Read More
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Louisiana Repeals Three-Year Rule, Enacts Nonrenewal Percentage Rule

May 2024
For policies issued after August 1, 2024, Louisiana House Bill 611 repeals the three-year rule preventing a property, casualty, or liability insurer from cancelling, nonrenewing, or raising deductibles of homeowner’s policies that have been in effect longer than three years, except for certain reasons. In addition, for three-year policies in effect on or before August 1, 2024, H-611 allows an insurer to non-renew up to 5 percent of those policies per calendar year or more than 5 percent of those policies in a calendar year upon request. H-611 has multiple effective dates, including May 7, 2024, and January 1, 2025.…
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Georgia House Bill 1114 – Data Analysis for Tort Reform Act

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. Read More
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Kentucky Issues Local Government Premium Tax Guidance for 2024-2025

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. Read More
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Statutorily Required Uninsured/Underinsured Coverage for Diminution of Value Damages

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. Read More
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Iowa House File 2265

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. Read More
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Maryland Insurance Administration holds special meeting for Property & Casualty Carriers

April 2024
MIA requests that carriers send contact information for those that can be contacted in regards to the bridge collapse. Read More
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Company Bulletin 2024-10 Insurance Data Security Law

April 2024
The Illinois Department of Insurance (Department) has enacted Company Bulletin 2024-10, which informs insurers of new data security requirements pursuant to enactment of the Illinois Insurance Data Security Law. This bulletin was issued March 22, 2024, and the data security requirements took effect January 1, 2024. The first annual certification of compliance is due on April 15, 2025, and companies seeking an exemption must submit the request by April 15, 2024, and annually thereafter. Read More
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NOTICE TO INDUSTRY: Hurricane Ian Enhanced Catastrophe Reporting Due April 17

April 2024
The Florida Office of Insurance Regulation (OIR) is providing notice to insurers to file a  2023 Catastrophe Reporting Form (CRF) through the Insurance Regulation Filing System (IRFS). Read More
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