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Kentucky Bulletin 2024-05 New Premium Rates for the Mine Subsidence Insurance Program

July 2024
The Kentucky Department of Insurance has issued Bulletin 2024-05, which establishes new premium rates for mine subsidence insurance and requires insurers to re-execute reinsurance agreements with the Department. The bulletin was issued July 17, 2024, and is effective January 1, 2025. Read More
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Pennsylvania DOI Issues Private Passenger Auto Data Call

July 2024
The Pennsylvania Department (Department) has announced its annual Private Passenger Automobile Data Call. Insurers who do not have private passenger automobile direct written premium in 2023 are still required to respond. The requested data must be submitted to the Department no later than October 15, 2024. Only Parts 1 and 2 are due this year. Read More
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Colorado Division of Insurance Adopts Regulation Concerning Homeowner Reconstruction Costs Disclosure Requirements

July 2024
On July 11, 2024, the Colorado Division of Insurance Adopted Proposed New Regulation 5-1-26 concerning Homeowner Reconstruction Costs and Replacement Cost Estimates, which establishes the factors and cost considerations insurers must consider when establishing the replacement cost estimate of the dwelling that they must disclose to the applicant or policyholder as required by Colorado House Bill 23-1174. The regulation is effective August 30, 2024. Read More
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Michigan Bulletin – Depreciation of Nontangible Items

July 2024
Effective January 1, 2025, if insurers wish to depreciate labor or any other nontangible items, they must do so by a standalone endorsement, for a reduced premium, specifically identifying the nontangible items subject to depreciation and the insured must elect to endorse their policy with the relevant endorsement that identifies the specific nontangible cost is subject to depreciation in the definition of ACV. Read More
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Louisiana Directive 224

July 2024
Data Call Relating to Property & Casualty Homeowner’s and Commercial Property Policies for the 2024 Hurricane Season On July 12, 2024, the Louisiana Department of Insuranceissued Directive 224 to notify homeowners’ insurers and commercial propertyinsurers, including surplus lines insurers, to file hurricane-related policydata through the POIDRS Module in the Industry Access Portal for policies ineffect from June 1, 2024 through July 30, 2024 by August 15, 2024. TheMicrosoft Excel workbook templates to file data in the portal will be availableby July 30, 2024. Read More
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New York Amended Cybersecurity Regulation

July 2024
In 2023, the Department of Financial Services (DFS) amended its Cybersecurity Regulation. To assist entities throughout the rollout of the regulation, DFS provides regular updates on important information and helpful resources. This month’s edition seeks to remind insurers to submit their annual cybersecurity compliance filing, if they have not already done so, and reminds insurers of the new cybersecurity requirements taking effect in November. Read More
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Alabama Bulletin 24-03 Hurricane Sally Data Call

July 2024
The Alabama Department of Insurance (ALDOI) has issued Bulletin 2024-03, which requires insurers writing homeowners coverage for properties south of Interstate 10 on September 16, 2020, to provide claim and underwriting information related to Hurricane Sally. The bulletin is effective July 15, 2024, and the information must be reported by August 23, 2024. Read More
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New Jersey Department of Banking and Insurance Affordable Housing and Insurance Survey

July 2024
The purpose of this bulletin is to advise all insurers transacting property and casualty insurance in New Jersey (“insurers”) that the Department issued Order No. A24-06 simultaneously with this bulletin that requires insurers to provide certain information to the Department. In accordance with Order No. A24-06, insurers shall submit the completed responses, any supplementary documents, and the affirmation form by email to [email protected], no later than August 22, 2024. Read More
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July 11 Rate Announcements

Don’t miss the latest property and casualty rate announcements from the week, including updates from Skyward, Accelerant, Intact, and AmTrust.

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Martin & Company and Coherent Partner to Bring Tech Solutions to Insurance Product Development

July 2024
Martin & Company, a leading provider in insurance technology solutions and consulting services, and Coherent, a global software-as-a-service company redefining how business and IT teams build software, are excited to launch a partnership geared towards increasing speed-to-market in product development for insurers. By pairing the technology solutions and tech-enabled services, insurance carriers and MGAs can reduce their time to market from nine months to 30 days, save hundreds of thousands on a single product implementation, and reduce quoting time by 60 percent. Martin & Company has spent more than 30 years helping carriers and MGAs navigate the regulatory environment through…
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