On July 24, 2024, the New Mexico Office of Superintendent of Insurance (OSI) issued a notice requesting property and casualty insurers adjusting personal property claims from the Salt and South Fork wildfires to provide certain relief to policyholders who suffered a total loss of their insured property. In addition, the OSI wants insurers to email a “Statement of Intent” indicating whether they implemented the wildfire relief to [email protected] by Tuesday, July 30, 2024. Read More

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

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

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

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

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

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

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

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