This post is part of a series sponsored by AgentSync.
State-by-state laws, compliance protocols, industry transparency, and general regulatory culture give the impression that keeping up with industry changes is like owning a cat. So what better way to debate some of the more localized insurance news than with a roundup of regulations?
It continuously works to round up various regulatory changes, compliance actions, and Commissioner decisions, regardless of any particular order or rank. As a disclaimer, there’s a lot going on here in the US all the time, so this is by no means a comprehensive picture of state-level behavior.
Also, an important note: When summarizing the interpretation of legal decisions, this is armchair insurance speculation and not legal advice.if you need Get legal advice, consult a lawyer.
Connecticut Aims to Address Talent Shortage in Insurance Industry
After ranting about how to collect fresh blood for insurance companies At the NAIC Convention in September, Connecticut Commissioner Andrew Mace hosted the 2nd Annual NextGen Career Academy on October 20th. 17 is a free virtual event to recruit students and young professionals to the insurance industry.
With speakers ranging from insurance technology start-ups to financial technology, regulation and consulting, the showcase provided attendees with a choice of professional options. From an introduction to what these positions are and what they do, to actual opportunities to apply for careers and internships, this event is one. Innovative ways to address the talent gap that plagues insurance, as it does in many other industries.
“Start your professional journey by working in an ever-growing industry with endless opportunities for advancement. You can find it throughout your career in the industry.” Commissioner Mais said in a news release:“It’s time to show job seekers what insurance has to offer.” see previous article A wide range of career paths in the insurance industry.
Michigan applauds Biden administration proposal to protect healthcare for transgender Americans
Under the direction of the Michigan Department of Insurance and Financial Services (DIFS), Anita Fox released a statement in October 2022 Encourage Xavier Becerra, U.S. Secretary of Health and Human Services (HHS), to support regulatory action to prevent discrimination against transgender patients in health care.
Fox joined the other 20-member insurance committee to lobby the Biden administration to rescind Trump administration rules that are barriers to treatment. Under the Affordable Care Act, insurance companies cannot discriminate against patients or consumers based on their gender. Under the Obama administration, the original law interpreted this to include prohibition of discrimination based on transgender status.
of The Trump administration reversed this interpretation in 2020 Through HHS policy, President Joseph Biden has signaled his intention to return to the original policy.of 21-member Insurance Commission submits joint letter to Becerra Support the proposed rule.
“Comprehensive, quality health insurance is critical to the health of Michigans, and we want to remove barriers to coverage and health care services for everyone, regardless of gender identity or sexuality.” DIFS Director Anita Fox said. “All Michigans deserve insurance benefits without fear of discrimination, and I am proud to join insurance regulators across the country in supporting this proposed action to further that goal. ”
Florida begins recovery from Hurricane Ian
Property and casualty insurers in Florida are starting to receive claims in the aftermath of Hurricane Ian. Estimated amount of damage.
Florida Chief Financial Officer Jimmy Patronis A press conference was held in October In the wake of Ian, he highlights his efforts to combat insurance fraud.
The crook division consists of sending “more than 40 police officers Raid affected areas to educate the public about the scam and to arrest anyone conducting unauthorized or fraudulent post-storm activities. ”
The Florida Office of Insurance Regulatory Affairs (OIR) requires daily data reports on October 1st. Authorized 24 to 28 for insurance companies processing Ian-related claims and initiated registrations to quickly obtain emergency hurricane adjuster licenses.
The Federal Emergency Management Agency (FEMA) has expanded its presence in Florida in the near future to distribute more than $300 million in aid. The agency, following a request from Florida Governor Ron DeSantis, appropriated hotel and motel costs for interim shelter assistance, and 4,400 federal employees assisting counties in the path of Hurricane His Ian. offers.
FEMA also encourages unemployed Floridians to apply for salary assistance. People are slowly being re-incarcerated by insurance companies and the federal government. In other work-related news, FEMA is hiring local residents to assist with recovery efforts in hurricane-affected areas. These full-time jobs last at least 120 days with the possibility of extension. FEMA encourages Florida residents to apply to her USAJobs.gov.
Disasters like these are interesting events, highlighting the confluence of public and private efforts to put people back together. Public and private hurricane adjusters will face scrutiny and insurers will test their speed limits in processing claims and maintaining adjuster licenses.
Other State Insurance Regulations
Wisconsin has set an appointment renewal cycle for insurers for 2023. Cancellation is until December. On January 31, 2022, the state will issue his January 31 renewal invoice. From March 5th to March 15th, 2023.Wisconsin We have also posted notices for the November hearings. February 27, 2022to discuss permanent rules on surplus requirements for insurers.
wyoming Issued Bulletin to Clarify State’s July Circular For Adjuster Designated State of Residence (DHS) Licenses – “If a licensed adjuster has a resident address in the state that offers the adjuster license, but holds a DHS license in another state , that adjuster’s license will not be renewed until a permissive license is obtained.Applicant resides in a state that offers an adjuster license, but holds a DHS license in another state. If an applicant resides in a state that offers adjuster licenses and applies for a Wyoming DHS license, the application will not be approved. Hmm.” If you need to catch up, I previously blogged about the DHS issue. and it was It was a hot topic at this year’s NAIC conference.
Montana announced in Commissioner of Securities and Insurance (CSI) Newsletter The state plans to consider adopting regulation of the NAIC’s pet insurance model as product lines emerge in the state.
Louisiana Approve rate increase requests for Louisiana citizens (state-backed insurance companies of last resort)Early January On January 1, 2023, home property insurance premiums for Louisiana citizen customers will increase by 63%. The state also sets renewal dates for appointments and requires carriers to submit layoffs by November 20. December 23, 2022. January 1, 2022 to January 3, 2023.
Washington Added Health Care Benefits Manager (HCBM) to regulations It provides a way for carriers to submit provider agreements (and now HCBM agreements). This is pedantry at its finest if you really want to read the rules and their explanations.
Iowa has announced a renewal of its carrier contract, which is due to end in December. On 01/27/2022, the invoice can be used to pay for his renewal from 01/27. From March 5, 2023 he until March 15, 2023.
Alabama adopted Next year’s NAIC’s 2023 Valuation Manual (actuarial guidelines for establishing pricing practices for life and annuity products).The state also announced changes Fees for service contract providers and premium finance companiesUpdated Rates and Emergency Adjustment Protocol for independent adjusterWhen Change in retained earnings (This is a financial instrument that increases the funding surplus of insurance companies). The state has also set a 2023 appointment renewal schedule. On January 31, 2022, a renewal invoice will be posted for his January 1st payment. From March 5, 2023 he until March 1st.
Delaware Announced Expected rate cuts for workers’ compensation insurance.
While these concerns are not exhaustive, our knowledge of maintaining producer licenses and compliance is. See how AgentSync can help you look smarter today.