Insurance commissioner Ricardo Lara orders home insurer of last resort FAIR Plan to offer comprehensive HO-3 coverage in addition to dwelling fire-only coverage by June 1. Also orders FAIR Plan to boost limits on 2019 dwelling policies to $3 million, from $1.5 million, and to accept payment monthly and via credit card. He is getting some pushback on the comprehensive HO-3 coverage but expects the other orders to be implemented in early 2020. >> Approves advisory pure premium workers compensation rate decrease to $1.52 per $100 of payroll, effective Jan. 1. That is 23.6% lower than the average filed pure premium rate of $1.99 at the July 1, 2019, benchmark.
Department of Insurance and Department of Health Care Policy & Financing provided final report to legislature on creating public option for affordable health insurance. Report’s actuarial analysis says premiums would drop 10% with some regions of state seeing 15% savings. Program would be based on public-private partnership serving individual market initially but targeting expansion to small and midsize businesses. Plan would be available to all Coloradans alongside, not instead of, ACA choices and would be sold through Colorado’s health insurance exchange, Connect for Health Colorado. >> Approves 8.5% average decrease in workers compensation rate for 2020.
Insurance commissioner Andrew Mais launches Insurance Technology Council. It will share important information with consumers, regulators, and tech companies that will shape how insurtech will be managed and marketed, and it will provide actionable suggestions to the commissioner related to insurtech development and impact on consumers and the industry.
Approves 7.5% decrease in workers compensation rate, effective Jan. 1. >> Insurance commissioner David Altmaier chosen as president-elect of National Association of Insurance Commissioners, effective Jan. 1. He was NAIC VP last year. >> Pensacola government hit by ransomware attack and $1 million ransom demand. Services were slowly returned to work over a few days with no details on payment. City spokeswoman said “risk manager will certainly be looking into” obtaining cyber insurance.
SB 1212, passed in June 2019, became effective Jan. 1, imposing broadened licensing and other requirements on third-party administrators. Those include obtaining a TPA license from the Department of Commerce and Consumer Affairs. Law defines TPA as “person [or business] who collects charges or premiums from…residents of this state in connection with self-insurance, stop-loss, or life insurance coverage, accident and health, or sickness insurance coverage…”
Short-term health plans available starting Jan. 1. Three from Blue Cross of Idaho; two from SelectHealth. >> Insurance director Dean Cameron elected vice president of NAIC for 2020.
Set to return $14.6 million in excess funds collected from carriers between 1997 and 2015 for the state’s Assigned Risk Pool.
Introduces financial institution bond for asset managers, a new fidelity bond that covers fraudulent activities by employees and losses from hacking, unauthorized access to firm’s network, and transfer of firm’s or customers’ capital through fraudulent instructions. >> North American Commercial Insurance gets leadership changes. Ben Rockwell moves from EVP and chief underwriting officer at the unit to VP of Chubb Group and division president of Chubb Middle Market. James Williamson, VP of Chubb Group and division president of North America Small Commercial, moves to division president of Chubb Small Business. They succeed Scott Gunter in those division president posts. He left the company. Alex Wells moves from EVP and Commercial Insurance regional manager for Northeast and mid-Atlantic to chief underwriting officer for North American Commercial Insurance, succeeding Rockwell in that post.
Expanding artificial intelligence system, Health Connect 360, that integrates medical, pharmacy, lab and biometric data via an online interface that alerts customers, case managers and providers who are given access to potential gaps in treatment of chronic diseases. It is now available to all group health customers of Express Scripts and Cigna.
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