Department of Financial Services joins Global Financial Innovation Network, launched by U.K. Financial Conduct Authority. It has 50 international members that aim to implement more efficient ways for businesses to interact with regulators. GFIN seeks to facilitate cross-border testing of innovative financial products and services and share best practices and knowledge. Priority topics include cryptocurrency, cyber regulations and technology development.
State Water Commission rolls out interactive map for potential flood risks. Maps both high-population zones and rural areas. Users can compare new base-level engineering data and standard flood insurance rate map data as well as overlay weather information. Tool is result of three-year FEMA partnership.
As of Nov. 1, state allows short-term health insurance plans to operate with renewals for up to three years.
Approves average workers comp pure premium rate decrease of 8.4%, effective Jan. 1. Assessments to fund Self-Insured Employer Adjustment Reserve and Self-Insured Employer Group Adjustment Reserve should see 50% reduction from 2019 fees.
Selects 20 new insurance agencies to broker policies for the government and public corporations after complaints that some former agents performed poorly and their selection was “too open to subjectivity,” according to the commonwealth’s Treasury secretary. Aon and Aegis are among the 20.
Saw 67% decrease in workers comp patients’ receipt of drugs, including opioids, that were not recommended for their specific ailment since 2011 implementation of drug formulary.
Earthquake warning phone app, ShakeAlert, set to be available in October 2020. It will tell how much time people have before shaking reaches them. It’s currently being piloted for utilities, cities, and some businesses and government entities. More meters will be installed in Washington and Oregon to improve network density. Already in use in Los Angeles.
Step Therapy Law went into effect Nov. 1. Requires that all insurers or their contracted pharmacy benefit managers or utilization review organizations that have a step therapy protocol for prescription medications meet certain requirements: protocol must be based upon clinical review criteria; process and criteria for selecting and evaluating clinical practice guidelines used to develop the protocol must be posted to the entity's website; process to request an exception must be clear, accessible and convenient; and appeal process must be established for insureds whose request for an exception is denied. >> Creates Task Force on Reducing Prescription Drug Prices. It will collect and analyze data on development, pricing, distribution and purchasing of prescription drugs and look at other states’ strategies for lowering drug prices. It will also seek opportunities to work with federal and state organizations to reduce drug costs.
Thomas Leahy Jr. promoted to president of IronPro.
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