Insurance Commissioner Jim Ridling retires after nearly 14 years in the post. Deputy Commissioner Mark Fowler will serve in acting capacity.
All insurers authorized to sell motor vehicle liability insurance must register with new Arizona Insurance Verification System by July 19. Testing with AZIVS must begin by Sept. 1, and move to production with the system is mandated by Nov. 7.
Los Angeles Superior Court rules law requiring publicly held companies to have women on board of directors is unconstitutional. State expected to appeal.
HHS approves addition of state public option as an ACA plan under a Section 1332 waiver.
New law amends captive definitions: “controlled unaffiliated business” now includes sponsored captives, and “branch captive” now encompasses foreign captive insurers, defined as captives that are licensed under the laws of a foreign country. It also changes financial examinations to every five years, from every three years, and the renewal period for a certificate of dormancy to every five years, from every two. Under the legislation, there will be a three-year look-back and a waiver of penalties on outstanding liabilities for Connecticut insureds that haven’t paid the non-admitted premium tax and that (1) establish a branch captive in the state or redomicile a foreign or alien captive to the state no later than June 30, 2023, and (2) pay all taxes due and outstanding for taxable periods ending on or after July 1, 2019, but before July 1, 2022. Also lowers capital and surplus requirements for multiple kinds of captives.
Puts insolvent Southern Fidelity Insurance Co. into receivership. In negotiations at press time to transfer policyholders to another insurer.
Former insurance commissioner John Oxendine indicted on charges of healthcare fraud and money laundering. Accused of conspiring after his tenure as commissioner to file $2.5 million in fake claims for medically unnecessary lab tests in exchange for part of the insurance payments. He says it’s a misunderstanding.
Adopts annuity Best Interest Rule, based on NAIC model.
Creates Pharmacy Benefit Bureau within Department of Financial Services. It will oversee pharmacy benefit managers and have authority to license and supervise PBMs. It will be funded through PBM application fees, assessments and penalties. The move results from passage of S 3762/A 1396, signed in January.
New updates to Captive Insurance Act, SB 347, include waiver of premium taxes for the year in which a captive moves its domicile to North Carolina and the year after as well as permission for the insurance commissioner to grant an exemption from audit due to financial hardship on the captive. >> Adopts annuity Best Interest Rule based on NAIC model law.
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