Changes rules on life insurance discounts for participation in wellness rewards programs. Bulletin INS-23-023-AB encourages implementation of permissible wellness reward programs, including discounts on premiums and program benefits. >> Gov. Chris Sununu signs HB 249 into law, which establishes regulatory frameworks and coverage definitions for pet insurance that are similar to those for other insurance products.
Now requires all insurers licensed in the state that collected direct written premium of more than $100 million nationwide in 2022 to submit answers to state’s Climate Risk Disclosure Survey, which will be accessible by the public. The Department of Insurance will “review the responses…alongside the country’s leading carriers to evaluate efficacy, innovation and preparedness,” the department says in a bulletin. >> Gov. Phil Murphy signs A-536/2841, which increases oversight of pharmacy benefit managers. Law requires rebates to be used to decrease premiums and out-of-pocket expenses for consumers. Also bars PBMs from pocketing the spread between payments they receive from health plans and payments they make to pharmacies.
Alice Kane appointed superintendent of insurance. She moves from Guardian Life Insurance, where she was VP and senior advisor to the general counsel. She named Colin Baillio as interim deputy superintendent.
Buying supercomputer to help Department of Financial Services better understand artificial intelligence and regulate more effectively in terms of the technology. Tells Bloomberg DFS is “embracing reg tech to the public advantage.” >> Legislators say they will introduce bills next year prohibiting property insurers of multifamily complexes from inquiring about subsidized housing in properties seeking insurance. They say it’s a discriminatory practice because insurers often won’t write coverage for such buildings.
North Carolina Rate Bureau, which represents insurance companies in the state, files 50.6% rate increase proposal for dwelling insurance policies to become effective June 1, 2024. These policies cover non-owner-occupied residences of up to four units. Request under review at press time.
Effective July 1, Ohio Department of Insurance has reduced agent appointment fee to $10 from $15.
Effective Nov. 1, all health benefit plans regulated by the state must implement new requirements for step therapy protocols for chronic respiratory failure consequent to chronic obstructive pulmonary disease and for advanced metastatic cancer. For CRF/COPD, health plans must provide clear process on insurance issuer’s website on how insureds can request exception to step therapy. HB 1736 has further details. For advanced metastatic cancer and associated conditions, step therapy requirements are barred for certain prescription drugs. See HB 2746 for full details. >> Effective Jan. 1, SB 513 requires all health benefit plans in the state to provide coverage for biomarker testing when such a test provides clinical utility based on medical and scientific evidence. >> Adopts annuity best interest rule based on NAIC model regulation. Effective Sept. 1. >> Applicable to license renewals processed after Sept. 1, Insurance Department will no longer require that producers with property line of authority take one-hour earthquake continuing education course. Earthquake courses will still be available and will apply toward general CE credits.
Places R&Q Re into liquidation. Those with claims have until Sept. 29 to file with the Insurance Department.
Texas Windstorm Insurance Association fails to meet two-thirds majority requirement on rate increase vote, so TWIA will file 0% rate change for 2024, despite analysis indicating premiums are about 20% too low. >> SB 833, which applies to coverage placed or delivered after Jan. 1, bars insurers operating in Texas from using an ESG model, score, factor or standard to charge a different rate than is charged to another business or risk in the same class for essentially the same hazard. The goal is to prevent carriers from denying coverage or making premiums prohibitive in the fossil fuel industry as an ideological action. The law contains an exception if the insurer’s actions are based on ordinary insurance business purpose, such as actuarial principles or financial solvency concerns.
National Council on Compensation Insurance files workers comp loss cost decrease of 12.7% across standard market and 16.9% for assigned risk market, effective Nov. 1.
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