The Ticker

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.