New law as of mid-July subjects risk retention groups domiciled in the state to same rules followed by traditional domestic insurers for custodial agreements and use of clearing corporations.
Adopts advisory workers compensation rate of $1.45 per $100 of payroll, unchanged from last year but lower than the rate of $1.56 recommended by Workers Compensation Insurance Rating Bureau. >> Issues order barring insurers from non-renewing or canceling residential coverage until July 1, 2023, for policyholders affected by Santa Barbara and Monterey County wildfires. ZIP codes affected are on the Department of Insurance website. >> Surplus Line Association of California will decrease stamping fee to 0.18%, effective Jan. 1, down from 0.25% rate in force since Jan. 1, 2020.
HB 22-317, which took effect Aug. 10, bars non-compete agreements for employees earning less than $101,250 a year while still allowing for trade secret protection. Customer non-solicitation agreements are permissible if the employee earns at least 60% of that $101,250 threshold. Companies can be fined $5,000 per worker for violations.
Plans to establish reinsurance facility through Citizens Insurance to allow carriers facing financial rating downgrades from Demotech to still meet their Fannie Mae and Freddie Mac qualifications, allowing homeowners to maintain coverage during hurricane season. Demotech agreed to hold off on its downgrades after Florida Office of Insurance opposed the changes and asked for details on ratings decisions. >> Says there will be no change in assessments for Workers Compensation Administration Trust Fund or Special Disability Trust Fund in 2023. >> Gov. Ron DeSantis signs HB 357, requiring PBMs to register with Office of Insurance Regulation and giving OIR regulatory and enforcement authority over PBMs.
Mental health parity law now in effect, requiring insurers to provide equal benefits for mental health treatment and physical healthcare.
State Court of Appeals rules 7-0 that Maryland’s wage and hour law may apply to time employee spends getting to a work site using transportation required by employer, including time spent waiting per employer instructions to be bussed to a job site. The plaintiffs asserted that work begins when an employer controls the employee’s time and actions, which included, in this case, reporting to the bus pickup lot and waiting for transport to the restricted work zone. The employer had been clocking workers in only when they arrived at the work zone. Lower court must take a new look at particular facts of what the employer required.
Places Western Title & Escrow into receivership after receiving a complaint of misconduct, including the acceptance of premium with subsequent failure to issue the policy and not disbursing escrow per instructions.
Increased maximum monthly benefit by 5.5% as of July to reflect increase in average weekly wage in the state. Maximum monthly benefit for FY2023 is $4,873.20.
New law instructs state workers comp assigned risk pool to issue policy to employer even when business has unpaid balance from previous policy. S9096/A10078 allows the State Insurance Fund to cancel the new policy for non-payment. More than 4,100 applicants as of Sept. 30, 2021, were ineligible for NYSIF coverage because of unpaid premiums of about $51.4 million in aggregate.
In a new twist to a bribery case that landed insurance executive Greg Lindberg in jail on a seven-year sentence for influencing former insurance commissioner Mike Causey’s removal and replacement of an official overseeing Lindberg’s companies, a court has overturned the conviction. An three-judge panel of the Appeals Court ruled the district judge erred in his instructions to the jury, violating the defendant’s Fifth and Sixth Amendment rights. In another note, the Department of Insurance rejected a request by a Lindberg private investment firm, Global Growth, to sell three insurance companies, a move the firm said would improve the carriers’ liquidity and move them more rapidly out of rehabilitation.
There are no ticker items for the filtered criteria selected. Please adjust the filters and try your search again.