Adopts annuity best interest rule, based on NAIC model law. Producers selling annuities must get trained on the rule by July 15.
Now requires all agents, brokers, adjusters and other insurance entities licensed in California to include their license number on email communications that pertain to the activity for which a license is required. The Department of Insurance says the font of the license number must be displayed adjacent to or on the line below the sender’s name or title and must be in a font no smaller than the largest used for contact information in the signature block. If sender is employed by a licensed agency or organization, that entity’s license number must also appear if its name appears in the email. >> State average weekly wage rose by more than 5% last year to $1,651, causing a hike in workers compensation temporary and permanent total disability payments for 2023. >> Alameda County passes ordinance, Fair Chance Housing, prohibiting residential landlords from running criminal background checks on tenant applicants.
Consolidates all actuarial and data science functions into single unit, headed by chief actuary Wanchin Chou. Will bring economic capital modeling, predictive modeling in artificial intelligence, machine learning, and catastrophe modeling to bear on insurance regulation.
Gov. Ron DeSantis signs bill, SB-2A, reforming property insurance industry. It bans two major drivers of contractor spending and lawsuits—assignment of benefits and so-called “one-way attorneys fees,” where policyholders and contractors don’t have to pay insurers’ legal fees if they lose a frivolous lawsuit—and it provides $1 billion in government reinsurance for property insurers. The law also prevents renewals under Citizens coverage if a policyholder is offered private insurer coverage within 20% of Citizens premium. >> David Altmaier resigns as insurance commissioner after six years in post and having worked at the Officer of Insurance Regulation since 2008. No successor named as of press time. >> Launches My Safe Florida Home Program and opens application process for free wind mitigation inspections and up to $10,000 in storm mitigation grants to harden homes. Contractors must come from approved state list. >> Barry Gilway, CEO of Citizens, announces retirement for early 2023 but was offered package to stay on in advisory role. General counsel Tim Cerio named interim CEO. Gilway is a 52-year industry veteran and 11-year CEO of the state-backed insurer of last resort.
Names Gordon Ito as insurance commissioner, a post he held from 2010 to 2019.
Approves NCCI loss-cost filing of 12.2% decrease in workers comp rates, effective May 1.
Adopts annuity best interest rule based on NAIC model rule, the 30th state to do so.
Recommends 6.4% decrease in voluntary workers comp rates, effective Jan. 1. Steady decline in lost-time claim frequency credited with decline. Average decreases by industry: manufacturing, 6.2%; contracting, 8.2%; office and clerical, 8.7%; goods and services, 5.8%; miscellaneous, 4.4%.
Develops temporary apprentice license for producers. Those looking into a career as an agent or broker can refer to guidance document IGD-F8, which identifies terms and conditions for an Apprentice Insurance Producer License. Accepted apprentices are assigned a mentor.
Passes law requiring every private citizen who carries a handgun in public to maintain liability insurance of at least $300,000 covering losses imposed by law for bodily injury, death or property damage arising from ownership, maintenance, operation or use of the firearm. Second Amendment advocates say it will be challenged. >> State Supreme Court rules brokers have “non-waivable” duty to inform LLC partners of their workers compensation coverage status, though brokers cannot be held liable for damages for not performing that duty unless failure was willful, wanton or grossly negligent.
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