A One-Stop Insurance Law Firm
The question was recently posed in a discussion blog about when an insurer must file Applications with the Florida OIR. Essentially asking, when does Section 627.410, Florida Statutes, require the Application to be filed. This filing rule requires filing of an “…application form where written application is required and is to be made a part of the policy or contract….” …
Streff v. State Farm Mutual Auto. Ins. Co., 2017 S.D. 83, was decided by the Supreme Court of South Dakota on December 13, 2017, affecting coverage in private passenger automobile policies for underinsured motorist coverage. The Court held that the government vehicle exclusion with respect to underinsured motorist coverage in private passenger auto policies unenforceable, and that it violates South Dakota public…
Effective March 28, 2018, all private passenger automobile insurers in Idaho must use the NEW Uninsured and Underinsured Motorist Disclosure found in which includes election/selection form found in Appendix A of the Idaho Administrative Code at IDAPA 18.01.20 Section .016. Carriers must begin using the new form for all new policies and those existing policies where UM or UIM coverage is added or removed…
Michael Conway has been appointed interim Colorado Insurance Commissioner, which became effective January 1, 2018. As Insurance Commissioner, Conway will also head the Division of Insurance (DOI), a part of the Colorado Department of Regulatory Agencies (DORA). Former Colorado Insurance Commissioner Marguerite Salazar, who has been serving in two roles since July 2017, when she was appointed as DORA Executive…
The Virginia State Corporation Commission has appointed Scott White Commissioner of the Virginia Bureau of Insurance effective January 1, 2018. He succeeds the retiring Jacqueline Cunningham. The bureau licenses, regulates, investigates and examines insurance companies, agencies and agents on behalf of the citizens of the Commonwealth of Virginia with a staff of about 195 state employees. The Bureau of Insurance…
South Carolina Auto Insurance must cover moped use under the uninsured motorist and underinsured motorist coverage. On June 21, 2017, South Carolina Director of Insurance Ray Farmer issued Bulletin Number 2017-03. Mopeds are now included in the definition of a motor vehicle for the purposes of uninsured and underinsured motor vehicle insurance coverages (only) pursuant to amended S.C. Code Ann.…
I have been asked to provide a roundup of the state developments with respect to “price optimization”. Some states acknowledge that “price optimization” does not have a universally recognized definition. There is a continually growing number of states that have stated that to the extent “price optimization” involves rating that considers non-risk-related factors such as “price elasticity of demand” (in insurance rating, taking…
It was announced today (April 29) that David Altmaier, Florida’s current Deputy Commissioner, Property & Casualty, has been unanimously approved by the Florida Cabinet for the position of Insurance Commissioner of the Florida Office of Insurance Regulation. Current Commissioner Kevin McCarty has served as Florida’s chief insurance regulator for over ten years. He will remain in office to facilitate the transition for…
Brian Maynard and Maria Vullo are the newest state insurance commissioners (1/22/2016). [Blogger’s Note: April 2017 Commissioner Maynard resigned and Nancy Atkins was appointed KY Commissioner.] Kentucky Governor Matt Bevin has named Brian Maynard as the new Commissioner of the Kentucky Department of Insurance, replacing Commissioner Sharon Clark. Mr. Maynard is a certified financial examiner and has been a contract examiner for the…
Ohio is now prohibiting price optimization in the calculation of insurance premiums. Ohio recently became the second state, after Maryland, to explicitly prohibit the use of “price optimization” in the rating of property and casualty insurance policies. Price Optimization Used to Increase Premiums Price optimization considers certain factors–such as the amount or percentage of past premium increases without the insured switching insurers, or…