In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.
All Lines of Insurance
California: On May 14, the California Department of Insurance issued a notice reminding admitted and non-admitted insurers to comply with obligations under the California Unfair Practices Act when settling claims or face substantial civil penalties.
California: On May 15, the California Department of Insurance issued a notice requesting admitted and non-admitted insurers extend the grace period for the payment of insurance premiums until July 14, 2020.
Colorado: On May 11, the Colorado Division of Insurance issued Order No O-20-052 related to temporary individual resident and non-resident insurance producer licenses. The Order permits the Division to issue temporary resident insurance producer licenses to applicants that meet certain criteria until July 31, 2020.
Missouri: On May 14, Commissioner Lindley-Myers published Insurance Bulletin 20-14, extending the date for filings to be made to the division of company regulation to June 15, 2020.
West Virginia: On May 15, the Insurance Commissioner issued WV Insurance Bulletin No. 20-12 Insurance Scoring for Personal Lines. The Bulletin rescinds Informational Letter 142B, which was the controlling authority on insurers’ use of credit information for underwriting and rating personal lines auto insurance.
Missouri: On May 15, Commissioner Lindley-Myers published Insurance Bulletin 20-15, an Extension of Bulletins 20-07 regarding services provided via telehealth, and extends the applicability of Bulletin 20-07 through June 15, 2020.
Vermont: On May 13, the State of Vermont Department of Financial Regulation released revised Insurance Bulletin No. 210, regarding regulations surrounding Prescription Drug Refills during the COVID-19 Pandemic, including directing insurers to make at least a 30-day supply of medication available for members refilling their prescriptions.
Vermont: On May 13, the State of Vermont Department of Financial Regulation released revised Insurance Bulletin No. 211, directing all insurers and pharmacy benefit managers to suspend all routine provider audits.
Visit our COVID-19 Resource Center often for up-to-date information to help you stay informed of the legal issues related to COVID-19.
The post COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (May 15, 2020) appeared first on Insurance & Reinsurance.
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