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
Louisiana: On May 15, Commissioner Donelon published Bulletin 2020-01, regarding producer licensing. This Bulletin states that the LDI will continue to issue temporary producer licenses without requiring examinations for life, accident and health, property, casualty, and personal lines auto. Further, the LDI will continue to maintain the temporary producer licenses previously issued under Emergency Rule 38. Temporary producer licenses issued under Emergency Rule 38 will continue in force and maintain the effective date of issuance of that license (60 days from issuance), unless extended by the Commissioner.
Minnesota: On May 17, the Minnesota Senate passed S.B. 4564, 45 to 22, which would create a coronavirus relief fund with stipulations that such funds would help state government organizations cover workers compensation costs related to COVID-19.
Oklahoma: On May 15, the Oklahoma Department of Insurance issued a notice stating the Department will continue issuing temporary insurance licenses to applicants.
Puerto Rico: On May 15, the Office of the Commissioner of Insurance issued Circular Letter No.: CC-2020-1965-D to all insurers notifying domestic insurers and health services organizations that the report of the financial situation for 2019, shall be filed no later than Friday, May 22, 2020 through the electronic platform of the NAIC. Additionally, the financial report for the first quarter of 2020 must be filed no later than May 29. The audited financial report for 2019 must filed on or before June 30. The Letter also requires all domestic insurers and health services organizations to mail the aforementioned reports for 2019 in hard copy format to Commissioners office within ten days of the reopening of the office.
Texas: On May 18, the Texas Department of Insurance issued a notice stating the Department will end the COVID-19 extension that gave agents and adjusters additional time to renew their resident licenses and complete continuing education hours. The extension period will end on May 31.
Wyoming: On May 16, the Wyoming legislature passed S.B. 1002 which creates a presumption for employees infected with COVID-19 on the job throughout 2020. The Act proposes clarifying immunity from civil liability; amending unemployment benefits; authorizing agreements with the federal government and the expenditure of federal funds; creating programs to avoid the eviction of needy persons; amending the unemployment compensation program; amending the worker’s compensation program; providing additional authority to the governor; providing for a worker’s compensation premium credit; amending a prior worker’s compensation premium credit; providing an appropriation; and providing for an effective date.
Property and Casualty Insurance
D.C.: On May 14, the District of Columbia Department of Banking and Insurance issued Bulletin 20-IB-3-05/13 to all property and casualty insurance companies licensed in D.C., notifying insurers that the Department will temporarily postpone all rate increases filed during the COVID-19 Emergency to provide further relief to policyholders, effective immediately.
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 18, 2020) appeared first on Insurance & Reinsurance.
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