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
All States (NAIC): On May 20, the NAIC sent a letter to members of the House Financial Services Committee on Small Business Subcommittee on Innovation and Workforce Development citing concerns regarding solvency of the insurance market if retroactive measurers are implemented in certain insurance contracts.
Puerto Rico: On May 21, the Office of the Commissioner of Insurance issued Circular Letter No. CC-2020-1967-D to all insurers, health services organizations, reinsurers, and other entities authorized to do insurance business in Puerto Rico regarding remote methods for renewal of the certificate of authority to solicit or transact insurance business in Puerto Rico. The Bulletin states that payment for the kind of license or authorization an entity holds must be paid by June 30. In light of COVID-19 there are two remote mechanisms available for filing the “Application for Renewal of the Certificate of Authority” and making payment for fees for 2020-2021.
Tennessee: On May 22 Governor Lee issued Executive Order No. 38, which permits more Tennesseans and businesses to return to work in all industries. The Order urges employs to maintain social distancing from persons outside of their household, and encourages employers to allow or require remote work/telework if possible. The Order supersedes and repeals Executive Order Nos. 30, 33, and 35.
Property and Casualty Insurance
Virgin Islands: On May 18, the Division of Banking, Insurance and Financial Regulation issued Bulletin 2020-11 to all licensed or authorized property and casualty commercial insurers regarding a data call to collect data related to Business Interruption Insurance and COVID-19. The data call does not apply to nonadmitted alien insurers and life or health insurers, monoline financial guaranty, mortgage guaranty title, fidelity, nonmedical professional liability insurers, and reinsurers.
Massachusetts: On May 21, Commissioner Anderson released Bulletin 2020-18 to commercial health insurers, announcing a special enrollment period effective immediately, that will last until June 25, 2020. This special enrollment period extends the periods described in Bulletin 2020-03 and 2020-09.
Michigan: On May 22, Bulletin 2020-26-IN was released, encouraging health and dental issuers to provide appropriate premium refunds or credits to their customers as a result of COVID-19. Issuers must submit a filing to DIFS advising of any premium refunds or credits they plan to issue, and Bulletin 2020-26-IN lists the requirements for such filing.
Oklahoma: On May 22, the Oklahoma Insurance Department issued a Bulletin regarding Antibody Testing (COVID-19) to assist individuals and entities regulated by the Department in effectuating the provisions of insurance-related services during this urgent public health challenge. All health carriers, other insurance industry representatives and other interested parties are encouraged to review the latest Oklahoma information about COVID-19 released by the Oklahoma Department of Health. (https://coronavirus.health.ok.gov/).
Washington: On May 21, Commissioner Kreidler partially extended Emergency Order 20-02 for an additional 30 days, directing all state-regulated health insurers to make additional coverage changes to aid consumers during the coronavirus pandemic under Parts A-D of the Order. However, Part E of the Order, regarding the additional extension for grace period of premium payments, is not extended. The extended Order, which will expire on June 21, requires continued coverage of telehealth in various forms, as well as continued coverage of all medically necessary diagnostic testing for flu and certain other viral respiratory illnesses billed during a provider visit for COVID-19 with no copay, coinsurance or deductible.
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 22, 2020) appeared first on Insurance & Reinsurance.
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