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 June 15, the NAIC’s Statutory Accounting Principles (E) Working Group adopted a revised NAIC staff draft of INT 20-08: COVID-19 Premium Refunds, Rate Reductions and Policyholder Dividends. The Working Group’s interim guidance will require companies that made voluntary payments to existing policyholders as a result of COVID-19 to report those payments as adjustments to premium.
Arkansas: On June 15, Governor Hutchinson issued Executive Order No. 20-33, which grants civil liability immunity to businesses that are open for operations during the COVID-19 state of emergency.
Arkansas: On June 15, Governor Hutchinson issued Executive Order No. 20-34, which grants healthcare providers acting as emergency responders during the COVID-19 pandemic civil liability immunity.
Arkansas: On June 15, Governor Hutchinson issued Executive Order No. 20-35, which classifies COVID-19 as an occupational disease that is considered an exception to the prohibition on workers’ compensation for ordinary diseases of life.
Illinois: On June 12, Senate Bill 2135 was signed into law, requiring the Department of Insurance to appoint a task force on business interruption insurance policies. The task force is required to study the impacts of the COVID-19 pandemic on businesses and the need for changes to insurance coverage to address those impacts.
Missouri: On June 15, Director Lindley-Myers published Insurance Bulletin 20-16, which discontinues the issuance of temporary Missouri resident insurance producer licenses.
Maryland: On June 16, the Maryland Insurance Administration published Bulletin 20-07, regarding 2020 network access plan filing instructions. The Administration addressed the impacts that COVID-19 may have had on certain reporting or survey requirements that could affect the carriers network access plan filings, further instructs carriers on procedures to be taken if data is believed to be inaccurate or unreliable due to COVID-19.
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 (June 16, 2020) appeared first on Insurance & Reinsurance.