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    COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (June 2, 2020)

    Publications

    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

    Delaware: On May 31, Governor Carney issued the Twentieth Modification of the Declaration of a State of Emergency, extending the state of emergency with certain modifications. According to APCIA, in a call with the Deputy Commissioner of Insurance, Delaware’s state of emergency, including a moratorium on cancellation/nonrenewal of those impacted COVID-19 policyholders, is set to expire on June 7, 2020.

    Nevada: On June 1, the State of Nevada Department of Business and Industry- Division of Insurance published Bulletin 20-002 in order to advise all insurance companies regarding compliance with certain filing requirements during the COVID-19 public health emergency. Insurance companies must make all required electronic filings with the NAIC (e.g., quarterly financial statements, audited financial statements), and for those that are not filed with the NAIC, the filing is required to be electronically filed to the DOI analyst assigned to the insurance company. If the insurance company believes that it will not be able to meet one or more of the following financial filing deadlines, the DOI may allow insurance companies additional time to complete filings, however, an extension is not guaranteed, and will be considered on a case-by-case basis.

    Oklahoma: On June 2, the Oklahoma Department of Insurance issued a special notice to Oklahoma Insurance Professionals urging temporary licensees to schedule an exam with Prometric as soon as possible as testing ability has returned to full capacity.

    Texas: On June 2, the Texas Department of Insurance released a modified financial filings chart extending the time frame in which financial filings may be submitted to the Department without sworn statements, affidavits, and notarizations. The time frame has been extended from May 31 to June 30.

    Property and Casualty Insurance

    Texas: On June 2, the Texas Division of Workers’ Compensation (DWC) issued Commissioner’s Bulletin # B-0029-20 to Selected Workers’ Compensation Insurance Carriers/Groups, regarding a mandatory data call for certain information related to COVID-19 injuries reported on or after December 1, 2019. DWC requests this information under Texas Labor Code §§401.024, 402.00111(b), 402.00128(b)(10) and (12), and Chapter 405. The data call is designed to provide DWC with immediate access to information necessary to determine the impact of COVID-19 injuries on the Texas workers’ compensation system.

    The post COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (June 2, 2020) appeared first on Insurance & Reinsurance.

    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.

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