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COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (July 9, 2020)

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July 9, 2020

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

Wyoming: On July 8, the Wyoming Insurance Department issued a reminder to all insurers that Wyoming statutes regarding adjustment of claims have not changed, despite the COVID-19 pandemic. According to the notice, all parties acting on behalf of the insurer that are involved in normal claims adjustment processes must be licensed in Wyoming. The only exception is for a catastrophic loss, and those adjusters must be licensed in at least one other state and approved by the Department in advance before they will be allowed to adjust claims in Wyoming.

Property and Casualty Insurance

Michigan: On July 8, the Michigan Department of Insurance and Financial Services issued Order Number 2020-13-M, which requires auto insurers authorized to write auto coverage in Michigan to submit a filing to obtain approval for any plan to issue premium refunds, credits, or premium waivers in response to the COVID-19 pandemic. Alternatively, the Order requires auto insurers to explain why they are not issuing refunds, credits, or premium waivers. Filings must be submitted no later than July 24. The Order pertains to any additional premium refunds, credits or waivers beyond what carriers may have already filed with the state in response to Order 2020-10-M.

Health Insurance

Massachusetts: On July 8, Commissioner Anderson released Bulletin 2020-23, providing updated guidance about COVID-19 PCR and antigen testing. This Bulletin updates Bulletins 2020-02 and 2020-16, and provides guidance for all carriers covering health insurance for coverage of COVID-19 PCR and antigen testing.

The post COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (July 9, 2020) appeared first on Insurance & Reinsurance.

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