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
D.C.: On August 17, the District of Columbia Department of Insurance and Banking (“DISB”) issued a notice to all insurers and premium finance companies licensed and operating in D.C., to provide guidance regarding the Commissioner’s Orders and Bulletins for providing relief to policyholders during the public health emergency. The notice informs insurers of their obligation to policyholders during the public health emergency. On July 22, Mayor Bowser executed Mayor’s Order 2020-079, which extended the public health emergency in the District through October 9, 2020. Mayor’s Order 2020-079 authorized the DISB “to waive application of any law administered by DISB to protect the health, safety, and welfare of District residents in response to a public health emergency.” On March 20, 2020 and April 27, 2020, Acting Commissioner Woods issued Commissioner’s Orders 01-2020 and 03-2020 (prohibition on terminations and other restrictions), and on May 18, 2020, issued 20-IB-2-5/8 (postponement of rate increases). The orders and bulletins direct all health, property and casualty insurers and premium finance companies to modify or refrain from those activities and business practices to protect insureds. The orders and bulletins provide that such measures must remain in place for the duration of the public health emergency (now extended to October 9, 2020).
Tennessee: On August 17, Governor Lee issued Executive Order No. 58, terminating Executive Order No. 53 upon limited liability legislation becoming law. Executive Order No. 53 provided limited COVID related liability protection for health care providers. The enactment of the Tennessee COVID-19 Recovery Act (SB 8002) eliminates the need for the limited liability protection provided by Executive Order No. 53.
Property and Casualty Insurance
Oregon: On August 14, the Oregon Department of Consumer and Business Services issued a Temporary Administrative Order (ID 6-2020) that updates the manual rules to include the most recent COVID-19 related revisions filed by the National Council on Compensation Insurance. The adopted rules became effective August 14, 2020.
The post COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (August 19, 2020) appeared first on Insurance & Reinsurance.
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