This publish is a part of a sequence sponsored by AgentSync.
State-by-state variations of legal guidelines, compliance protocols, business transparency, and normal regulatory tradition can lend one the impression that maintaining with business modifications is a bit bit like herding cats. So, what higher approach to wrangle a number of the extra localized insurance coverage information than in a Regulatory Roundup?
On an ongoing foundation, in no explicit order or rank, we’re wrestling the varied regulatory modifications, compliance actions, and commissioner selections into our roundup. As a disclaimer: There’s loads happening at any given time in these right here United States, so this isn’t a complete image of state-level motion by any means. Consider it, as an alternative, as a sampler platter of regulation.
Additionally essential to notice: If we’re recapping interpretations of authorized selections, that is some armchair insurance coverage hypothesis and under no circumstances authorized recommendation. If you happen to want authorized recommendation, get a lawyer.
4 Los Angeles space residents, 3 vehicles, and a… bear?
No, it’s not the lead-up to a horrible joke, however so far as insurance coverage fraud goes, this one is fairly humorous. In keeping with a Nov. 13, 2024 information launch from the California Division of Insurance coverage, 4 LA residents had been arrested after allegedly committing an insurance coverage fraud scheme officers have aptly dubbed “Operation Bear Claw”. The story goes like this:
On January 28, 2024, Ruben Tamrazian, Ararat Chirkinian, Vahe Muradkhanyan, and Alifiya Zuckerman reported {that a} bear entered their 2010 Rolls Royce close to Lake Arrowhead, CA, and precipitated inside harm to the car. The lads had been fortunate sufficient to seize a video of the proposed assault, which they supplied of their declare. Nevertheless, upon viewing the footage, the insurer got here to a surprising discovery.
It appeared the automobile assailant in query wasn’t a bear, however relatively a human sporting a bear costume. After their preliminary discovery, the insurance coverage firm turned the case over to the Division of Insurance coverage, which then uncovered two extra equivalent claims the suspects had filed with different insurance coverage firms involving two completely different autos, every with accompanying video proof.
To additional verify their suspicion, detectives introduced in a biologist from the California Division of Fish and Wildlife to evaluate the three movies. The biologist agreed all three movies confirmed what was clearly a human in a bear swimsuit coming into and damaging the autos. And in case that wasn’t sufficient proof, one last piece of the puzzle confirmed it. After looking out the suspects’ dwelling, detectives really discovered the bear costume in query. Discuss a furry (or ought to we are saying furry?) scenario.
The San Bernardino County District Lawyer’s Workplace is at present prosecuting the case, and we’ve got a sense the suspects received’t be receiving the $141,839 in auto damages they tried to swindle their insurers out of. However irrespective of the result of the case, it appears these fraudsters will simply have to smile and bear it.
Oh deer! Missouri reminds drivers to be careful for wildlife
The Missouri Division of Commerce and Insurance coverage (DCI) despatched out a reminder for drivers to pay attention to the elevated deer motion alongside roadways throughout the upcoming winter months.
In 2023, the state recorded over 3,500 automobile accidents involving deer, leading to 420 accidents and 4 fatalities. Missouri DCI Director Chlora Lindley-Myers reminds drivers within the state that “daybreak and nightfall are probably the most prone instances to expertise deer collision” and to “at all times be cautious and repeatedly scan either side of the roadway.” However sadly, irrespective of how protected a driver is, some accidents are merely unavoidable.
And for insureds, in case hitting Bambi wasn’t already traumatizing sufficient, in case your auto coverage solely contains collision or legal responsibility protection, it’s possible you’ll be out of luck attempting to get your service to cowl the harm. Typically, you’ll want complete automobile insurance coverage to cowl any accidents or harm precipitated to your car from hitting an animal. So, as Lindley-Myers says “it’s at all times greatest to be ready by contacting your agent or service to debate acceptable insurance coverage protection.” Keep protected on the market, drivers! Particularly as the times get darker for longer.
Does your owners coverage cowl a burning turkey?
If you happen to’ll be spending some further time within the kitchen this vacation season cooking up a turkey, a tofurkey, or no matter floats your boat, then now is likely to be a very good time to evaluate your owners insurance coverage coverage. The state of Maryland despatched out a publication reminding its residents to think about the added dangers related to this time of yr and to make sure they’ve the appropriate ranges of protection in place in case their feast goes up in flames.
Past spending further time within the kitchen, Maryland’s publication emphasised a number of different dangers that may very well be lined by an insurance coverage coverage, together with elevated journey and safeguarding vacation purchases. So whether or not you’re packing the children up for a flight to grandma’s or escaping the winter chilly with a sunny seashore trip, you would possibly wish to contemplate defending your journey with a journey insurance coverage coverage. And for those who’re planning on gifting generously this yr, discuss to your agent about whether or not porch piracy is roofed in your owners or renters insurance coverage coverage.
For insurance coverage producers, now’s a very good time to succeed in out to your shoppers about these coverages and to offer them with assets and proposals for staying protected and defending themselves and the issues that matter most to them throughout the vacation season.
Different state regulatory modifications
California Insurance coverage Commissioner Recardo Lara introduced an impending motion aimed toward serving to shield communities affected by the Mountain Hearth in Ventura County. As soon as the fireplace’s perimeter is set, Lara will challenge a Bulletin defending owners in sure areas from coverage non-renewal or cancellation on account of wildfire danger. The protections, which is able to final for one yr, are a part of Lara’s main efforts to deal with California’s insurance coverage disaster by means of his Sustainable Insurance coverage Technique.
Colorado is now accepting functions for its FAIR Plan Board. The Board, which consists of 9 members, is in its last levels of implementing the FAIR Plan within the state. At the moment, the one opening is for the Producer seat, which expires on Jan. 1, 2025, however the state encourages people to use for all positions to keep up a various and certified pool of candidates going ahead. people can apply utilizing this kind.
Delaware decreased its nonresident license appointment charges from $50 to $25 efficient Nov. 1, 2024. Good!
Florida introduced that beginning Nov. 18, 2024, all Surplus Traces Info Portal (SLIP) customers shall be redirected to SLIP+. Customers can use their present SLIP credentials to log into the brand new system. You’ll find extra details about the SLIP+ replace right here.
Georgia elevated its retaliatory price from $16 to $20 efficient Nov. 18, 2024.
Kansas up to date its software charges for resident brokers, nonresident brokers, and public adjusters efficient Jan. 1, 2025. The brand new charges are as follows:
- Resident agent: $15
- Nonresident agent: $50
- Public adjuster: $100
Massachusetts will start validating exams for nonresident Public Adjuster and Adviser candidates efficient Dec. 13, 2024. Candidates who’ve not handed their exams shall be unable to use electronically.
New Hampshire introduced important modifications to the regulation of shopper warranty contracts aimed toward increasing protections for people buying service contracts associated to houses, autos, and different merchandise. The modifications, which go into impact Jan. 1, 2025, had been pushed largely by a rise in shopper complaints relating to the shortage of readability and consistency in how service contracts are regulated inside the state. We like to see these sorts of optimistic, consumer-led modifications!
Oklahoma issued a bulletin reminding insurers that any selections or actions impacting customers which might be made or supported by AI should adjust to all relevant insurance coverage legal guidelines and laws, together with people who handle unfair commerce practices and discrimination. The bulletin units the Division’s expectations on how insurers will govern the usage of sure AI applied sciences and advises insurers of the kind of information and documentation the Division would possibly request within the occasion of an investigation involving the usage of AI.
Pennsylvania is eradicating their necessities for pre-license schooling credit for resident licensees. The state can also be including ethics and flood necessities for renewal. Starting April 29, 2025, all licensed producers within the state will want at the least three of their 24 CE credit to cowl ethics and at the least two to cowl flood insurance coverage.
Vermont carried out new transaction varieties to course of designated accountable licensed producers (DRLPs). Efficient Nov. 15, 2024, transaction kind code 17 will signify DRLP. You’ll find a refresher on DRLP obligations and greatest practices, right here.
Keep on high of regulatory modifications with AgentSync
Whereas these factors of curiosity aren’t complete, our information of insurance coverage producer and variable traces dealer license and compliance upkeep is. See how AgentSync may help make you look smarter as we speak; head over to the Compliance Library and wrastle up some state-by-state regulation and extra jurisdictional updates. If you happen to’re searching for an answer that builds laws like these into your distribution channel administration workflows routinely, AgentSync may help. See us in motion or discuss to one in all our specialists as we speak.
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