Insurers writing
homeowners coverage in New York have until Friday, Sept. 7 to notify the
state insurance department if they have been requiring policyholders to
have "supporting business" (e.g., auto or life policies) as a condition
for renewing homeowners coverage.
An Aug. 28
circular letter from the department calls for an immediate halt to
the practice and the rescission of any resulting non-renewals that have
not taken effect. Homeowners carriers engaging in supporting business
practices are given 10 days from the issuance of the notice to notify
the department.
According to the
letter, supporting conditions requirements violate a New York law
banning inducements of any kind not stated in an insurance contract.
AAIS has filed snowmobile and golf cart liability
endorsements in programs providing personal and
farm personal liability coverage in Ohio.
Several years ago, an Ohio court ruled that
snowmobiles were considered "motor vehicles" for purposes of
uninsured/underinsured motorists (UM/UIM) coverage. As a result, UM/UIM
coverage had to be offered for them, and the Ohio Insurance Department
consequently called for the withdrawal of endorsements that provided
off-premises liability coverage for snowmobiles. Since then, the Ohio legislature has revised the
state's UM/UIM statute to explicitly exclude snowmobiles and golf carts
from the term "motor vehicle."
In response, AAIS filed an endorsement, rule, and rating information
for providing liability coverage for snowmobiles under its revised
Homeowners program, which takes effect Dec. 1, 2007 in Ohio. Equivalent
endorsements are now being filed in Ohio under the AAIS Farmowners,
Mobile-Homeowners, and Personal and Premises Liability programs, with a proposed effective date of
March 1, 2008.
Also, a similar endorsement for providing liability
coverage for golf carts is being filed in Ohio under the AAIS Homeowners
and Mobile-Homeowners programs.
The Louisiana
Department of Insurance has developed new worksheets for demonstrating
rating examples in personal lines and calculating loss cost multipliers
in all lines.
In a recent
bulletin, the department provides two worksheets--one for workers
compensation insurance, one for other lines--that are to be used for
identifying loss cost modifications and expense provisions, and for
developing the loss cost multiplier.
In a
companion
bulletin, the department provides new worksheets for illustrating rating
examples in personal auto and homeowners insurance. Those rating
worksheets or permitted substitutes must be displayed in all future rate
filings in those lines in Louisiana.
Although Missouri is not yet among those states
requiring that filings be submitted electronically, the state's
Department of Insurance, Financial Institutions, and Professional
Regulation
recently indicated that it would give priority consideration
to filings submitted using "SERFF," the System for Electronic Rate and
Form Filing. The department has also begun scanning paper filings for
electronic storage and processing using SERFF.
To date, the following jurisdictions have implemented requirements that
filings be submitted electronically: Alabama, Delaware,
District of Columbia, Georgia, Iowa, Minnesota, New Hampshire, Rhode Island, South Dakota, and
Utah. Requirements in those jurisdictions take effect sometime between
Jan. 1, 2007 and Jan. 1, 2008.
AAIS is a licensed
third-party provider of SERFF filings with EFT capability, and can submit custom filings of
company forms and manuals, whether or not they are based on AAIS
programs. For information, contact
compliance@AAISonline.com.
