California — New Insurance Laws: California Governor Gavin Newsom has signed a couple of laws that will impact the state’s insurance agents and brokers. S.B. 1242 requires agents and brokers to have at least one hour of insurance fraud study per license renewal.
They are also required to report any applications they get that they suspect might be fraudulent. That activity must be reported to the insurer.
Source link: Business Insurance — https://bit.ly/3EfORGj
Oregon — New PRODUCT STANDARD and Updated one: 440-3308 – Transmittal and Standards for Life & Annuity Advertisements.
440-5809 – PAID LEAVE OREGON (NEW) This is still in draft form and will be updated about 10/15/22. Must be filed under one of the two TOI’s and be filed using form/rate/rules. This Product is not eligible to be filed thru the Compact(IIPRC) and should not be mixed and matched with any forms or rates approved by the IIPRC.
This e-notify was distributed to the following groups:
● Rates & Forms Updated Product Standards
Washington — Work Comp Rate Hike Proposal for 2023: The Washington State Department of Labor and Industries is proposing a 4.8% hike in the average price for work comp insurance for next year.
Inflation and rising medical costs are the reason for the steep jump.
If approved, on average employers will have to pay an additional $61 a year for that insurance. Workers are responsible for 25% of that cost.
Source link: Business Insurance — https://bit.ly/3ret75S
Washington — Kreidler extends emergency orders on coronavirus testing and surprise billing to Oct. 25: Insurance Commissioner Mike Kreidler has extended three emergency orders. His order requiring health insurers to waive copays and deductibles for any consumer requiring testing for the coronavirus (COVID-19) and his order protecting consumers from receiving surprise bills for lab fees related to medically necessary diagnostic testing for COVID-19 are both extended until October 25. Both orders will be extended one more time through the end of October. They will not be renewed after Oct. 31 when the Washington’s emergency declaration is expected to end.
Kreidler also extended his order requiring health insurers to cover coronavirus vaccine counseling for the final time. It will also end on October 31.
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