This post is part of a series sponsored by AgentSync.
Given the varying laws, compliance protocols, industry transparency, and general regulatory culture from state to state, keeping up with changes in the industry can sometimes give the impression that it’s akin to herding cats. So what better way to discuss more localized insurance news than with a regulatory roundup?
We continually incorporate various regulatory changes, compliance actions, and commissioner decisions into our summaries without regard to any particular order or ranking. As a disclaimer, this is by no means a comprehensive picture of state-level actions, as there is a lot going on here in the United States all the time. Rather, think of it as an assortment of regulatory samplers.
Also important to note: When summarizing interpretations of legal rulings, this is armchair insurance speculation and not legal advice. If you need For legal advice, please consult an attorney.
Four Los Angeles area residents, three cars, and…a bear?
No, this isn’t the harbinger of a terrible joke, but when it comes to insurance fraud, this is teeth Quite interesting. According to a November 13, 2024 news release from the California Department of Insurance, four Los Angeles residents were arrested on suspicion of committing an insurance fraud scheme that authorities aptly dubbed “Operation Bear Claw.” The story goes like this.
On January 28, 2024, Ruben Tamrazian, Ararat Chirkinian, Vahe Muradkanyan, and Alifiya Zuckerman were killed when a bear broke into their 2010 Rolls Royce near Lake Arrowhead, California. Reported damage. The men were lucky enough to catch it. video The content of the proposed attacks they provided in their claims. However, the insurance company that saw the footage made a shocking discovery.
Apparently, the car assailant in question was not a bear, but a human wearing a bear costume. After the initial discovery, the insurance company handed over the case to the Ministry of Insurance, and two more identical claims filed by the suspect with other insurance companies for two different vehicles were subsequently uncovered, each with video evidence. Ta.
To further support their suspicions, detectives brought in a biologist from the California Department of Fish and Wildlife to examine three videos. Biologists agreed that all three videos clearly showed a person in a bear costume entering the vehicle and causing damage. Just in case that wasn’t proof enough, the final piece of the puzzle confirmed it. Detectives searched the suspect’s home and actually found it. bear costume In question. Talk about a furry (or should I say furry?) situation.
Although the San Bernardino County District Attorney’s Office is currently prosecuting this case, we feel that the suspects may not receive the $141,839 in auto damage they attempted to defraud the insurance company. However, no matter the outcome of the case, it seems the scammers will have to grin and bear it.
Oh, it’s a deer! Missouri warns drivers to watch out for wild animals
Missouri Department of Commerce and Insurance (DCI) Reminder sent to drivers Be aware of increased deer movement along roads during the coming winter months.
In 2023, more than 3,500 car accidents involving deer were recorded in the state, resulting in 420 injuries and four deaths. Missouri DCI Director Clora Lindley Myers urged drivers in her state to “always be cautious and regularly cross the road on both sides of the road. Dawn and dusk are the most common times for deer collisions.” We urge you to check the following. Unfortunately, no matter how safe a driver is, some accidents are unavoidable.
Additionally, if you are an insured and your car insurance policy only includes collision or liability coverage, you may be able to get your carrier to cover the damage if you are not yet sufficiently traumatized by hitting Bambi. Even if you try, it may not work. Generally, you need comprehensive car insurance to cover injuries and vehicle damage caused by collisions with animals. So, as Lindley Myers says, “It’s always best to be prepared by contacting your agent or carrier to discuss appropriate insurance coverage.” Drivers, stay safe out there. Please! Especially as the day gets darker.
Does your homeowners insurance cover turkey burning?
If you’re planning on spending extra time in the kitchen this holiday season cooking turkeys, tofurky, and whatever else floats your boat, now might be a good time to review your homeowner’s insurance policy. The state of Maryland issued a newsletter reminding residents to consider the increased risks associated with this time of year and ensure they have an appropriate level of coverage in case their party goes up in flames.
Beyond spending extra time in the kitchen, the Maryland newsletter highlighted several other risks that insurance can cover, including increased travel and holiday shopping protection. So whether you’re packing the kids for a flight to grandma’s house or escaping the winter chill on a sunny beach vacation, you might want to consider protecting your trip. travel insurance certificate. If you’re planning on giving generously this year, talk to your agent about whether porch piracy is covered by your homeowner’s or renter’s insurance.
Now is a good time for insurance companies to reach out to their customers about these coverages and provide resources and recommendations to help them stay safe and protect themselves and what matters most to them during the holiday season.
Other state regulatory changes
California Insurance Commissioner Recardo Lara announced imminent action It is designed to help protect communities impacted by wildfires in Ventura County. Once the perimeter of the fire has been identified, Lara will issue a bulletin protecting homeowners in the area from having their insurance policies suspended or canceled due to wildfire risk. This one-year protection is part of Lara’s leading effort to address California’s insurance crisis through sustainable insurance strategies.
colorado is currently accepting applications to the FAIR Plan Committee. The board consists of nine members and is in the final stages of implementing the FAIR plan in the state. Currently, the only vacancy is for the producer seat, which expires on January 1, 2025, but the state will continue to allow individuals to apply for all positions in order to maintain a diverse and qualified pool of candidates. We encourage you to do so. If you are interested, Please apply using this form.
Delaware has reduced the reservation fee for non-resident licenses from $50 to $25, effective November 1, 2024.
florida announced that starting November 18, 2024, all Surplus Line Information Portal (SLIP) users will be redirected to SLIP+. Users can log in to the new system using their existing SLIP credentials. Learn more about SLIP+ updates here. here.
georgia increased retaliation fee Starting November 18, 2024, the price will change from $16 to $20.
Kansas has updated its filing fees for resident agents, non-resident agents, and public adjusters, effective January 1, 2025. The new fees are:
- Resident agent: $15
- Non-resident agent: $50
- Public adjuster: $100
Massachusetts will begin validating the exam for non-resident public adjuster and advisor applicants from December 13, 2024. Applicants who have not passed the exam may not apply electronically.
new hampshire has announced major changes to its consumer guarantee contract regulations aimed at expanding protections for individuals purchasing service contracts related to homes, automobiles, and other products. The changes, which go into effect on January 1, 2025, are largely due to an increase in consumer complaints about a lack of clarity and consistency in how service contracts are regulated in the state. . We love seeing positive consumer-driven changes like this.
oklahoma has been issued breaking news Any decisions or actions made or assisted by AI that affect consumers must comply with all applicable insurance laws and regulations, including laws and regulations addressing unfair trade practices and discrimination. Remind your insurance company that there is. This bulletin sets out the Department’s expectations regarding how insurers will manage the use of certain AI technologies and the types of data and documentation the Department may request in the case of investigations involving the use of AI. Advising insurance companies.
pennsylvania removes the prelicensure education credit requirement for resident licensees. The state is also adding ethics and flood requirements for renewals. Starting April 29, 2025, all licensed producers in the state will need at least three of the 24 CE credits to cover ethics and at least two to cover flood insurance.
vermont state Implemented a new transaction type to handle Designated Responsible License Producer (DRLP). Starting November 15, 2024, transaction type code 17 represents DRLP. Get a refresher on DRLP responsibilities and best practices. here.
Stay on top of regulatory changes with AgentSync
While these key points are not comprehensive, our knowledge of maintaining licenses and compliance for insurance companies and variable insurance brokers is. See how AgentSync can help you look smarter today. heading to compliance library and struggle Added state-by-state regulations and additional jurisdiction updates. If you’re looking for a solution that automatically incorporates these regulations into your distribution channel management workflow, AgentSync can help. see our activities or Talk to our experts today.
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