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Recent Laws Affecting the Insurance Industry

August 03, 2018 4:00 PM | Vaughn Lawrence (Administrator)

Acts 22 (SB 877) (PN 1458) Amends the Insurance Department Act allowing insurance providers to offer or give to an insured or prospective insured money or any favor, advantage, object, valuable consideration or anything other than money which has a cost or redeemable value of $100 or less, which is not specified in the contract of insurance. The amount may be increased by the insurance commissioner. Further provides an insurance producer may not make receipt of anything or value contingent on the purchase of insurance. 

Act 23 (SB 878)(PN 1459) Amends the Insurance Company Law allowing insurance providers to offer or give to an insured or prospective insured money or any favor, advantage, object, valuable consideration or anything other than money which has a cost or redeemable value of $100 or less, which is not specified in the contract of insurance. The amount may be increased by the insurance commissioner. Further provides an insurance producer may not make receipt of anything or value contingent on the purchase of insurance. 

Act 26 SB 630 The Travel Insurance Modernization Act provides for the licensure of limited lines travel insurance producers, for requirements for sale of travel insurance, for authority of limited lines travel insurance producers, for registration and training of travel retailers and for renewal of license. The bill requires the licensure of limited lines travel insurance producers to sell, solicit or negotiate coverage under a policy of travel insurance. Also requires the producer to establish and maintain a list of each travel retailer in the Commonwealth where travel insurance is offered on the limited lines travel insurance producer’s behalf. Further requires the register to be maintained and updated annually by the limited lines travel insurance producer. Also provides the information in the register shall be maintained to a period of at least three years following the date the information was entered into the register. 

Act 41, HB 1851 - (PN 3797) Amends the Insurance Department Act, in examinations, further providing for purpose and for definitions and providing for scheduling conference, for budget estimate and revisions, for billing invoices and for annual examination and analysis report by the department and for the Pennsylvania Professional Liability Joint Underwriting Association; and making a related repeal. Prior to commencing examination field work under this article, the department shall hold a scheduling conference with a company and within 30 days of the scheduling conference, the department shall provide the company with a detailed written budget estimate for the examination. “Company” is defined to include the Pennsylvania Professional Liability Joint Underwriting Association and the bill declares that a review of the JUA is needed to modernize the association in order to produced needed economical and administrative efficiencies. The association shall continue as an instrumentality of the commonwealth and shall operate under the control, direction and oversight of the department and is granted additional duties. 

Act 48, House Bill 152 (PN 3556) Amends The Insurance Company Law, in life insurance, further providing for surplus or safety fund and providing for contact information and for life policy locator service; and, in suitability of annuity transactions, further providing for definitions, for applicability and scope of article and for duties of insurers and insurance producers, providing for insurance producer training, further providing for mitigation of responsibility and for recordkeeping and providing for regulations. The intent is to align the bill in accordance with the National Association of Insurance Commissioners (NAIC) model act and repeal a surplus cap imposed on domestic mutual life insurance companies. 

Act 74 (SB 1101) PN 1875) Amends Title 75 (Vehicles), in a certificate of title and security interests, further providing for content and effect of certificate of title and for theft vehicles. If the cost of repairs is more than 50 percent of the replacement value of the vehicle and the owner elect to retain title to the vehicle, the owner shall apply for a certificate of title branded recovered-theft vehicle. If the insurer is a self-insurer, the assessment of damage shall be completed by a licensed physical damage appraiser who is not affiliated with or employed by the self-insurer. 

This article was previously published in the PAMIC 360.

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