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- Insurance Regulatory Insights
Telos Actuarial brings you this week’s legislative and regulatory insurance insights from around the nation.
Bill “Status” is defined in the tables below by:
New: proposed law recently introduced for consideration by Legislature
Approved: passed by the Legislature and approved by the Governor
Movement: bill has progressed in legislative process
Fail: bill has died in committee or failed to pass
All Products
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
MI | New | Proposed legislation that revises “Proof of Loss” provision language, provides that a "clean claim" must be paid no later than 30 days after receipt (currently 45 days), and provides new interest requirements for overdue claim payments. Also proposes that beginning January 1, 2026, Insurers shall report claim payment timeliness and interest paid data on their website. | |
MI | New | Proposed legislation that excludes Other Fixed Indemnity and Short-Term or one-time Limited Duration (no longer than 6 months) policies from the requirements of MCL 500.3406ii, which prohibits preexisting condition exclusions. | |
WI | New | Defines the process for 2025 agent appointment renewals and invoicing, which will be done electronically through the National Insurance Producer Registry (NIPR) beginning on January 5, 2025. | |
IA | New | Sets forth expectations for how Insurers should govern the development, acquisition, and use of AI technology. Also advises of the type of information and documentation that the Department may request during an investigation or examination regarding an Insurer's use of AI Systems. | |
OK | New | Sets forth expectations for how Insurers should govern the development, acquisition, and use of AI technology. Also advises of the type of information and documentation that the Department may request during an investigation or examination regarding an Insurer's use of AI Systems. |
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!