Delaware has joined other states that have addressed the use of hurricane deductibles by p&c insurers, while the Maryland Insurance Administration's (MIA) most recent bulletins on Storm Sandy address the submission of claims data, grace periods for premium payments, and lifting temporary moratoriums. Focused on motor vehicle insurers, the Pennsylvania Insurance Department has addressed the use of motor vehicle damage appraisers who are currently unlicensed in that state. Some key points from each regulatory update are included below.
Delaware
Domestic/Foreign Insurers Bulletin No. 57 advises property and casualty insurance companies that hurricane deductibles may not be imposed on Delaware claims related to Storm Sandy, as the storm did not have sustained hurricane-force winds when it made landfall in Delaware.
Maryland
- Bulletin 12-25 directs property and casualty insurers, MAIF, and JIA to provide the claims data as described in COMAR 31.01.02.07(3). Attachment A to the Bulletin is to be submitted for each individual insurance company, by line of business for each county and the City of Baltimore. The completed data is to be emailed to the Compliance & Enforcement unit within the MIA, with submission deadlines and details provided in the Bulletin.
- Bulletin 12-26 encourages property and casualty insurers to provide reasonable accommodations to policyholders displaced or otherwise significantly impacted by the storm, including, but not limited to, a grace period for premium payment.
- Bulletin 12-27 directed that all insurers doing business Maryland were required to lift any temporary moratoriums imposed in anticipation of Storm Sandy no later than Friday, November 2, 2012, or notify the MIA why it is not appropriate to do so.
See related article: NFIP May Need Additional Borrowing Authority Post-Sandy
Pennsylvania
The Department has issued Guidance for property and casualty insurance companies which may want to utilize motor vehicle physical damage appraisers not licensed in Pennsylvania, outlining steps which allow for expedited requests when an insurer plans to use such individuals in claims processing. Specific information on each individual must be submitted to the Department prior to any claims activities being conducted in Pennsylvania by these motor vehicle physical damage appraisers, with Departmental acknowledgment expected within 24 hours of the insurer's request.
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