March 14, 2018 A publication of the Pennsylvania Association of Mutual Insurance Companies
The Tax Cuts & Job Act: Corporate Provisions Pennsylvania Legislative Update Auto Insurers Mining Data to Develop Ridesharing and Autonomous Products
Pamic@pamic.org
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Contents
The Tax Cuts & Job Act: Corporate Provisions The passage of the Tax Cuts and Jobs Act, (“TCJA”) on December 22, 2017 had significant impacts on the insurance industry, both domestic insurers and multi-nationals. With this in mind we address how provisions will impact insurers today and in the future, and how it will impact insurers’ GAAP and Statutory financial statements for the December 31, 2017 year-end and going forward. Many areas of the TCJA need further clarification, and we will monitor future guidance, rulings and regulations and advise appropriately.
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Pennsylvania Legislative Update This update provides quick insights into the PA legislature. Find out more about bills moving through committee, Workers Compensation, and current regulations issued by the Department.
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Auto Insurers Mining Data to Develop Ridesharing and Autonomous Products page 15
NEWS P&C Market Share Report......................................................................................................................................................................................................................... 12 Crop Insurance Deadline March 15 for Ohio Farmers.......................................................................................................................................................................... 13 PAMIC Benefits Deliver Results............................................................................................................................................................................................................... 13 Will Bitcoin Turn Business on Its Head?................................................................................................................................................................................................ 14
REGULATION Legislative Action on SB 936.................................................................................................................................................................................................................... 16 Ohio: DOI Requires Deferral of Premium Payments............................................................................................................................................................................. 17
RESOURCES General Regulatory Update...................................................................................................................................................................................................................... 18 Legislation Tracker.................................................................................................................................................................................................................................... 19
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EVENTS
2018 Claims Summit When: April 10-11, 2018 Where: Gettysburg, PA Time: 7:45 a.m. – 2:30 p.m Info Each year the Claims Summit brings together professionals from across the industry for comprehensive education and networking. The 2018 Claims Summit will now offer two full days of education and 10 CE and CLE Credits!
Name
Date
Time 2:00 p.m. – 3:00 p.m.
Location
Assignment of Benefits Webinar
March 22, 2018
PAMIC Online
PAC Spring Golf Tournament
April 9, 2018
11:30 a.m.
Links at Gettysburg
Claims Summit
April 10-11, 2018
8:00 a.m.
Wyndham Gettysburg
PAC Cigars & Cognac Reception
April 10, 2018
9:00 p.m. – 11:00 p.m. Wyndham Gettysburg
Human Resources Seminar
May 9, 2018
8:00 a.m. – 4:00 p.m.
Sheraton Harrisburg Hershey
PAC Summer Golf Outing
June 12, 2018
1:00 p.m.
Omni Bedford Springs
Executive & Board Roundtable
June 13-14, 2018
8:00 a.m.
Omni Bedford Springs
111th Annual Convention
August 5-7, 2018
Multiple
Baltimore Waterfront Marriott
For more information on PAMIC events please visit our website. Special Thanks to our 2018 Premium Gold Sponsors
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NEWS
The Tax Cuts & Job Act: Corporate Provisions By Thomas Barber, Steven Greene, Jay Wang and Erin Schatzle of Mazars
The passage of the Tax Cuts and Jobs Act, (“TCJA”) on December 22, 2017 had significant
impacts on the insurance industry, both domestic insurers and multi-nationals. With this in mind we address how provisions will impact insurers today and in the future, and how it will impact insurers’ GAAP and Statutory financial statements for the December 31, 2017 year-end and going forward. Many areas of the TCJA need further clarification, and we will monitor future guidance, rulings and regulations and advise appropriately. This article represents the first of a three part series which will eventually cover the impacts on P&C Companies and International Provisions. Corporate Provisions The TCJA contains several changes to general corporate taxation rules that will also the insurance industry companies. Insurers will need to pay attention to these changes as several
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long standing and commonly accepted provisions have been amended. Reduced Corporate Tax Rate Under the old law, corporations were subject to graduated tax rates of 15%, 25%, 34% or 35% depending on their taxable income. For tax years beginning after December 31, 2017, the TCJA amended the corporate rate to a flat 21% across all taxable income levels. Mazars Insight: Overall, this is seen as a beneficial change for corporations in the higher income brackets. More dollars in the business’s budget can lead to increased investment and job growth. Due to the law’s enactment in 2017, insurers will need to take the tax rate change into account when preparing their 2017 Statutory and GAAP tax provisions as any deferred tax assets and liabilities will reverse at the lower tax rate. The reduced rate will significantly reduce the value of deferred tax assets (“DTA”) on the balance sheet (notably those with sizeable net operating loss carryforwards and insurance reserves) and cause an increase in the amount of deferred tax expense that must be reported for 2017. Conversely, the reduced rate will significantly reduce the future deferred tax liabilities (“DTL”) on the balance sheet (such as companies with unrealized portfolio gains) and cause a decrease in the
amount of deferred tax expense that must be reported for 2017. Under current GAAP guidance, the difference between the DTA and DTL previously measured at the 35/ 34% tax rate and the DTAs and DTLs re-valued at the 21% tax rate will have to be reflected through the current year income statement, even for deferred tax items reflected through Other Comprehensive income (“OCI”) items. However, February 14, 2018, the FASB issued ASU No. 2018-2 (the “ASU”) which allows companies the ability to reclassify to retained earnings of tax effects of items remaining within accumulated OCI resulting from the TCJA. This would alleviate the potential effects of previously established deferred taxes on unrealized gains/losses at the old 35/34% rate while reversals are occurring at the lower 21%, thus “stranding” deferred taxes in OCI. The update would be limited in scope specifically to the TCJA. The ASU is effective fir periods beginning after December 15, 2018, but early adoption is permitted, so companies can make this reclassification in their 2017 GAAP financial statements along with appropriate disclosures. Under current statutory accounting guidance (see SAPWG INT 18-01), the difference between the DTAs and DTLs previously measured at the 35/34% tax rate and the DTAs and DTLs re-valued at the 21% tax rate is recorded differently than GAAP treatment. This gross
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change in net deferred tax, excluding any change reflected in unrealized capital gains, and excluding any change in nonadmitted DTAs is to be reflected in the “Change in Deferred Income Tax” line in changes in capital and surplus. Tax effects previously reflected in unrealized capital gains (to present unrealized gains (losses) as “net of tax” shall be updated in the “Change in Net Unrealized Capital Gains (Losses) less Capital Gains Tax” line in changes in capital and surplus. Also, future tax rates in the second prong of the admissibility test will need to be revised accordingly. AMT Repealed and AMT Credit Refundable
However, it should be noted that there is uncertainty as to whether AMT credit carry forwards that are now refundable by statute are subject to past section 383 limitations or future section 383 limitations based on post-2017 ownership changes and, if so, how a taxpayer should calculate the refunded amounts by year. Because any available AMT credits are fully refundable, insurers will need to recognize this gross DTA in their STAT and GAAP provisions if previously it was subject to a full or partial valuation allowance as it is guaranteed to be utilized and/or refunded no later than 2021. As a dollar for dollar credit, the AMT credit is not impacted by the change in corporate tax rates. For insurers with AMT credits in their DTAs, even if they no longer need a valuation allowance for STAT purposes they will need to consider the favorable impact it will likely have in the admissibility test under SSAP 101 paragraph 11.b.in order to understand the true surplus impact.
The TCJA repealed the Alternative Minimum Tax (“AMT”) for years beginning after December 31, 2017. For tax years beginning after 2017 and before 2022, any AMT credit carry forward balances at December 31, 2017 can offset regular tax, and any remaining unused AMT credits are refundable at 50% of the amount remaining each year to the extent they exceed regular tax through 2020, with any Net Operating Loss Changes remaining AMT credit refunded in 2021. Mazars Insight: Both the repeal of the AMT and the refund of the AMT credits cause cash back in the corporation’s budget, leading to greater investments. Generally, refundable credits would not create a carry forward scenario and thus not be subject to section 383 limitation.
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Under previous law, corporations were allowed to carry back 100% of any net operating losses (“NOL”) for two years and carry them forward for 20 years. For tax years beginning after December 31, 2017, the TCJA repeals the two year carryback for regular corporations
(which will now also apply to life insurers) and limits the NOL deduction each year to 80% of taxable income. Any remaining NOLs can be carried forward indefinitely. Losses that were generated before January 1, 2018 are grandfathered in under the old NOL regime and, as such, are not subject to the 80% restriction. It should be noted that for property and casualty (“P&C�) insurance companies, the old rules still apply (i.e., P&C companies are still allowed the two year carryback and a 20 year carry forward of NOLs, which can still be applied to 100% of taxable income, even for post 2017 NOLs). Mazars Insight: The loss of the ability to carryback current year losses, starting in 2018, to recoup prior year taxes paid could be detrimental to some corporations. The ability to carry forward the losses indefinitely is a benefit as corporations no longer need to worry about expiring NOLs. Separate tracing of NOLs for pre and post 2017 TCJA changes as well as for consolidated tax groups with both life and non-life insurance companies will be necessary. Additionally, insurers in a consolidated group containing P&C Insurers and non-insurance companies will need to track their future NOLs separately due to the differing carryback/carryforward regimes along with limitations that apply to non-
insurers could be absorbed by non-limited P&C insurance companies’ losses. Could there be bumping rules akin to the existing life/non-life rules that remain unchanged by the TCJA, only time will tell. The loss of carryback ability for future NOLs and indefinite carryforward of NOLs may require valuation allowances and DTAs to be revalued, but this should be determined on a case by case basis. For P&C insurance companies, the admissibility test pursuant to SSAP 101, paragraph 11 would remain unchanged; however, life insurance companies will have to immediately adjust the admissibility test to account for the loss of carryback ability (i.e. paragraph 11 a would no longer be applicable to life insurers) in their 2017 statutory admissibility test. Limitations on the Deductions of Business Interest For tax years beginning after December 31, 2017, the TCJA limits the deduction of net interest expense to 30% of adjusted taxable income. For tax years beginning after December 31, 2017 and before January 1, 2022, adjusted taxable income is determined without the deductions for depreciation, amortization or depletion. Any business interest disallowed as a deduction can be carried forward indefinitely. There is an exemption from these
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rules for taxpayers with average annual gross receipts for the three year tax period ending with the prior tax year that do not exceed $25 million. Mazars Insight: Because the TCJA limits how much interest a corporation can deduct in a given year, companies will need to account for this as a DTA similar to NOLs. As insurers typically have sizable investment portfolios, since the limitation is based off of net interest expense, we believe that this will not likely impact most insurers. Cost Recovery/Depreciation Section 179 - For tax year 2018, the TCJA increased the maximum amount a taxpayer may expense under Section 179 from $500,000 to $1 million. The phase-out threshold was also increased to $2.5 million. For years beginning after December 31, 2018, the maximum amount will be adjusted for inflation. As before, Section 179 expensing is limited to taxable income in a given tax year. Bonus Depreciation - For property placed in service after September 27, 2017 and before January 1, 2023, the TCJA increased the amount of first year depreciation to 100% from 50% as allowed under the prior law. Unlike the old bonus depreciation rules which limited first year expensing to only new assets, the TCJA
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allows additional first year depreciation for new and used assets (restrictions do apply). For tax years after December 31, 2022, the bonus depreciation deduction will phase down 20% each year until 2026 when it will be completely eliminated. Mazars Insight: The changes to depreciation expensing rules are very beneficial to corporations, as they will be able to get the deduction for capitalized fixed assets in the tax year they outlay the cash. This may lead to companies making a greater investment in capitalized assets in the years where full expensing is in place. Although insurers are typically not capital intensive, this could very well impact pass-through income related to partnership investments that have capital intensive aspects. The increased deduction for fixed assets could potentially put a corporation into a DTL position. As with any tax accounting adjustment for depreciation, careful tracking will need to be done for the STAT/GAAP/Tax differences to properly determine the correct DTA or DTL. Dividends Received Deductions In general, for corporate shareholders receiving a dividend from certain domestic corporations, the TCJA reduces the dividends received deduction (“DRD�) for the 70% and
80% brackets, to 50% and 65%, respectively. The 100% DRD remains intact for dividends from affiliated group members. The DRD provision is effective for tax years beginning after December 31, 2017. Mazars Insight: Taking into account the drop in the corporate tax rate, the change in the proration provisions of the TCJA, and the drop in the DRD percentages, the effective tax rate for P&C insurers on greater than 20% owned stock drops from 11.2% to 10.7625% and less than 20% owned stock from 14.175% to 13.125%. Mazars USA LLP provides insight and specialized skills in accounting, auditing, tax, consulting and advisory services. Since 1921, our dedicated professionals have leveraged technical industry expertise to develop customized solutions for clients, create value, and optimize their performance. As the independent U.S. member firm of Mazars Group, our global reach includes 20,000+ professionals across 86 countries. At local and global levels, we are proud of our value-added services in building lasting relationships with our clients and communities. For more information, visit us at www.mazarsusa.com.
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Pennsylvania Legislative Update By Vince Phillips, Phillips Associates
Insurance Department Lists Regulation Schedule On March 3, 2018, the PA Insurance Department listed five regulations that it hopes to pursue in 2018 and early 2019. These include Medicare Supplement Insurance (Medigap), Health Insurance Company Reserves, Transportation Ride Sharing Network (Uber, Lyft) endorsements, Privacy & Opt-Out Annual Notices, plus a major re-write of Producer Licensing. The licensing regulation is expected in spring 2019 and will set forth requirements and standards for a single licensing system. Surplus Lines: Department Asks Export Questions On March 2, 2018, the PA Insurance Department issued a query to the insurance industry to see what types of property/casualty insurance should be placed on what is known as the export list. These types of coverage are considered as unobtainable in the standard market, allowing surplus lines licensees to go directly into the E&S market without having to first obtain three declinations from standard carriers. Examples are Day Care Centers, Hunting Clubs, Monoline Dog Bite liability and Pest Control liability.
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There is a thirty day comment period regarding suggested additions to the export list. Written statements go to Cressinda Bybee, Office of Corporate & Financial Regulation, PA Insurance Department, 1345 Strawberry Square, Harrisburg, PA 17120. cbybee@pa.gov Workers’ Comp Data Call Data call was issued to Workers’ Compensation carriers by the PA Insurance Department. This Special Schedule “W” data call is an annual requirement. Reports are due to the Department by April 16, 2018. Details: Bojan Zorkic 717-787-6968; bzorkic@pa.gov
of up to $100, something now prohibited by a number of PA statutes including the Unfair Insurance Practices Act (Act 205), the Producer Licensing Law (Act 147), and Act 40 (banks selling insurance). Insurance producers would not be permitted to make receipt of anything of value contingent on the purchase of insurance. Rep. Mike Tobash (R-Schuylkill) has similar legislation. House Bill 1851
This bill addresses the issue of increasing costs of Insurance Department financial and market conduct examinations of insurance companies -- including property/casualty, life, accident Upcoming: The PA Insurance Fraud and health carriers. The concern raised by Conference insurers is the increased costs of examination when the Insurance Department outsources The PA Insurance Fraud Conference will be the exam to a third party and that there is held April 12 and 13, 2018. Sponsored by the little or no consultation with the insurer about Insurance Fraud Prevention Authority (IFPA) projected costs or duration of the examination. and the Delaware Valley and Greater Pittsburgh HB 1851 says that a written estimate must be chapters of the International Association of provided within 30 days after the scheduling Special Investigation Units (IASIU), details are conference. This is a major priority of the PA available from Tom Donahue 717-691-1828; Association of Mutual Insurance Companies tdonahue@helpstopfraud.org. (PAMIC). Senate Bill 877 and Senate Bill 878 This bill would permit insurance producers and insurance companies to offer an inducement to insureds or potential customers at a value
The legislative update is provided by Vince Phillips of Phillips Associates. For more detailed info on issues facing the PA legislature please contact Vince at xenobun@aol.com.
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P&C Market Share Report The National Association of Insurance Commissioners (NAIC) released its market share data for
property/casualty insurers. The reports provide market share information indicating the degree of market concentration in lines of business and identify leading insurance writers. The 2017 market share data include countrywide direct written premium for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC. The property/casualty report contains cumulative market share data for the following lines of business: personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners and other liability (excluding auto liability) insurance. The life/fraternal market share report contains cumulative market share data for: life insurance; annuity considerations; and aggregate total of life insurance, annuity considerations, deposit-type contract funds, other considerations and accident/health insurance. The reports will be refreshed daily through March 7 and then each Monday throughout March. The complete 2017 Market Share Reports for Life/Fraternal and 2017 Market Share Reports for Property/Casualty will be available this summer and contain more in-depth information. For questions about the reports or data, contact the NAIC Research & Actuarial Department.
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Crop Insurance Deadline March 15 for Ohio Farmers Ohio Department of Insurance Director Jillian
Froment is reminding Ohio farmers that the deadline to purchase or modify certain insurance coverage for most spring planted crops is March 15.
“Ohio farmers should carefully evaluate their crop insurance needs with an insurance agent,” Froment said. “Crop insurance can be an integral piece of a risk management plan that helps protect farmers in tough years.” Federally subsidized, multiple-peril crop insurance covers certain weather, pest and revenue related losses. This coverage is dependent on crop establishment and reporting dates determined by the U.S. Department of Agriculture’s Risk Management Agency (RMA) that farmers must meet. The
dates vary by crop and county and are listed at www.rma.usda.gov. State-regulated policies such as for damage caused by hail and fire are also available. Many of them have crop establishment and reporting requirements as well. People can contact the Ohio Department of Insurance at 1-800-686-1526 or visit www.insurance.ohio.gov to find insurance companies and agents licensed to sell crop insurance.
PAMIC Benefits Deliver Results As an organization, PAMIC dedicates itself to providing our members with services that improve
their ease of doing business. One service that we added to our suite of benefits recently is the PAMIC Law & Human Resource Center. Powered by Enqurion this portal allows companies to access 24/7 legal advice and support for a variety of HR related topics.
The same portal also hosts the PAMIC Institutes, which is our online training resource featuring coursework from the Insurance Institutes.
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Since launching the Law & Human Resource Center over 80% of our Mutual Company members have utilized these resources. Time Off, Hiring Practices, and Discrimination were among the top issues that members searched for over the last year. To view the full report on issues searched and utilization click here. If you would like more information about the PAMIC Law & Human Resource Center, please feel to contact Vaughn Lawrence at vlawrence@pamic.org. We look forward to continuing to improve our services offered.
Will Bitcoin Turn Business on Its Head?
protection, increased transparency of transactions, less collection and retention of data, and no chargebacks. Several challenges that need to be addressed are having As more governments and businesses begin businesses accepting cryptocurrency comply accepting cryptocurrency as legal tender, with know your customer (KYC) and antiinvestors saw their holdings increase in value over the past year. These currencies are highly money laundering regulations. Cryptocurrency volatile considering they have had more losses platforms may use “smart contracts” or a “private key” to allows users to transfer than gains in the past few months. Bitcoin and spend their money. It is possible for traded at $20,000 in December, 2017 and dropped to $7,000 by early February. The whole either of these methods to be hacked, such cryptocurrency market fell from a high of $386 as what happened to Coincheck in January billion on January 7 to $279 billion on February which resulted in the loss of $500 million in cryptocurrency. Many businesses are not 6. All of the top credit card issuers including familiar with this form of currency, including JPMorgan Chase, Bank of America, Citigroup, Lloyd’s, Capital One and Discover, have banned the speed of transactions or how to keep their contract addresses and private keys secured. customers from using credit cards to buy With over 1,300 virtual coins available it is hard cryptocurrencies. for businesses to know which coins to accept. Before getting involved in this new market, businesses must be aware of the risks and rewards. The benefits to accepting cryptocurrency include enhanced fraud
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Holbrook, Emily. “Will Bitcoin Turn Business on Its Head?” Risk Management, 1 Mar. 2018, www. rmmagazine.com/2018/03/01/will-bitcoin-turnbusiness-on-its-head/.
Auto Insurers Mining Data to Develop Ridesharing and Autonomous Products
of rideshares they would like to cover.
Ridesharing consists of three periods: time a driver turns on the app; when a driver accepts a ride and is en route; and during the Ride-sharing services and autonomous cars trip. Period two is the most difficult to define present a unique situation to insurance because it isn’t clear if this time period falls companies. As ridesharing companies under private or commercial. Insurers have look to fill their fleets with driverless cars, struggled to find ways to fill those coverage the insurance industry needs to gain an gaps for drivers and passengers. Currently, understanding of coverage gaps and liability several carriers including Farmers, Allstate, questions from a technology aspect. Mining Liberty Mutual and GEICO are offering coverage data from autonomous cars is key at this beginning stage. Each autonomous car provides to users that expands personal auto coverage approximately 4,000 gigabytes of data per day. to a commercial policy for part of the time that drivers are picking up and dropping off their clients. Once the shift is made to autonomous cars, insurers will see a move from personal to To lessen regulatory struggles, insurance commercial risk. Accidents will decline, but companies and regulators must work together. those accidents involving autonomous cars If they don’t work together new insurance will have costly repairs due to the pricey products will be added on to existing products technology used in their production. without adhering to the proper regulatory requirements, leading to fines. Proposed SURE, an insurtech startup whose clients products will need to pass lawmaker approval include Nationwide, Marsh and Chubb, has which is time-consuming and may be approved created a sharing insurance product with too late to help those in need of the coverage. the autonomous car in mind. The coverage Insurers will have more success if they partner would be available through a mobile app and directly with the rideshare companies such would protect the passenger, allowing them as Uber and Lyft, due to fewer necessary to purchase accidental death, injury and regulatory approvals. dismemberment coverage before they ride in a driverless car. SURE is testing two option plans, one is for daily coverage and the other would allow customers to choose the number
Santana, Danni. “Auto Insurers Mining Data to Develop Ridesharing and Autonomous Products.” Digital Insurance, 12 Mar. 2018.
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REGULATION
Legislative Action on SB 936 Recently PAMIC, as part of a large business coalition, sent a communication to all members
of the House urging them to support the Workers’ Compensation reforms in SB 936. The major reform is the creation of an evidence based “drug formulary” to help combat spiraling pharmaceutical costs and to address the opioid crisis. I ask you to consider sending a personal message to your State Representative. Your message can be an email or a phone call. You can use the message below as a model to personalize. To find out who your Representative, click here: State Representative Here is the message PAMIC sent last week: Please support SB 936 so that injured workers can avoid addiction, receive the proper medication they need, and to ensure the workers’ compensation system is protected from abuse. On behalf of PAMIC and our member companies, I ask that you support SB 936 which will establish a prescription drug formulary in the Workers’ Compensation System. This legislation will protect workers by ensuring they receive appropriate medication for their injuries and will reduce opioid prescriptions that far too often lead to addiction and human suffering.
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оо Prescription drug formularies are used in many private and public insurance plans. In fact, 21 states have added this feature to their workers’ compensation program. оо The Workers’ Compensation Research Institute reports that out of 25 states studied, Pennsylvania had the second highest number of opioid pills per prescription and the third highest number of opioid prescriptions per injured worker. оо The Workers Compensation Research Institute also found that the rate of long-term opioid use in Pennsylvania is I in 10 injured workers, making them vulnerable to opioid addiction.
Experience shows that implementation of drug formularies reduces addiction among injured workers: оо Ohio implemented its formulary in 2011 and by 2014 the number of opioid prescriptions declined by 38% and the number of injured workers considered opioid dependent was reduced by half! оо The former pharmacy director for the Ohio Workers’ Compensation Bureau described their formulary as “a critical part of our statewide effort to fight prescription drug and opioid abuse and overuse. Other states like California and New York recently passed similar legislation.
Ohio: DOI Requires Deferral of Premium Payments The Ohio Department of Insurance released Bulletin 2018-1 on March 7 requiring insurance
companies and other entities transacting the business of insurance in Ohio to give their insureds affected by recent heavy rains in certain Ohio counties the option of deferring premium payments coming due, interest free, for up to 60 calendar days from the original premium due date. Additionally, if any policy provision imposes a time limit in which an insured or claimant must perform any act regarding coverage, payments, or a claim, insurers are required to extend the time limit by at least 60 calendar days from the last day allowed under the terms of the policy or a reasonably longer period determined by the specific circumstances related to that insured or claimant. The bulletin expires on May 24. An insurer that cannot comply with the terms of the bulletin must contact the department no later than March 14. Contact information is noted in the bulletin.
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RESOURCES
General Regulatory Information
Use this table to discover important links to information on Insurance Department’s that affect PAMIC members.
Pennsylvania Insurance Department Bulletins Notices SOP’s
Regulations
Title 40 Statutes Unconsolidated Statutes
Press Releases PID Newsletter Consumer Alerts News & Notes
Title 18 Statutes
News
Title 11 Statutes
General Info
Statutes
News
Title 38.2 Statutes
News
Delaware Department of Insurance Bulletins
Regulations
NJ Department of Banking & Insurance Bulletins
Regulations
Maryland Insurance Administration Bulletins
Regulations
Virginia SCC - Bureau of Insurance Admin Letters Admin Orders
Regulations
West Virginia Office of the Insurance Commissioner Info Letters
Regulations
Statutes
Consumer Advocate
Statutes
News Releases Newsletters
Ohio Department of Insurance Bulletins
Regulations
New York Department of Financial Services - Insurance Opinions Circular Letter
Regulations
Statutes
Press Releases Statements
Michigan Department of Insurance and Financial Services Bulletins
Regulations
Statutes
Press Releases
Maine Department of Professional & Financial Regulation Bulletins
Regulations
Statutes
Press Releases
Statutes
Press Releases
California Department of Insurance Bulletins
Regulations
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Legislation Tracker Below is a list of bills that the association is currently tracking. For a full list visit our PA Bill Information Page.
Bill #
Sponsor
Description
HB 1335
Tina Pickett
Amends Title 40 (Insurance), in preliminary provisions, providing for Insurance Regulation and Oversight Fund; and making a related repeal.
HB 1840
Rob Kauffman
Amends the Workers’ Compensation Act, in liability & compensation, further providing for schedule of compensation and for physical examination or expert interview.
HB 1848
Tina Pickett
Amends Title 40 (Insurance), in regulation of insurers and related persons generally, providing for corporate governance annual disclosure.
HB 1851
Tina Pickett
Amends the Insurance Department Act, in examinations, further providing for purpose & providing for scheduling conference, for budget estimate & revisions, for billing invoices and for annual examination & analysis report.
SB 936
Donald White
Amends the Workers’ Compensation Act, in liability and compensation, further providing for prescription drugs and the treatment of workrelated injuries; and, in procedure, further providing for peer review.
SB 956
Daniel Laughlin
Amends the Insurance Regulation and Oversight Fund Act, providing for annual report to General Assembly.
HB 1823
Kurt Masser
Amends the Insurance Company Law, in casualty insurance, further providing for billing.
HB 1841
Mike Tobash
Amends the Insurance Company Law, in general provisions relating to insurance companies, associations & exchanges, further providing for rebates and inducements prohibited, revocations of licenses, and penalties.
HB 1842
Mike Tobash
Amends Insurance Department Act, in insurance producers, further providing for rebates and for inducements prohibited.
SB 877
Donald White
Amends the Insurance Department Act, in insurance providers, further providing for rebates prohibited and for inducements prohibited.
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Impact of the Assignment of Benefits on Carriers March 22, 2018 PAMIC Online
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Info
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(717) 303-0197