Business Law

CLA Regulatory Report June 2023

Export List

On June 19, 2023, the CDI issued Bulletin 2023-5 indicating that the Export List remains unchanged.   The Export Lists identifies types of coverage or risk that can be placed on a surplus line basis without a diligent search of the admitted market because the Commissioner has determined that there is not a reasonable or adequate market among admitted insurers or that the type of coverage is for new, innovative products for which a reasonable or adequate market among admitted insurers has not had time to develop. 

Proposed Regulations: Medicare Supplement New or Innovative Benefits

On June 2, 2023, the CDI issued an Initial Statement of Reasons, Notice of Proposed Rulemaking, and Proposed Regulation Text with respect to proposed regulations consistent with the guidance the CDI had issued on June 30, 2020 requiring issuers of Medicare Supplement insurance to provide to current and potential policyholders and certificate holders of any of the issuer’s Medicare Supplement plans a Notice of New or Innovative Benefits containing information about available plans with new or innovative benefits.  No hearing is currently scheduled, but one may be requested up to 15 days prior to the July 18, 2023 close of the written comment period.

This e-Bulletin was prepared by Nicole Zayac, Counsel in the San Francisco office of Willkie Farr & Gallagher LLP ( Ms. Zayac is a member of the Executive Committee of the California Lawyers Association Business Law Section and is the current Liaison to and past Chair of the Insurance Law Standing Committee.

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