INSURANCE REGULATORY REPORT August 2024

The following regulatory information may be of interest to attorneys practicing insurance law.

Rate Application Process

On August 9, 2024, the CDI published a Bulletin titled “Revisions to Department Review of Complete Rate Applications” which sets forth the process the CDI will follow with respect to review of rate applications “once full implementation of a data reconciliation tool and process is achieved” that would streamline timeframes for rate review.

2024 Year End Notice

On August 16, 2024, the CDI published its annual Year End Notice setting deadlines for filings requesting year end treatment. The deadlines are October 14, 2024 for Holding Company Act filing and September 16, 2024 for all other filings.

Proposed Catastrophe Modeling and Ratemaking Regulations

On August 16, 2024, the CDI issued an Initial Statement of Reasons and Notice of Proposed Action and Notice of Public Hearing with respect to Proposed Regulations that would enable insurers who write increased amounts of homeowners policies in high-risk areas to use catastrophe modeling in calculating property and casualty insurance rates. A virtual public hearing on the regulations is scheduled for 10:00 a.m. on September 17, 2024, with public comments due on that date.

This e-Bulletin was prepared by Nicole Zayac, Counsel in the San Francisco office of Willkie Farr & Gallagher LLP (nzayac@willkie.com). 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.

The Insurance Law Standing Committee’s monthly virtual meetings are open to its constituents and all interested members of the public. The next meeting is September 17, 2024. There is no obligation involved in meeting attendance. To request login information or if you have questions, please contact the Committee Chair, Sharon Huerta, shuerta@fennemorelaw.com.

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