Tennessee updates commercial insurance form laws
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Tennessee on Monday became the most recent state to modernize its law on commercial lines rate and policy forms in 2018 as Gov. Bill Haslam signed legislation — S.B. 1795/H.B. 1598 — exempting certain types of insurance from filing requirements of commercial risk insurers, the Property Casualty Insurers Association of America said in a statement Tuesday.
Maryland and West Virginia, according to PCI, also have enacted commercial lines modernization during their 2018 legislative sessions while similar legislation has passed in Missouri and New Hampshire and awaits the governor’s signature.
Oregon’s commercial modernization law and the Virginia Bureau of Insurance’s Administrative Order 12048 took effect this year, PCI added.
These bills are similar in that they are intended to streamline the approval process by exempting the filling of forms and rates for large commercial customers, according to a spokesman for PCI in an email, who added that each bill has unique aspects to it.
Tennessee already exempted inland marine risks from rate and form filling requirements, the email said, and this bill extended that exemption to the following lines: Boiler and machinery; environmental impairment/pollution liability; kidnap and ransom; political risk or expropriation; employment practices liability; media liability; and product liability, product recall, and completed operations.
“There has been significant legislative and regulatory progress across the country this year to streamline regulatory barriers and enhance competition in commercial lines insurance markets,” Hilary Segura, counsel, state government relations for the Property Casualty Insurers Association of America, said in the statement.
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