NASHVILLE Tenn. — Tennessee is the latest state to modernize its law on commercial lines rate and policy forms this year. Yesterday, Governor Bill Haslam signed SB 1795/HB 1598 which exempts certain types of insurance from filing requirements of commercial risk insurers.
Tennessee joins Maryland and West Virginia in enacting commercial lines modernization during their 2018 legislative sessions. Similar legislation in Missouri and New Hampshire has passed and is eligible for the governor’s signature in these states. Earlier this year Oregon’s commercial modernization law and the Virginia Bureau of Insurance’s Administrative Order 12048 took effect.
“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,” said Hilary Segura, counsel, state government relations for the Property Casualty Insurers Association of America (PCI). “The speed of business has changed dramatically over the past few decades. Reducing barriers to the introduction of new and innovative business insurance products will allow insurers to tailor insurance offerings and this will be a great benefit for those customers.”