october 28, 2020
october 22, 2020
October 19, 2020
october 15, 2020
october 12, 2020
october 8, 2020
october 5, 2020
september 22, 2020
september 21, 2020
September 11, 2020
august 4, 2020
july 6, 2020
july 1, 2020
- PPP Loan Deadline May Be Extended as SBA Issues New Rules Relating to Loan Forgiveness and Eligibility
- California Looks to Pass Legislation Concerning Business Interruption Coverage Due to COVID-19
June 29, 2020
June 22, 2020
- PPP Loan Forgiveness Application Forms Updated and Streamlined
- Nevada Division of Insurance to Disallow Policy Exclusions Related to COVID-19
- CDI Announces New Order Regarding Workers’ Compensation Premium Savings for CA Businesses Affected by COVID-19
june 15, 2020
june 10, 2020
- Note to the SBA: Debtors in Bankruptcy Are Eligible for PPP Loans
- California Modifies the Tolling of Statutes of Limitations in Civil Cases
june 8, 2020
June 4, 2020
may 29, 2020
may 28, 2020
may 27, 2020
- Hoteliers Beware: a Return to Business Post-Pandemic Brings With It Potential Legal Liability
- House Contemplates Revisions to the Paycheck Protection Program
may 15, 2020
may 14, 2020
- U.S. House Democrats Introduce HEROES Act, a New $3T Stimulus Package
- SAFE Banking Act for Cannabis-Related Businesses Included in the HEROES Act
may 12, 2020
may 8, 2020
- Treasury and the SBA Issue Guidance Regarding the Employee Retention Credit
- Businesses Reopen in Los Angeles County as Stage 2 of California’s Statewide Plan Begins
- Update: Large Employers Required to Pay Coronavirus-Related Sick Leave Under New L.A. County Ordinance
may 6, 2020
- SBA Extends PPP Certification Safe Harbor to May 14
- EPLI Insurance and Employee Benefits in the Age of the Coronavirus
may 5, 2020
- Update: PPP Guidance Issued by the SBA and U.S. Treasury at Odds With the CARES Act—Michelman & Robinson Files First-of-Its-Kind Lawsuit Challenging FAQs
- NAIC Issues Business Interruption Data Call in the Wake of COVID-19
may 4, 2020
may 1, 2020
april 29, 2020
- Planning for Your Employees' Return to the Workplace
- Los Angeles Hospitality Workers Among Those Thrown a Potential Lifeline
april 24, 2020
- Attention Cannabis Businesses: Hope May Be on the Horizon for Federal COVID-19-Related Relief
- California Department of Insurance Issues Notice Granting Tax-Filing Extension in Response to COVID-19
- SEC Approves Amendments to Nasdaq and NYSE Continued Listing Requirements Due to the COVID-19 Pandemic
April 23, 2020
april 21, 2020
- Additional Funding Is on the Way to Resurrect the PPP
- Certifying Your PPP Loan: Proceed With Caution
april 17, 2020
april 16, 2020
- Employment in the Wake of Coronavirus: EEOC and OSHA Guidance Allows Employers to Go Where They Could Not Go Before
- New Yorkers Ordered to Stay at Home Even Longer Amid the COVID-19 Crisis
- Paycheck Protection Program Funds Exhausted
april 15, 2020
April 14, 2020
- Insurance Companies Have Been Ordered to Provide COVID-19-Related Premium Relief to Businesses and Drivers in California
- What to Do If Your New York Business Has Been Deemed Non-Essential
APRIL 13, 2020
- IP Deadlines and Fees Extended Under the CARES Act
- Employment in the Wake of Coronavirus: Reintegrating Your Workforce in the New Normal
APRIL 10, 2020
- You Successfully Applied for and Received a PPP Loan Under the CARES Act: Now What?
- Safer at Home Order in L.A. Extended to May 15
- Maintaining Your Trade Secrets During the Coronavirus Crisis
APRIL 9, 2020
april 8, 2020
- Congress Looks to Bolster the PPP With Another $250B in Funding
- U.S. Treasury Provides Further Guidance to PPP Borrowers and Lenders
- L.A. Mayor Amends COVID-19-Related Paid Sick Leave Ordinance
april 7, 2020
April 3, 2020
april 2, 2020
april 1, 2020
March 31, 2020
march 30, 2020
- Large Employers Required to Pay Coronavirus-Related Sick Leave Under New L.A. Ordinance
- Insurance Coverage Potentially Triggered by COVID-19
- Attention Insurers: CDI Orders Mandatory Call for Business Interruption Coverage Information in the Wake of COVID-19
- DOL Is Requiring Employers to Post Families First Employee Rights Notice
March 27, 2020
- A Comprehensive Guide to Understanding Coronavirus-Related State Assistance Programs: Who is Giving What to Whom (Part II)
- HHS Relaxing Enforcement of HIPAA to Facilitate Sharing of Information During the COVID-19 Crisis
March 26, 2020
march 25, 2020
march 24, 2020
- Navigating the Coronavirus Pandemic: a Critical Business Review Checklist
- SBA Loans for Companies Impacted by Coronavirus
- SEC Relaxes Federal Proxy Rules for Annual Meetings
march 23, 2020
- Federal Reserve Responds Boldly to Coronavirus-Related Economic Downturn
- The Number of Jurisdictions Implementing Stay-at-Home Orders Is Increasing Exponentially
- Michelman & Robinson’s Guide to Coronavirus-Related Paid Sick Leave and Unemployment Insurance Laws in the Tri-State Area
MARCH 21, 2020
MARCH 20, 2020
- New York Governor’s PAUSE Order
- Illinois Governor’s Statewide Stay-at-Home Order
- Force Majeure Clauses in Commercial Real Estate Contracts
MARCH 19, 2020
- SEC Provides Regulatory Relief for Public Reporting Companies
- Student Loan Borrowers Can Breathe a Sigh of Relief, At Least Temporarily
- California Governor's Statewide Stay-At-Home Order
MARCH 18, 2020
- "Shelter in Place" Orders
- Telecommuting in the Age of Coronavirus
- Families First Coronavirus Response Act Just Passed by the Senate and Signed Into Law by the President
MARCH 17, 2020
MARCH 16, 2020
MARCH 5, 2020
NAIC Issues Business Interruption Data Call in the Wake of COVID-19
DAVID HAUGE, SAMUEL LICKER
MAY 5, 2020
Late last week, the National Association of Insurance Commissioners (“NAIC”) issued a letter online to all property and casualty insurers on behalf of insurance regulators nationwide regarding a data call to collect information related to business interruption insurance and COVID-19. Carriers can expect to receive the letter directly on—or shortly after—Friday, May 8, 2020. In the meantime, Michelman & Robinson breaks down the information included in the correspondence and answers questions about the data call, the information requested, and who is affected by the NAIC’s outreach.
Q: What kind of information is being requested by the data call?
A: The data call is being administered in two parts. Toward that end, insurance companies are being asked to complete two Microsoft Excel spreadsheets (found on the NAIC website), seeking the following information:
Business Interruption Premium and Exposure
The first spreadsheet (Part 1) asks for information on premiums and policies. More specifically, each insurer is to list its NAIC Group Code, Group Name, NAIC Company Code(s), and Company Name. Next, carriers are to list their total premium written in 2019 for (1) Commercial Multiple Peril and any other applicable lines with business interruption coverage and (2) Businessowners Policies in each of participating state and territory. Regarding both of these policy categories, each company must include:
- The number of policies in force as of December 31, 2019, separated by small, medium, and large businesses
- The percentage of policies with physical loss requirement, separated by small, medium, and large businesses
- The percentage of policies with exclusions for viral contamination, virus, disease, pandemic, or similar exclusion, separated by small, medium, and large businesses
Business Interruption Claims and Losses
The second spreadsheet (Part 2, which corresponds to the second part of the data call) deals with claims and losses. Unlike the information on the first spreadsheet, which must be provided one time only, the second spreadsheet is to be submitted monthly. Yet similar to Part 1, the second spreadsheet must include each insurer’s NAIC Group Code, Group Name, NAIC Company Code(s), and Company Name. In addition, carriers are to report the following information, by state and territory, separately for (1) Commercial Multiple Peril and any other applicable lines with business interruption coverage and (2) Businessowners Policies:
- Number of Claims Reported
- Number of Claims Closed with Payment
- Number of Claims Closed without Payment
- Paid Loss
- Case Incurred Loss
Q: Who must participate in the data call?
A: The data call is directed at all admitted and non-admitted domestic insurers (including surplus lines insurers domiciled in a U.S. state or territory) that wrote business interruption coverage in the 50 states, the District of Columbia, and all U.S. territories in 2019 or 2020. Alien insurers are excluded from the data call, which also does not apply to life or health insurance companies, monoline financial guaranty or mortgage guaranty carriers, title or fidelity insurers, non-medical professional liability companies, and reinsurers.
Q: When is the data due?
A: Information pertaining to Part 1 is due May 22, 2020.
Information pertaining to Part 2 is due monthly, with the first report containing cumulative claims data reported as of June 8, 2020 due June 15, 2020. The data call reporting schedule continues as follows:
- Second report: cumulative claims data reported as of July 8, 2020, due July 15, 2020
- Third report: cumulative claims data reported as of August 10, 2020, due August 17, 2020
- Forth report: cumulative claims data reported as of September 10, 2020, due September 17, 2020
- Fifth report: cumulative claims data reported as of October 10, 2020, due October 19, 2020
- Sixth report: cumulative claims data reported as of November 12, 2020, due November 19, 2020
Q: How can I submit my company’s data and who should it go to?
A: Information should be submitted on a group basis, aggregating data for all companies within a group into one premium file and one claim file for each report date. If your company is not part of a group, your company code should be filled in for both the “group” and “company code” fields in the spreadsheets.
To submit data, you must assign a company contact to file the report in the Regulatory Data Collection (RDC) application. This requires a “myNAIC” account login as well as the role “COVID_User_PR.” In order to set up an account and have the COVID_User_PR role assigned, send a request to: help@naic.org.
Once the login setup is complete and the proper role is assigned, your company contact will be able to log into the NAIC portal and submit the proper template spreadsheets at: https://content.naic.org/industry_property_casualty_data_call.htm.
Q: Is my company’s information kept confidential?
A: The NAIC letter linked above provides: “To the extent permitted by applicable state law, your company’s data will be kept confidential. Participating states collect the Confidential information under contract with the NAIC, which contract requires the NAIC to protect and maintain the Confidential information as confidential. All Confidential information shall be protected and maintained in accordance with such contract and using reasonable security measures similar to those measures used by the NAIC for the protection of its own Confidential information of a similar kind.”
Q: Is there anything more that I should know about the purpose of this data call?
A: The NAIC posted a memorandum that contains common definitions and provides commentary on the purpose of this data call. It can be accessed here. Any remaining questions relating to the data call can be emailed to coviddata@naic.org.
We are working diligently to keep our clients up to date on coronavirus-related developments. Nevertheless, these developments are changing daily and, in some cases even hourly, so it is important that you make sure you are dealing with the most current information. That being said, this alert is not offered, and should not be relied on, as legal advice. You should consult an attorney for guidance and counsel regarding any specific concern or situation.