Tenn. Department Seeking Comments on Labor Deprecation Draft Bulletin

October 13, 2017 The Tennessee Department of Commerce and Insurance recently circulated a draft bulletin that outlines its expectations of property/casualty insurers regarding the depreciation of labor... Read more

Virginia: Expected End to Standardized Commercial Auto Form

October 12, 2017 NAMIC represented members at a Virginia Bureau of Insurance meeting on Oct. 11 to discuss the future of the commercial auto filing process... Read more

Arkansas: Depreciation of Expenses Bill Passes Legislature

February 27, 2017 The Arkansas Legislature on Feb. 24 passed SB 133, which allows property insurers to take expense depreciation on... Read more

Nebraska: Supreme Court Rules for Depreciation of Labor, Agreeing with NAMIC Amicus Brief

February 20, 2017 The Nebraska Supreme Court has ruled that an insurer may depreciate the cost of labor in determining “actual cash value,” in agreement with an... Read more

Arkansas: NAMIC Supports Legislation Expanding the Ability to Depreciate Expenses on ACV Policies

January 25, 2017 NAMIC provided written testimony on SB 133 which would permit property insurers to depreciate a wide array of expenses in calculating losses covered by actual cash value policies. In 2013, the Arkansas Supreme Court found... Read more

Nebraska: NAMIC Defends Depreciation of Labor in Supreme Court Amicus Brief

September 6, 2016 NAMIC has filed an amicus brief with the Nebraska Supreme Court defending the practice of depreciating the cost of labor in addition to materials when calculating claims for actual... Read more

Minnesota: Supreme Court Delivers Favorable Opinion on Depreciation of Labor

February 15, 2016 The question of whether labor should be included in calculating depreciation to determine actual cash value is an issue that should be determined by a trier of fact such as an appraisal panel or jury using the broad evidence rule, the Minnesota Supreme ... Read more

Indiana: Feedback Requested on Draft Depreciation of Labor Bulletin

July 24, 2015 The Indiana Department of Insurance has issued a DRAFT Bulletin on the depreciation of labor issue. The bulletin seeks to prohibit companies from being able to depreciate labor on property claims. The draft bulletin can be found here. NAMIC will submit ... Read more

NCOIL Report: Legislators Adopt TNC and “Storm Chaser” Models

July 22, 2015 Forty-six legislators and 245 insurance and business community representatives met in Indianapolis this past weekend for the summer meeting of the National Conference of Insurance Legislators. Highlights of the meeting included: A panel discussion on “p... Read more