Does it Impact You?
The Change
Currently, California law requires electronic reporting by insurers for new, transfer and sold private passenger liability policies. Beginning January 1, 2023, the state will additionally require that insurers issuing commercial and fleet policies also submit those reports electronically.
What This Means
As a result of this change, each insurance broker will be required to electronically report all issued commercial and fleet policies or coverage (by named insured) within 30 days of the effective date of coverage; and all terminations of a reported policy or any change of information previously reported, within 45 days of the termination or change.
For Your Awareness – No Action is Needed
On an ongoing basis, both legacy Wheels and Donlen insurance programs notify brokers of changes in requirements, as we have done in this instance. We are communicating this legislative change to you for the sake of your awareness of the new law. You will not need to do the reporting—your insurance broker is responsible for handling the electronic reporting.
Your insurance carrier/broker should be aware of this new legislation, working on the updates and completing the electronic reporting. This communication is a legislative update and there should not be any action needed on your part at this time.
If you would like to read the legislation, or forward it to your insurance department, it can be found at: AB-174 Vehicles SEC. 10. Section 16058
