Happy Wednesday! In this week’s Big I Buzz: an update on claims processing timelines from Wisconsin OCI, and a look at how wealthy consumers are shaping the auto insurance market.

Wisconsin OCI Bulletin: Claim Processing Timelines

The Wisconsin Office of the Commissioner of Insurance recently issued a bulletin to property and casualty insurers and Interested parties to remind insurers of the 30-day time to process claims.

Timely claims handling is critical, as it helps consumers meet important deadlines for FEMA funding eligibility. Read the bulletin here.

Wealthy Consumers Drive the Auto Insurance Market in 2025

A new study from The Zebra reveals that affluent consumers are fueling the auto insurance market through increased spending and luxury vehicle ownership. Since 2020, insurance shopping for top luxury cars has surged 116%, while luxury insurance rates have climbed 56% over the past five years—compared to 41% for non-luxury vehicles.

According to the study, the top 10% of spenders now account for a disproportionate share of the industry’s overall growth. Read more here.

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list.

Date: November 25, 2020

To: Insurance Licensees and Registrants

From: Mark V. Afable, Commissioner of Insurance

Beginning February 1, 2021,the Office of the Commissioner of Insurance (OCI) will send license renewal notifications only by email,rather than the current practice of sending renewal notifications via email and U.S. Mail.

OCI currently sends renewal notifications to all licensees/registrants via U.S. Mail and email using the business email address on file within 60 days of a licensee’s expiration date.

Beginning in February, OCI will only be sending notices to your business email address.

How Does This Affect You?

If your license/registration expires January 31, 2021 or February 28, 2021, you will still receive your renewal notification via email and U.S. Mail within 60 days of the expiration date.

If your license/registration expires on or after March 31, 2021, you will only receive an electronic renewal notification at your business email address.

What Should You Do?

Check your licensing/registration information using the SBS portal at https://sbs.naic.org/solar-externallookup/license-manager to ensure that all your contact information including your business email is accurate and up to date.

You can change your email information using one of the following methods:

1. Email OCI directly at

    ociagentlicensing@wisconsin.gov

2. Change your email with SBS through the SBS

    portal

3. Individual licensees/registrants can go to NIPR

    and submit email changes through the

    following link https://nipr.com/licensing-center/

    change-contact-info

Current Information is Required

Section 6.61 (1) and 6.61(15), Adm. Code. states that each intermediary or intermediary firm shall, within 30 days, notify the commissioner of insurance in writing any change in the intermediary’s name, residence address, contact email address, business address, or mailing address.

You may also refer to the following link for specific guidance on license/registration changes: https://oci.wi.gov/Pages/Agents/UpdateLicenseInformation.aspx#AgentAddress

Please note: some emails may go into your spam or junk mail folder. Make sure you check those folders so you do not miss the email reminder and risk your license/registration becoming inactive.

If you have any questions, please reach out to the OCI office at ociagentlicensing@wisconsin.gov or call their agency licensing team at

1-800-236-8517.