Regulatory Updates

On September 29, 2023, Washington sent a notice to Annuity Suitability CE Providers to let them know their current WA Annuity Suitability 4 Hour Course will be canceled on December 31, 2023 since the new Annuity Suitability training rule will be effective on January 1, 2024.

On September 29, 2023, New Mexico announced that licensees with an expiration date of September 30, 2023 will have their license expiration dates extended by two weeks. This extension will also apply to Continuing Education (CE). Licensees will have until the license expiration date to become compliant with Continuing Education.

On September 29, 2023, New Mexico sent an urgent notice indicating that it had detected a cyber incident on its network.

Effective October 13, 2023 South Carolina will add a new license class Pharmacy Service Administrative Organization for business entities.

Effective October 17, 2023, Michigan will allow individual applicants to change the state code of the mailing address to any state. However, Michigan individual residents’ business address state code must be one of the following: - Michigan - Indiana - Ohio - Wisconsin - Illinois

FINRA reminds firms and industry professionals that effective Jan. 1, 2023, FINRA and other self-regulatory organization (SRO) rules require registered persons to complete their continuing education (CE) Regulatory Element annually, by Dec. 31, for each registration that they hold.

On September 19, 2023, California communicated additional language requirements for examinations.   Examinations must be provided in certain languages as discussed below. a.   From 1/1/2018 to 1/1/2024, the life agent and accident and health or sickness agent license examinations will be provided in English and Spanish. b.   Beginning 1/1/2024, the life agent, accident and health or sickness agent, property broker-agent, and casualty broker-agent examinations must be provided in English, Spanish, Simplified Chinese, Vietnamese, and Korean. c.   On or after 7/1/2024, the life agent, accident and health or sickness agent, property broker-agent, and casualty broker-agent examinations must be provided in Tagalog.

Effective September 19, 2023, Delaware has added Pet Insurance Producer Training Requirements. See attachment for full details.

On September 19, 2023, Connecticut issued a bulletin that rescinds and replaces Bulletin PC-34 regarding notification to the Commissioner under Connecticut General Statute §38a-44 if an insurer is discontinuing or substantially reducing its writings in a line or subline of property and casualty insurance. The purpose of Connecticut General Statute §38a-44 is to permit the Commissioner time to evaluate the impact on the market of proposals by one or more companies to discontinue or substantially reduce writings in a line or subline of insurance in Connecticut. See attachment for full details.

Effective October 13, 2023, Connecticut will be updating business rule for Revoked status to defer to the state instead of reject for both individuals and business.  This will apply to Resident Licensing, Resident Licensing Renewals, Non-Resident Licensing, Non-Resident Renewals, Non-Resident Adjuster Licensing, Non-Resident Adjuster Renewal, No Home State and No Home State Renewals.