Regulatory Updates

Posted December 19, 2025, The Excess Line Association of New York (ELANY) posted an update from a previously posted bulletin (2025-08) on February 24, 2025.

This bulletin advised all excess line brokers that the position of the New York Department of Financial Services (DFS) holds that “Policy” fees payable to an excess line insurer are consideration for the policy and therefore subject to excess line tax. ELANY’s bulletin had provided a grace period for producers to work with insurers to amend standard documentation to clarify the tax status of the fee and had provided a deadline for correction of January 1, 2026.

ELANY often receives policy documents that incorrectly label fees intended for: - MGAs - MGUs - Or other licensed intermediaries as “Policy” fees rather than producer or broker fees which are not subject to excess line tax.

Please see the attachment for more information.

Effective April 18, 2026, New Jersey updated Travel Agent definitions and licensing requirements for residents and nonresidents.  Limited lines travel insurance producer" means a: - Licensed MGA; - Licensed insurance producer, including a limited lines producer; or - Travel administrator.

"Travel administrator" means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on New Jersey residents in connection with travel insurance.  The following persons are not considered travel administrators:

- Person working for a travel administrator, to the extent the person's activities are subject to the travel administrator's supervision and c ontrol - An insurance producer selling insurance or engaged in administrative and claims-related activities within the producer's license scope; - A travel retailer offering and disseminating travel insurance that is  registered under a limited lines travel insurance producer license; - An individual adjusting or settling claims in the individual's practice or employment as an attorney who does not collect charges or  premiums in connection with insurance coverage; or - A business entity that is affiliated with a licensed insurer while acting as a travel administrator for the affiliated insurer's direct and  assumed insurance business.

3\.   "Travel insurance": - Means insurance coverage for personal risks incident to planned travel, including: - Trip or event interruption or cancellation; - Loss of baggage or personal effects; - Damages to accommodations or rental vehicles; - Sickness, accident, disability, or death occurring during travel; - Emergency evacuation; - Repatriation of remains; or - Any other contractual obligations to indemnify or - Pay a specified amount to the traveler upon determinable contingencies related to travel, as approved by the Commissioner; and - Does not include: - Major medical plans that provide comprehensive medical protection for travelers with trips lasting longer than 6 months, including a person working overseas as an expatriate; or - Any other product requiring a specific insurance producer license.

4\.   Arrangements for repatriation of remains which are made as part of a preneed funeral arrangement or other preneed consultation through a state-registered mortuary that do not include any other coverages listed in (3) above are not considered travel insurance.

5\.   The Commissioner may issue a limited lines travel insurance producer license to an individual or a business entity. - Applicants must: - File an application with the Commissioner in the prescribed form and manner; and - Pay all applicable licensing fees. - A limited lines travel insurance producer must be licensed to sell,  solicit, or negotiate travel insurance through a licensed insurer. - No person may act as a limited lines travel insurance producer or  travel insurance retailer unless properly licensed or registered.

6\.   A travel retailer may offer and disseminate travel insurance under a limited lines travel insurance producer business entity license only if: - The travel retailer or limited lines travel insurance producer provides to the travel insurance purchasers: - Description of the material terms or the actual material terms of the insurance coverage; - Description of the claims filing process; - Description of the travel insurance policy review or cancellation process; and - The insurers' and limited lines travel insurance producer's  identity and contact information; - At the time of licensure, the limited lines travel insurance producer establishes and maintains a register of each travel retailer that offers travel insurance on the producer's behalf; - The limited lines travel insurance producer: - Certifies that the travel retailer registered complies with 18 USCA § 1033; - Designates an employee who is a licensed individual travel insurance producer as a designated responsible producer (DRP), responsible for compliance with the travel insurance laws and regulations applicable to the limited lines travel insurance producer and its registrants; - Requires the travel retailer's employees and authorized representatives who offer and disseminate travel insurance to complete a training program, which is subject to review and approval by the Commissioner, that contains adequate instructions on: - The types of insurance offered; - Ethical sales practices; and - Required disclosures to prospective customers; and - The DRP, president, secretary, treasurer, and any other officer or person who directs or controls the producer's insurance operations complies with the fingerprinting requirements applicable to insurance  producers in the limited lines travel insurance producer's resident  state.

To learn more, please use the following link. 

Posted December 19, 2025, Iowa posted a bulletin to address questions concerning the financial responsibility requirement, which requires each public adjuster and independent adjuster to demonstrate proper financial responsibility by filing a surety bond. Please see the attachment for more information.

Effective January 31, 2026, Colorado’s regulation around surplus lines insurance issued by non-admitted insurers will be in effect.

This regulation establishes standards regarding the placement of insurance by producers. This regulation also serves to protect Colorado insurance consumers, setting forth disclosure requirements for surplus lines insurance contracts.

Please see the attachment for more information.

Posted December 16, 2025, New York added two new companies to the list of Excess & Surplus lines (E&S) insurers, maintained by the Excess Line Association of New York (ELANY). Please see the attachment for more information.

Due December 31, 2025, Pennsylvania posted a reminder that all surplus lines licensees (resident and non-resident) licensed in the Commonwealth of Pennsylvania are reminded to file and remit the collected gross premium surplus lines tax for the preceding calendar year. 

The surplus lines tax levied by the Commonwealth of Pennsylvania is three percent (3%) of taxable gross premiums, less any return premium for insurance placed with either an eligible surplus lines insurer or other non-admitted insurer.

Tax payments of less than $1,000 may be mailed to the Pennsylvania Department of Revenue. However, tax payments of $1,000 or more MUST be made electronically. Please see the attachment for more information. 

Effective February 13, 2026, Iowa will add Preneed Seller and Sales Agent licenses to display on the Producer Database. Iowa will also allow these licenses to be renewed and issued electronically. The following application types are allowed electronically: - Resident Licensee, - Nonresident Licensee, - No Home State Licensee

Effective January 1, 2026, Oregon will increase its filing and renewal fees for investment companies and for agents. -  Investment company - Initial and renewal filing fee is now $500 - Broker-dealer - Initial and renewal filing fee is now $250 - State Investment Adviser - Initial and renewal filing fee is now $200 - Federal Covered Investment Adviser - Initial and renewal filing fee is now $200 Please see the attachment for more updated fee's

Effective date is January 1, 2026, Alabama posted a legal regulation that established processes and procedures for the licensing and renewal of pharmacy benefits managers. Please see the attachment for more information.

Effective January 4, 2026, Arizona will require Pharmacy Benefit Managers (PBM) to be licensed to operate in the state. General initial and renewal requirements are below.

A person must be licensed to operate as a PBM in Arizona. - Applicants must: - Submit the Director-prescribed certificate of authority application electronically, and pay a fee. - The Department deems the application as filed with the Director when the Department receives a completed application and the required fee. - The Director may require applicants to submit information for principals, principal officers, and individuals responsible for the  conduct of the PBM's activities that discloses: - Biographical information; - Employment and business financial history; - Criminal activity; - Fingerprints, or any other information that relates to the ability to operate as a PBM. - Applicants will have a period to remedy licensure disqualifications. - If the Director determines that an applicant is not qualified for licensure after the overall application time frame is complete, the Director must: provide written notice of the intent to deny the application; and specify the licensure disqualifications. - The applicant has 60 days from the date of the Director's notice to advise the Director that it has remedied the disqualifications. - The Director will deny the application if: - The applicant fails to respond to the Director within 60 days; or - The Director determines that the applicant has failed to remedy the disqualifications. - The application denial is an appealable agency action. - The Department must notify an applicant of: - The approval of the certificate of authority; and - The effective date and expiration date of the certificate. - No paper certificate is required. - Within 30 days of any material modification of the application information, a PBM who holds a certificate of authority issued by the Department must file a Notice of Modification.  The Notice of Modification must be filed in the Director-approved form and manner. - The PBM certificate of authority is a biennial certificate. - If the PBM fails to timely file a complete renewal application and pay the fee, the certificate of authority expires on the last day of the 24th month after the effective date of the initial approval or renewal. - If not timely renewed, a certificate of authority may expire during any suspension or restriction period. - PBMs are subject to the renewal requirements below. - To renew its certificate of authority, a PBM must: - File a renewal application electronically on the - Director-prescribed form; and - Pay the fee on or before the PBM's certificate of authority  expiration. - The Director may require renewal applicants to submit information for principals, principal officers, and individuals responsible  for the conduct of the PBM's activities that discloses: - Biographical information; - Employment and business financial history; - Criminal activity; - Fingerprints; or - Any other information that relates to the ability to operate as a PBM. - The Department deems the renewal application as filed with the Director when the Department receives a completed renewal application and the required fee. - Upon expiration of a certificate of authority that is not timely renewed, a PBM must cease its PBM operations. - A PBM whose certificate of authority has expired must file a new certificate of authority application with the Director.