Regulatory Updates

During the 2023 Regular Legislative Session, the Mississippi Legislature passed House Bill 1084, which amends Section 83.-17.251 of the Mississippi Code to provide that any individual who is sixty-five(65) years of age or older and who has been licensed as an insurance producer for a continuous peril of twenty-five (25) years or more, may be exempt from insurance producer continuing education requirements. See attachment for full details.

West Virginia passes Travel Insurance Entity Producer Limited License Act. Passed March 11, 2023; in effect 90 days from passage. See attachment for full details.

NASAA votes to admit Guam to the association. See attachment for full details.

The Texas Department of Insurance proposes amending 28 TAC §1.502, concerning licensing persons with criminal history. These amendments update the section for consistency with Occupations Code §§53.021, 53.022, and 53.023, amended by House Bill 1342, 86th Legislature, 2019.  See attachment for full details.

NASAA approved two regulatory proposals. See attachment for details.

Kentucky clarifies its Local Government Premium Tax process for carriers and Surplus Lines brokers. See attachment for full details.

Arkansas has released their 2023 Company Appointment Renewal dates. The renewal dates are June 1, 2023 - June 30, 2023. Electronic Termination Deadline is May 24, 2023, and the paper deadline is May 1, 2023

Effective May 12th, 2023, Alaska will require nonresident Alaska applicants for Surplus Lines Broker to hold Surplus Lines in their resident state.

Effective June 9, 2023, Virginia will add new Non-Uniform Questions for Viatical Settlement Broker applicants. These will be required for Resident, Nonresident, Resident Renewal, and Nonresident Renewals.

The Office of Superintendent of Insurance continues to receive inquiries related to the licensing of both resident and nonresident adjusters. These inquiries have revealed some discrepancies between the requirements set forth in Chapter 59A NMSA 1978, the New Mexico Insurance Code, and those contained in the Title 13 of the New Mexico Administrative Code. The Producer Licensing Bureau is currently working on an update and revisions to those provisions of Title 13 (Insurance) of the New Mexico Administrative Code administered by this Bureau, addressing the adjuster related discrepancies will be included in that process. In the meantime, given that state statute controls when an administrative rule conflicts with a statute, the Producer Licensing Bureau will be using statutory provisions when administering adjuster licensing requirements. 

See attachment for full details.