Regulatory Updates
The world of insurance compliance regulation is ever-changing. But that’s no reason to fret. Keep up with regulatory updates here in our live feed. With relevant changes to licensing, appointments, continuing education rules, and more, you can take a proactive approach to maintaining your organization’s compliance requirements.
January 13th , 2022
Effective:
January 15th , 2022
January 15
Kansas
NIPR flags PDB Alert for Kansas NR License
For those holding a Kansas nonresident license, you may be seeing the 'crop' LOA incorrectly added to your license. This is an error that NIPR is working to correct. It is estimated this LOA will need to be removed from 48,000 licenses. Note this was not processed as planned and was changed to be effective January 15, 2022.
Effective
January 12th , 2022
Effective:
January 13th , 2022
January 13
West Virginia
West Virginia Changes Expiration Date
There was an issue that led to incorrect expiration dates on West Virginia licenses. This issue has been resolved and can be viewed on the producer database. The expiration date will now read January 13, 2022.
Effective
January 10th , 2022
Effective:
January 10th , 2022
January 10
Kansas
Oklahoma
Hawaii
North Dakota
Massachusetts
Iowa
Illinois
Florida
Pennsylvania
Washington
Surplus Lines Alert For Several Jurisdictions
Several states have released key information on Surplus Lines and can be found in the attached document.
Effective
January 08th , 2022
Effective:
January 10th , 2022
January 10
Kansas
Alert Noting Missing LOAs on Inactive Kansas Licenses
On January 10th PDB alerts will appear as a result of the Kansas conversion to state based systems. From the conversion, 400,000 lines did not migrate properly on inactive licenses. The impact of this is the PDB will not load these appointments. This announcement notes that the appointments were not deleted and this error is working on being corrected.
Effective
January 06th , 2022
Effective:
January 06th , 2022
January 06
Kentucky
Kentucky Clarifies “Best Interest” in the Context of Annuities
A recent amendment to 806 KAR 12:120 requires licensees to make annuity recommendations that are in the best interest of the consumer "under the circumstances known at the time the recommendation is made". This announcement clarifies that the "best interest of the customer" requirement is applicable **only **at the time the recommendation is made and not on an ongoing basis.
Effective
January 03rd , 2022
Effective:
January 03rd , 2022
January 03
Alaska
Alaska Announces Adjuster License Exemption Due to Disaster
As a response to the winter storms, Alaska is accepting individual adjuster license exemption applications. This allows nonresidents of Alaska who licensed adjusters in their home state (DHS not accepted) to adjust losses caused by the catastrophe in Alaska. Application for this emergency license can be done via NIPR. Stay alert for an expiration on this exemption. For any question, please contact the Alaska Division of Insurance.
Effective
December 27th , 2021
Effective:
January 01st , 2021
January 01
Hawaii
Hawaii Terms and Durations Amendments for License and Registrations
Hawaii releases amendments that establish consistent terms and durations of license and registration. This allows for electronic processing of licensing, renewal, registration, renewal, and reinstatement fees.
Effective
December 14th , 2021
Effective:
December 14th , 2021
December 14
Kentucky
Kentucky Offering Emergency Temporary Adjuster Licensing
This notification is in response to the storms that happened on December 10ths and 11th, 2021. Insurers are allowed to reasonably extend the time period to pay premiums, copayments, deductibles, and other charges in the case that this will benefit the customer. Additionally, KY is offering temporary registration for both independent and staff adjusters. To apply, form 8307 needs to be filled out and submitted by the insurer on the departments website.
Effective
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Disclaimer - AgentSync does not warrant to the completeness or accuracy of the information provided in this database. You are responsible for ensuring the accuracy and totality of all representations, assumptions, information and data provided by AgentSync to you in this database. The information in this database should not be construed as legal, financial, or other professional advice, and AgentSync is not responsible for any harm you sustain by relying on the information provided herein. You acknowledge and agree that the use of this information is at your own risk. You should always consult with the applicable state and federal regulatory authority to confirm the accuracy of any of the information provided in this database.
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analyzed
Our compliance experts have identified the update and analyzed it for impact on both the industry and AgentSync products.
pending
The time between the update's publication date and effective date.
effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).