Regulatory Updates

The Annuity Best Interest will be effective Jan. 1, 2023. The purpose is to place the duty of annuity recommendations to consumers upon insurance producers.

Effective Immediately, Hawaii will remove Marine Transportation, Personal Lines, Surety, and Vehicle LOAs if that licensee also holds a Property and Casualty LOA. This applies for both resident and nonresidents.

Temporary License (not exceeding 180 days) can be issued by the Commissioner to a resident insurance producer license applicant who: 1) Meets the requirements of IA ST § 522B.5(1) AND 2) has not been issued the license within 10 business days from required identifying information, including fingerprints having been submitted to the Commissioner under IA ST § 522B.5A(3)

Effective immediately, the Commissioner will recognize CE credits obtained by a producer in another state if this producer was licensed and in good standing in West Virginia at the time the license was surrendered. Additionally, one may be exempt from CE if they hold any limited or restricted license that is exempted by the Commissioner. Note that these are additional rules to the currently standing law.

On April 15, 2022, Wisconsin released the Best Interest Law (2021 Wis. Act 260). This law revised the annuity suitability standards to better protect consumers of the annuity products. These changes will take effect on Oct 1, 2022.

Colorado releases an announcement that notes that they believe "Reproductive health care is an important part of the health care services" and notes that the Reproductive Health Equity Act signed on April 4, 2022, codifies the legal right to abortion services in Colorado.

Effective Sept. 9, 2022, Oregon will begin offering renewals for Pharmaceutical Sales representatives with application types of Resident License Renewals (RLR) and No Home State Renewals (NHSR). The PDB codes are 12352 (RLR) and 472 (NHSR). The fee is $750 per license. Note that there is no reinstatement offered. After expiration, the applicant must reapply.

The Texas Department of Insurance (TDI) requests for information to help the HelpInsure site. This site is a resource for consumers in TX that are looking to purchase personal auto or residential property insurance. Responses are due by July 22, 2022.

The charges are as follows: Examiner trainee ($667), Administrative Officer ($874), Examiner 1 ($784), Examiner 2 ($926), and Division Chief ($1,013). These will come into effect on July 1, 2022.

Washington announces that it is one of the 16 states, plus D.C. that will continue to grant access to abortions and insurance coverage for abortions.