Regulatory Updates

On July 21, 2022, NASAA and FINRA plan to present recent system enhancements to the Investment Advisor Representative (IAR) Continued Education (CE) program.

Effective July 7, 2022, North Carolina removed the broker requirement for residents and nonresidents. In this, the requirement to hold a bond is also cancelled. An agent has always been allowed to act as an agent in which they are duly appointed. Now, producer may procure insurance through a duly authorized agent without a broker license.

FINRA is proposing a change to Supplementary Material .19. This proposed change aligns with FINRA Rule 3110 and aims to add safeguards and limitations within private residences (non-branch locations) of an associated person engaging in specified supervisory activities. This would therefore make those locations subject to inspection about every 2-3 years.

This change impacts both existing resident and nonresident producers. Those that complete an annuity training by January 1, 2023, must also complete a new Annuity Best Interest four credit class or an additional 1-time, 1-credit course prior to July 1, 2023. New producers after January 1, 2023 must take the four credit course.

Please see the attached document for NY(Elany's)updated list of E&S Insurers.

The South Carolina renewal period is Sep 1 - 30. The Late Renewal Periods is Oct 1 - Dec 1, and the Termination Deadline is Aug. 26th.

Effective immediately, WV has made changes to their surplus lines export list to include 'hershare' and gun ranges. 

The document contains renewal information, fees, membership details, and other important licensing information.

Effective October 1, 2022, Maryland will allow a qualified surplus lines broker to charge a reasonable policy fee on a policy issued by a surplus lines insurer to an exempt commercial policyholder. See attached Bulletin

Rhode Island added conditions to which a Resident or Nonresident may obtain an Adjuster License, and bypass the written examination effective January 1, 2023.