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.
July 08
Utah Effective July 8, 2022, Utah began to offer a limited line license for producers to sell Pet Insurance. This was previously under the umbrella of the Property line of authority.
August 16
New Hampshire New Hamsphire has listed updates to the following: Fees, General requirements for an organization nonresident license, Discount Medical Plan Organizations requirements, and license renewal and causes for license revocation and surrender.
July 07
Wyoming Designated Home State (DHS) is ONLY acceptable when there is no home state license offered by their state. If the state of a staff adjuster that does not require staff adjuster licensing offers independent adjuster licensing and allows staff adjusters to obtain this license, the adjuster must obtain the independent adjuster license. Also, one cannot have a DHS license in a different state when they are applying for a WY DHS license.
July 07
Florida Florida is now including Resident Insurance Adjuster Firm and Nonresident Insurance Adjuster Firm business entity license classes to be displayed on the PDB.
July 10
Kansas Kansas has published their list of approved non-admitted carriers list. - Southlake Specialty Insurance Corporation was added to the list
July 01
New Hampshire This announcement is a result of recent fraud cases surfacing that were not reported. It highlights that fraud is a serious matter and can result in a fine or becoming barred from conducting insurance in NH. Any individual, agency, carrier, etc. can report fraud.
June 30
Effective June 30, 2022, firms are able to subscribe to a new firm setting via the FINRA gateway. In doing this, all regulatory CE elements for individuals will be applied.
January 01
South Dakota 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.
June 29
Hawaii 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.
July 01
Iowa 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)
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