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 01
Louisiana The invoice renewal period is July 1, 2022 until Aug. 2, 2022. The termination deadline is June 26, 2022. New appointment renewal date is July 31, 2022 after appointment is renewed.
October 01
Maryland Effective October 10, 2022, the policy fee a Surplus Lines Broker may charge on a policy issued by a surplus lines broker has been raised. The fee cap is now $200 on each personal lines policy and $500 OR 7% of the policy's premium (whichever is greater).
July 01
Colorado Colorado has moved their public hearing for Amended 4-1-11 Concerning Best Interest Obligations and Supervision in Annuity Transactions set for July 1, 2022 to online due to spreading Covid concerns.
June 07
Illinois Illinois is requiring 4 hours of CE biennially. Credit will be given on a hour-by-hour basis and must be reported by a registered CE provider association. These credits do not settle the ethics requirement.
June 03
Louisiana To better track catastrophe adjusters that are brought into the state in the case of an emergency, LA is requiring additional information that must be submitted at registration.
June 03
Vermont This is a reminder that on June 3, 2022, VT will be displaying the Vermont 2022 Appointment Renewal Invoices. The renewal period is June 3-30.
June 02
Maryland This announcement includes a full list of laws enacted in 2022 and two highlighted callouts in terms of compliance.
June 10
Louisiana This will now go into effect on June 10th rather than May 27th. This change will allow a business entity to electronically update the physical address, email, and phone number.
June 24
Pennsylvania Effective July 15, 2022, Pennsylvania will add a non-uniform question for resident individual initial and renewal applications and two optional questions for residents and nonresidents licensing and renewals.
August 02
Massachusetts (UPDATED) The renewal period is August 2, 2022 - August 31, 2022. The termination deadline for appointments that one does not wish to renew is June 30th, 2022. A 15 day backdating period is allowed. The fee is $75 for both businesses and individuals.
Note: This announcement originally stated the renewal period started on July 19th. This was updated to July 21st on July 18th.
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