Regulatory Updates

Delaware states the a resident producer now must be a DE resident, or work for a business entity that is licensed to conduct the business of insurance in DE AND maintains a physical location in DE that is open to the public and where business is conducted. A DE postal box cannot be used to establish residency.

This hotline is launched by the office of the Superintendent of Insurance and will answer questions about insurance coverage for evacuees and victims of the New Mexico wildfires. This service is available 7 days a week 8AM-8PM on weekdays and 9AM-2PM on weekends. The number is (833) 485-1336.

The updates now require the name, address, etc. must be provided. Additionally, the license applicant must appoint the superintendent as the applicant's attorney of all legal process. This applies to both residents and nonresidents.

California will turn off the initial and renewal applications starting at 1PM CST. The application turn on time has not changed. This update relates to previous updates on the conversion to PLMA standards.

Language has been added to the consultant license in OK. The language states that a producer license is required of any individual or organization consultant. Note that, in OK, the term consultant is used to include brokers as well. Therefore, both brokers and consultants must be licensed as an insurance producer.

Adjustments were made to the surplus lines requirements.

On May 18, 2022, Massachusetts will add back 745,325 appointments to the PDB that were previously removed. These appointments are not active and their display is soley for visibility.

Michigan will be adding a new License Class of "Third Party Administrator". The effective date is yet to be announced, but is noted to take place at some point in Q3. This will be updated when the date is set.

The tax rate will now be 3% and, if in Canada, it will be the highest rate of taxation that applies to the non-admitted insurer. If one does not comply, it will be $25 or 10% (whichever is higher) within 60 days. If reported after this period, it is $25 or 25%. The fee increases the longer one withholds payment.

Effective July 1, 2022, Iowa is adding Travel Agent licensing requirements for both residents and nonresidents.