Regulatory Updates

Effective June 3, 2022, the prelicense education requirements for producer or consultant license applicants for lines of Life, Accident & Health or Sickness, Property, Casualty, Personal Lines, and Title are no longer required.

Producers with a Life line of authority on December 31, 2022, and wish to sell annuities will be required to complete a training course no later than 7/1/23. This training must be a four hour course, or a 1-time, 1-credit course. If the license is obtained on or after January 1, 2023, is not eligible to sell until the course work is complete. The course title is "Best Interest Standards of Conduct for Annuity Sales".

Individuals Requesting a pre-licensure criminal history determination under the Fresh Start Act is required to complete their request via an acceptable form. The Division or licensing board will reveal the determination within 30 days of the board meeting and no later than 4 months after the request has been submitted.

Effective June 16, 2022, North Carolina will be adding a new non uniform question for Resident Licensing and Resident Licensing Renewals that will apply for Professional Bondsman, Surety Bondsman, and Bail Bond Runner.

The Wyoming Department of Insurance has observed that some producers and insurers are not fully aware of their rights and responsibilities. As a result, they are looking to clarify the requirements.

Effective June 8, 2022, both Resident and Nonresident Individual and Business Entity licenses that had an expiration date of 3/31/22 and have not paid the annual renewal fee will be updated to have the status "Nonpayment". To get a new license, one must reapply starting June 9, 2022.

Effective July 18, 2022, a reinstatement period will be added for resident producer and producer firm individuals. One will have up to one year post expiration date to reinstate their license. After this, the applicant must reapply.

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.

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).

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.