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.
May 27
California California is removing Non-Uniform questions related to Surplus and Special lines. This will apply to the individual entity type. A business rule is being added stating the required bond needing to be on file with the state in order for the license request to be approved. The questions to be removed asked about the bonds existence. Effective Date not yet announced.
June 06
West Virginia West Virginia announces its company appointment renewal period to be June 6th-August 31st.
March 31
New Mexico In addition to the basic renewal process and payment of renewal fees, New Mexico is requiring additional filings by March 31st. If the deadline is not met, a suspension and revocation of the license is possible. The form will need to be amended annually. Failure to complete all necessary filings may lead to license suspension and revocation. See the attachment for information on how to file.
January 01
Hawaii Hawaii announces a new timeline for completion of Continued Education courses. All active resident PROs (new or existing) must complete CE credit requirements before their renewal date. Additionally, if a new line of authority is added to a PRO's active license, the licensee must complete all required CE credit hours.
March 31
Connecticut The MVPD Appraiser license will be moved to the non-adjuster license class. All Applicants must apply through the Nonresident Licensing, Nonresident Renewals, Nonresident Licensing No Home State, or Nonresident Renewal No Home State applications. All other applications will not be accepted.
March 01
North Dakota North Dakota will use PSI as their exam vendor.
March 01
North Dakota North Dakota Insurance Department is now contracted with PSI Services LLC (PSI) for the examination program. The goal of this partnership is to provide a process for examination and licensing.
February 24
New Mexico New Mexico has reviewed the NOPR and the proposed replacement rules. The outcome of the review and proposed changes regarding suitability in annuity transactions are outlined in the state announcement attached in the expanded view.
June 03
New Jersey New Jersey announces the company appointment renewal invoices will be available for payment April 1, 2022 to June 3, 2022. The termination deadline is March 26th, 2022. On April 1, NIPR will display the invoice and a list of appointments for renewal.
February 17
Maine Maine has introduced a new website. With this introduction, they will no longer be mailing hard copy invoices to certain license prefix types.
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