Regulatory Updates

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.

Effective June 5, 2022, the following will be required for DE CAT adjusters. Within 10 days of adjustment work within the state, a written notice must be issued. The CAT license will be issued for 60 days unless extended by the commissioner. There is no cost for this license, but there is a small processing fee.

Effective October 10, 2022, Ohio will add limited lines travel for residents and nonresidents. More details will come on requirements.

On June 10, 2022, North Carolina will offer Bail Bondsman License classes for individuals that are residents.

The no home state implementation (originally announced on April 20, 2022, will be delayed from May 15, 2022 to May 27, 2022.