Regulatory Updates

Posted June 29, 2025, Oklahoma revised bulletin 2024-10 regarding the Insurance Data Security Act. amended this section to be in alignment with the NAIC model law and clarified that submission of this report shall be to the licensee’s board of directors and not to the Insurance Commissioner. 

The first submission deadline is July 1, 2025; Licensees with boards of directors shall submit the annual report to their board of directors and, upon doing so, shall be deemed by the Oklahoma Insurance Department to comply with the requirements of this subsection. The Commissioner is not prescribing a form for this report. Licensees may develop an annual report format that best meets their business needs.

Effective July 13, 2025, Alaska enacted new regulations regarding license class Pharmacy Benefit Managers. These regulation changes set: Operation, Registration, Penalties, and other conforming changes for the license class. Please see the attachments for more information. 

Posted July 1, 2025, the Florida Surplus Lines Service Office (FSLSO) posted June’s edition of The Wire. Highlights include: - Updating the Disclosure Form - Law was signed officially eliminating the "diligent effort" requirement for agents placing surplus lines insurance in Florida - Reminder of 30-Day Filing Requirement - All premium-bearing policy transactions placed with a surplus lines insurer, taxable or non-taxable, **must **be electronically submitted to FSLSO via SLIP+ or Batch within 30 days of the transaction’s effective date. - The Florida Surplus Lines Association (FSLA) has launched an online portal to help Floridians find the available initiatives and resources that support risk mitigation. - Surplus Lines Insurer Updates Can read more using the link below.

Effective September 11, 2025, Iowa will begin accepting electronic applications for Appraiser and Umpire licenses to be processed as Designated Home State (DHS) Adjuster initial and renewal applications.

Effective June 24, 2025, Utah Insurance Department updated a previous rule to prohibit the dual licensing of an individual title licensee. Please see the attachment for more information 

Posted June 23, 2025, Louisiana posted a bulletin providing notice of intent to enhance Regulation 120 to allow for regulatory actions to be sent to the licensee via electronic means.  Electronic means being: Email, web portal, or other electronic mechanism for communication from the Department of Insurance. Please see the attachment for more information. 

Effective July 29, 2025, New Mexico is asking for comments on a proposed bulletin regarding continuing education requirements - https://www.law.cornell.edu/regulations/new-mexico/N-M-Admin-Code-SS-13.10.34.24. Please see the attachment/link for more information. 

Update August 27, 2025: The Colorado Division of Insurance has adopted these changes. Please see the attachment for more information. Effective July 1, 2025, the Colorado Division of Insurance is asking for comments on a proposed bulletin regarding licensing and registration for Pharmacy Benefit Managers. Please see the attachment for more information. 

Effective August 1, 2025, Louisiana amends the CE requirements for the following license classes: Producers, Consultants, Claims Adjusters, and Public Adjusters. For more information about the changes, please use the following link and the attached document.

June 24, 2025, California posted a bulletin reminding that California law requires surplus line broker business entities to have at least one individually licensed surplus line broker named to the business entity license. Please see the attachment for more information.