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.
July 07
Florida Florida is now including Resident Insurance Adjuster Firm and Nonresident Insurance Adjuster Firm business entity license classes to be displayed on the PDB.
July 10
Kansas Kansas has published their list of approved non-admitted carriers list. - Southlake Specialty Insurance Corporation was added to the list
July 01
New Hampshire This announcement is a result of recent fraud cases surfacing that were not reported. It highlights that fraud is a serious matter and can result in a fine or becoming barred from conducting insurance in NH. Any individual, agency, carrier, etc. can report fraud.
June 30
Effective June 30, 2022, firms are able to subscribe to a new firm setting via the FINRA gateway. In doing this, all regulatory CE elements for individuals will be applied.
January 01
South Dakota The Annuity Best Interest will be effective Jan. 1, 2023. The purpose is to place the duty of annuity recommendations to consumers upon insurance producers.
June 29
Hawaii Effective Immediately, Hawaii will remove Marine Transportation, Personal Lines, Surety, and Vehicle LOAs if that licensee also holds a Property and Casualty LOA. This applies for both resident and nonresidents.
July 01
Iowa Temporary License (not exceeding 180 days) can be issued by the Commissioner to a resident insurance producer license applicant who: 1) Meets the requirements of IA ST § 522B.5(1) AND 2) has not been issued the license within 10 business days from required identifying information, including fingerprints having been submitted to the Commissioner under IA ST § 522B.5A(3)
June 29
West Virginia Effective immediately, the Commissioner will recognize CE credits obtained by a producer in another state if this producer was licensed and in good standing in West Virginia at the time the license was surrendered. Additionally, one may be exempt from CE if they hold any limited or restricted license that is exempted by the Commissioner. Note that these are additional rules to the currently standing law.
October 01
Wisconsin On April 15, 2022, Wisconsin released the Best Interest Law (2021 Wis. Act 260). This law revised the annuity suitability standards to better protect consumers of the annuity products. These changes will take effect on Oct 1, 2022.
June 28
Colorado Colorado releases an announcement that notes that they believe "Reproductive health care is an important part of the health care services" and notes that the Reproductive Health Equity Act signed on April 4, 2022, codifies the legal right to abortion services in Colorado.
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