Regulatory Updates

NASAA requests comments be submitted on their newly proposed model rules that would extend the validity period of certain exams. These are meant to align with recent FINRA changes (Rules 1240) that pertain to CE requirements. Comments are due by July 21st, 2022. Announcement attached.

Effective July 6, 2022, Iowa has deleted their monthly billing statement information. For Renewals, appointments that are terminated due to non payment are now able to get re-appointed via NIPR. For limited lines, rental car agent Iowa revised deadline for notifying the Division of terminated counter employee licensees and counter employee licensee name or address changes.

The June cutoff is set for 4:30pm CST on June 22, 2022. Filings after this time will be part of July activity.

Limited lines refers to a licensed MGA or TPA, a licensed producer (including limited lines producer), and a travel administrator. This announcement then further defines travel admins and travels insurance.

Kentucky releases legislative changes (attached). One to highlight is An Act Relating to the Issuance and Renewal of Occupational Licenses to Military Spouses. An administrative agency is required to issue a temporary or regular license to the spouse of someone currently in the armed forces. The spouse will not need to pay fees if they meet the requirements. Previously, fees were not waived.

The following are exempt from CE: Producers licensed for limited lines, nonresidents who met their home state's CE requirements, and licensees that are 65 years old and have been licensed for 25 years.

Surplus Lines premium tax must be paid by check to the Idaho Department of Insurance. The stamping fee must be paid to the Surplus Lines Association of Idaho.

Florida announces that a fingerprint fee is no longer required and the fingerprints must be processed in compliance with FL ST § 624.34. This will then be used to investigate if the applicant is qualified.

This announcement is reminding Public Adjusters of laws that are already in effect, but highlights specific provisions.

Effective today, PO boxes will no longer be allowed as business addresses. Applicants with no resident license or a state code change that are updating their addresses will be deferred to the state to review.