Regulatory Updates

Effective June 8, 2022, both Resident and Nonresident Individual and Business Entity licenses that had an expiration date of 3/31/22 and have not paid the annual renewal fee will be updated to have the status "Nonpayment". To get a new license, one must reapply starting June 9, 2022.

Effective July 18, 2022, a reinstatement period will be added for resident producer and producer firm individuals. One will have up to one year post expiration date to reinstate their license. After this, the applicant must reapply.

The invoice renewal period is July 1, 2022 until Aug. 2, 2022. The termination deadline is June 26, 2022. New appointment renewal date is July 31, 2022 after appointment is renewed.

Effective October 10, 2022, the policy fee a Surplus Lines Broker may charge on a policy issued by a surplus lines broker has been raised. The fee cap is now $200 on each personal lines policy and $500 OR 7% of the policy's premium (whichever is greater).

Colorado has moved their public hearing for Amended 4-1-11 Concerning Best Interest Obligations and Supervision in Annuity Transactions set for July 1, 2022 to online due to spreading Covid concerns.

Illinois is requiring 4 hours of CE biennially. Credit will be given on a hour-by-hour basis and must be reported by a registered CE provider association. These credits do not settle the ethics requirement.

To better track catastrophe adjusters that are brought into the state in the case of an emergency, LA is requiring additional information that must be submitted at registration.

This is a reminder that on June 3, 2022, VT will be displaying the Vermont 2022 Appointment Renewal Invoices. The renewal period is June 3-30.

This announcement includes a full list of laws enacted in 2022 and two highlighted callouts in terms of compliance.

This will now go into effect on June 10th rather than May 27th. This change will allow a business entity to electronically update the physical address, email, and phone number.