Regulatory Updates

A recent amendment to 806 KAR 12:120 requires licensees to make annuity recommendations that are in the best interest of the consumer "under the circumstances known at the time the recommendation is made". This announcement clarifies that the "best interest of the customer" requirement is applicable **only **at the time the recommendation is made and not on an ongoing basis.

As a response to the winter storms, Alaska is accepting individual adjuster license exemption applications. This allows nonresidents of Alaska who licensed adjusters in their home state (DHS not accepted) to adjust losses caused by the catastrophe in Alaska. Application for this emergency license can be done via NIPR. Stay alert for an expiration on this exemption. For any question, please contact the Alaska Division of Insurance.

Hawaii releases amendments that establish consistent terms and durations of license and registration. This allows for electronic processing of licensing, renewal, registration, renewal, and reinstatement fees.

This notification is in response to the storms that happened on December 10ths and 11th, 2021. Insurers are allowed to reasonably extend the time period to pay premiums, copayments, deductibles, and other charges in the case that this will benefit the customer. Additionally, KY is offering temporary registration for both independent and staff adjusters. To apply, form 8307 needs to be filled out and submitted by the insurer on the departments website.