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.
March 21
U.S. Virgin Islands Effective January 17, 2025, U.S. Virgin Islands will implement a new transaction type to process individual primary name updates
March 14
Pennsylvania Posted March 14, 2025, Pennsylvania Surplus Lines Association (PSLA) posted a bulletin reminding that the following fields have been eliminated on the affidavit effective December 1, 2024. Please see attached for more information. - Location of Risk – Street Address Only - Amount of Insurance – Property Amount - Amount of Insurance – Casualty Amount
June 06
West Virginia Effective June 6, 2025, West Virginia appointment renewal invoices will be available for payment from June 6, 2025, through August 31, 2025. The termination deadline is May 31, 2025. The West Virginia state appointment renewal fee is $25.00 per individual per company. Please see the attachment for more information.
March 13
Texas Effective March 13, 2025, Texas State Securities Board adopted rules to recognize: - SEC Regulation Best Interest - SEC Marketing Rule by Reference - FINRA Rules on Residential Supervisory Locations (RSLs) - FINRA Remote Inspections Pilot Program (RIPP) - Examination Validity Extension Programs (EVEP) - Maintaining Qualifications Program (MQP) Please use the following link for more information. Texas State Securities Board Rules
March 19
Michigan Posted March 18, 2025, Michigan Department of Licensing and Regulatory Affairs adopted rules to implement the Examination Validity Extension Programs (EVEP) and the Maintaining Qualifications Program (MQP) for agents and investment adviser representatives. The EVEP and MQP programs allow eligible agents and investment adviser representatives to extend the validity of their qualifications for up to five years after leaving employment with a firm. Please see attached for more information.
April 11
Florida Effective April 11, 2025, Florida will begin displaying the Business Phone Number within the Producer Database.
April 11
Nevada Effective April 11, 2025, Nevada will introduce new appointment and termination offerings. Nevada will also remove invalid offerings.
March 21
New Mexico Effective March 21, 2025, New Mexico implemented new transaction types to process Designated Responsible Licensed Producers (DRLP).
March 14
Hawaii Effective March 14, 2025, Hawaii will implement new transaction types to process designated responsible licensed producers (DRLP).
March 14
Alaska Effective March 14, 2025, Alaska will implement new transaction types to process designated responsible licensed producers (DRLP).
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