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.
May 01
New York Posted on March 25, 2025, New York’s Excess Line Association sent out a bulletin reminding New York licensed brokers of the need to show compliance with cybersecurity regulations for the next set of cybersecurity regulations, due no later than May 1, 2025.
This set of cybersecurity regulations ties to the following Brokers: - Brokers that have not filed a limited or full exemption - Brokers that have filed a limited exemption - Class A Brokers Please see the attachment for more information.
March 20
Montana Posted March 20, 2025, Montana provided the following guidance regarding the examinations required to register as an Investment Adviser Representative. To register as an Investment Adviser Representative, an individual must have successfully taken one of the following: 1. FINRA General Securities Principal's Examination, Series 24 2. NASAA Uniform Investment Adviser Law Examination, Series 65 3. NASAA Uniform Combined State Law Examination, Series 66 Please see the attachment for more information.
March 09
Florida Effective March 9, 2025, Florida clarified the discount requirement applying to surplus lines policies that provide coverage for 12 months filed between October 1, 2024, and September 30, 2025. Please use the following link for more information. Premium Tax Discounts
May 15
Hawaii Posted March 18, 2025, Hawaii's Insurance Division has issued a bulletin regarding the 1st Quarter 2025 Surplus Lines Premium Tax Statement and Payment, due by May 15, 2025. The bulletin notes that Form 104 and Form 104C have been updated to improve efficiencies. Please refer to the attached document for more details.
March 19
Kentucky Posted March 19, 2025, Kentucky's Insurance Commissioner is permitting temporary registration for unlicensed emergency adjusters to operate in the following counties due to the storms on March 15, 2025: - Daviess - Jefferson - Oldham Please refer to the attached document for further details.
March 21
Arkansas Effective January 17, 2025, Arkansas will implement a new transaction type to process individual primary name updates
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
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