Regulatory Updates

Effective August 11, 2024 - Oklahoma added requirements for surplus lines brokers that they must electronically file information relating to quarterly and annual filings and tax payments through the electronic database designated by the Insurance Commissioner - Filings must be accompanied by an attestation under penalty of perjury that the information submitted is true and correct. - Policies or endorsements that are exempt from surplus lines premium taxes must be reported. - All taxes dues on surplus line policies must be collected by the broker who procures the policy and remitted to the Insurance Commissioner quarterly by April 30, July 31, October 31, and January 31. - A broker is not required to report business for a quarter during which no business was transacted, but must still file an annual tax report even if zero business was reported.

Effective August 22, 2024, South Carolina made changes to the fingerprinting process for Insurance Producers and Bail Bondsman licenses.  - When the fingerprint form and application must be submitted - Companies may not save and reuse ORI numbers/service codes - Any public information containing fingerprint instructions must be removed immediately Please see the attachment for more information.

Effective August 30, 2024, Missouri has amended the Suitability in Annuity Transactions rule. Missouri incorporated the “Best Interests” standard the National Association of Insurance Commissioners (NAIC) adopted. Please see the attachment for more information. Update: Missouri posted a bulletin providing clarification around these changes on October 1, 2024. Please see the attachment for more information.

Effective August 27, 2024, New Mexico is no longer using Prometric to administer the New Mexico examinations. Moving forward, PSI will start administering the tests. Testing will be unavailable from October 21, 2024 - October 31, 2024. Please see the attachment for more information. Update - PSI has started allowing applications to register online via the link below. https://test-takers.psiexams.com/nmins/test

Effective August 21, 2024, Connecticut Governor Ned Lamont declared a state of emergency in response to the flooding that affected parts of Connecticut. Connecticut Department of Insurance posted a bulletin reminding resident insurers and licensees of Fairfield, New Haven and Litchfield counties how to handle insurance claims throughout the state of emergency. Please see the attachment for more information.

On August 22, 2024, Rhode Island posted a bulletin regarding Adjuster Continuing Education requirements which will be effective May 28, 2024. The Department is implementing continuing education for insurance claim adjusters who will be required to complete twenty-one (21) general credits and three (3) ethics credits. Please see the attachment for more information.

On August 22, 2024, Rhode Island posted a bulletin about appointment filing instructions for the newly enacted implementation of insurance producer electronic appointments, required to be filed through NIPR’s Insurance Appointment and Termination system beginning January 01, 2025. Please see the attachment for more information.

Effective January 1, 2025, New Hampshire added a licensing exemption for resident and nonresident adjusters that only investigate, negotiate, settle, or complete a first notice of loss claim form for automobile glass replacement or repair claims. Please see the attachment for more information.

Effective August 21, 2024, Wisconsin will implement new transaction types to process Designated Responsible Licensed Producer (DRLP) and Primary Name Change (Demographics) updates. 

On August 16, 2024, FINRA released information about the annual renewal process for 2025. Firms are required to renew their registrations with FINRA, other self-regulatory organizations (SROs) and states/jurisdictions during the Annual Renewal Program, which begins in the fourth quarter of each year.  Renewal fees are provided through two statements: - The Preliminary Statement reflects registration information as of early-to-mid November. - The Final Statement reflects registration information as of Jan. 2. Please use the hyperlink below for more information. [FINRA 2025 Annual Renewal Program](https://www.finra.org/registration-exams-ce/broker-dealers/annual-renewal)