Regulatory Updates

The Office of Superintendent of Insurance continues to receive inquiries related to the licensing of both resident and nonresident adjusters. These inquiries have revealed some discrepancies between the requirements set forth in Chapter 59A NMSA 1978, the New Mexico Insurance Code, and those contained in the Title 13 of the New Mexico Administrative Code. The Producer Licensing Bureau is currently working on an update and revisions to those provisions of Title 13 (Insurance) of the New Mexico Administrative Code administered by this Bureau, addressing the adjuster related discrepancies will be included in that process. In the meantime, given that state statute controls when an administrative rule conflicts with a statute, the Producer Licensing Bureau will be using statutory provisions when administering adjuster licensing requirements.  See attachment for full details.

Effective June 16, 2023, New Mexico will only require public adjusters to hold a surety bond. See attachment for full details.

Advisory Letter No. 2015-02, originally issued June 3, 2015, is hereby revised and reissued to provide updated guidance and clarity due to changes in the law since its original issuance.  See attachment for full details

Louisiana sends guidance regarding producer compensation in the form of a fee. See attachment for details.

Maryland amends prohibition on rebates and inducements of products and services by an insurer. See attachment for full details.

West Virginia summarizes its 2023 legislation. See attachment for details.

Delaware sends reminder regarding address and payment mailing requirements. See attachment for details

Tennessee provides clarification to the Suitability in Annuity Transactions requirement. See attachment for full details.

**Alabama 2023 Pre-Need Company Appointment Renewals** **Invoice Renewal Period will be 05/01/2023 to 09/01/2023** **Termination Deadline 04/27/2023**

Wyoming updates regulation governing suitability in annuity transactions. See attachment for full details.