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.
December 24
New York Posted December 24, 2024, New York added a new company to the list of Excess & Surplus lines (E&S) insurers, maintained by the Excess Line Association of New York (ELANY). Please see the attachment for more information.
January 01
Oklahoma Effective January 1, 2025, Oklahoma will offer Insurance Producer and Adjuster licensing exams in Spanish, including the Kaplan Financial exam study manuals. Please see the following attachment for more information.
January 02
Iowa Effective January 2, 2024, Iowa will start having displayed on the Producer Database, Temporary Insurance Producer.
This license class can tie to the following lines of authority: Life - Accident & Health or Sickness - Casualty - Property - Credit - Surety - Personal Lines
January 10
Indiana Effective January 9, 2025, Indiana will update various retaliatory fees for Nonresident Licensing, Nonresident Renewal, Nonresident Adjuster licensing, and Nonresident Adjuster Renewal transaction types for various states: AL, AR, CA, CO, CT, GA, HI, IL, KY, MA, ME, MO, MN, MS, MT, NC, ND, NM, NV, PA, TN, VT, WY
Update: The new retaliatory fees will be effective January 10, 2025.
Connecticut Effective February 14, 2025, Connecticut will require the National Producer Number within the application for all business entity applications. Update: January 13, 2025, Connecticut has canceled these changes, and will update at a later date.
March 01
Connecticut Posted December 17, 2024, Connecticut requires that each foreign eligible surplus lines insurer shall annually on or before the first day of March submit to the Commissioner by electronically filing with the National Association of Insurance Commissioners (NAIC) a report of its financial condition. These reports shall include a breakdown of the company’s Connecticut business showing premiums and losses by line. Please take a look at the attachment for more information.
January 01
Oregon Posted December 20, 2024, Oregon Division of Financial Regulation (DFR) advises filers who use the North American Securities Administrators Association (NASAA) Electronic Filing Depository (EFD) that the system will be offline and unavailable to all filers and regulators on January 1, 2024 - January 5, 2024.
If your filing is due during those dates, DFR advises you to file before 9 p.m. Pacific Time December 31, 2024. Please use the following URL for more information Outage of NASAA Electronic Filing
January 01
New York Effective January 1, 2025, New York will require all foreign Excess and Surplus (E&S) insurers writing business in New York are required to maintain a minimum surplus to policyholders of $49,000,000. Please take a look at the attachment for more information.
March 31
Wyoming Effective February 1, 2025, Wyoming company appointment renewal invoices will be available for payment through March 31, 2025.
The last day to terminate an appointment is January 31, 2025. Please see the attachment for more information.
January 01
Alaska Effective January 1, 2025, Alaska will establish standards for data security and notification requirements in case of a cybersecurity event.
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