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.
Posted November 26, 2024, West Virginia is soliciting comments regarding the surplus lines export list. Comments must be submitted on or before December 13, 2024, at 5:00 p.m. to the following email address: greg.A.Elam@wv.gov. Please see the attachment for more information.
Revised November 25, 2024, Delaware posted a bulletin on October 1, 2024, summarizing laws enacted during the 2024 session of the Delaware General Assembly and signed by the Governor. Laws marked with an asterisk ( \* ) were added after the original post date. Please see the attachment for the revised edition.
Effective November 15, 2024, Nevada added specific training requirements for resident and nonresident producers who transact annuity products. Please see the attachment for more information.
Effective January 1, 2025, New Hampshire approves an exemption to the insurance claims adjusters statute for persons who solely handle automobile glass claims. Please see the attachment for more information.
Posted November 19, 2024, New Mexico sent out a reminder about upcoming due dates for annual registration renewal fees (December 31, 2024). For timely processing, New Mexico advises renewal fees should be submitted on or before December 9, 2024. Please see the attachment for more information.
Effective December 13, 2024, New York applicants with a Status Reason of “Cancelled” with a future expiration date will not be able to submit electronically. They will need to contact the New York Department of Financial Services (DFS) for additional information. New York applicants with a Status Reason of “Cancelled” and an expiration date in the past will still be able to be processed electronically.
Posted November 19, 2024, North Carolina announces that the company appointment renewal invoices will be available for payment from February 3, 2025, to March 31, 2025. The termination deadline is January 22, 2025. The invoice grace renewal period is April 1, 2025, to May 14, 2025, until 4 pm central time Please see the attachment for cost information.
Effective December 13, 2024, Maine will require nonresident applicants applying for a Surplus Lines Broker line of authority to hold Surplus Lines in their resident state.
November 15, 2024, Vermont will implement new transaction types to process designated responsible licensed producers (DRLP).
Effective November 1, 2024, Delaware made the following updates: Resident Licensing Cleaned up the language for a resident producer license - A resident producer license applicant must: - Be a Delaware resident; or - Work for a business entity that: - Is licensed to conduct the business of insurance in Delaware; and - Maintains a physical location in Delaware that is open to the public and from which such business is conducted.
Nonresident License - Appointment fees have been reduced from $50 to $25 Please see the following link for more information.
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