Regulatory Updates

Posted January 9, 2025, The Excess Line Association of New York (ELANY)  posted a bulletin providing information on the filing of "ZERO" premium tax statements through the Department of Financial Services (DFS) portal if they meet ALL of the following criteria: - No surplus lines business was written in New York for the year 2024 - No transactions were reported to Excess Line Association of New York (ELANY) for any endorsements/cancellations - No premium taxes or credits are due for 2024 and prior years. Please see the attachment for more information.

Posted January 8, 2025, Colorado clarified how Zero Reports and Annual Reports should be processed with Colorado moving to the SLIP system. Please see the attachment for more information.

Effective February 12, 2025, Pennsylvania has updated additional clarification and modernization for the following sections for both resident and nonresident: Licensing, Appointment, Termination, Fictitious names, and license renewal requirements.

A significant change involves General 'Business Entity' language and 'Managers and Exclusive General Agents'. See attached for more details. 

Effective January 9, 2025, Louisiana will implement a new transaction type to process Name Change (Demographics) updates to process individual primary name updates.

Update: On March 28, 2025, Louisiana will allow processing Business Entity licensees to process Primary Name changes electronically

Update posted March 19, 2025, Michigan will begin sending the data to display on the PDB beginning March 26, 2025. 

Effective February 14, 2025, Michigan will implement a Pharmacy Benefit Manager (PBM) license exclusively for business entities.

This license will be displayed on the Producer Database.

Effective January 6, 2025, NASAA rolled out updates to the Electronic Filing Depository (EFD) system. The updates to EFD include:  - Migration to the commercial cloud - New system URL - New system support Please use the link as follows for more information. NASAA Headlines

Effective January 1, 2025, through June 29, 2025, Oregon issued temporary rules for pharmacy benefit managers (PBMs). The changes made are as follows:  - Changing that PBM's need to  register with the Department of Consumer and Business Services (DCBS) to now being a licensure requirement - Language needs to be updated from "registration" to "licensure" language - Expanded transparency requirements on PBMs, and new language is needed to reflect the addition of new data elements. - Language around PBM rules to provide additional clarity on existing requirements related to “maximum allowable cost” (MAC) lists, and adding new language reflecting market conduct requirements for PBMs

The  Rulemaking Advisory Committee's (RAC), reasoning for the temporary rule is that the language contained in this temporary filling is almost identical to the final rules. The committee plans to have the final effective wording before June 29, 2025. Please see the attachment for more information.

Effective January 10, 2025, Nebraska will update the retaliatory fees list for initial appointments for the following states: - Connecticut - Old Fee: $10 New Fee: $20  - Georgia - Old Fee: $14 New Fee: $20  - Guam - Old Fee: $0 New Fee: $25  - North Carolina - Old Fee: $10 New Fee: $11  - Vermont - Old Fee: $30 New Fee: $80 - Virginia - Old Fee: $10 New Fee: $8 

Posted January 7, 2025, Alaska hosted a public hearing to solicit public testimony regarding the types of insurance for which insureds generally cannot secure coverage from admitted insurers. In doing so, the director issued an order that updated the surplus lines placement list. The results from that public hearing were posted.

The Surplus Lines List will be amended, adding the following: - Hotels/Motels - pre-1990 - Non-owned and Hired Trailer 100k or more coverage.  Please see the attachment for the full list. 

Effective February 14, 2025, Utah will add a Non-Uniform Question (NUQ) for the Resident Licensing application for individuals.