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.

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September 04th, 2024

Effective:
October 03rd, 2024

N/A

NASAA Seeks Public Comment On Proposed Amendments

Posted September 3, 2024, NASAA is seeking public comment on proposed amendments to two NASAA model rules to support NASAA’s Exam Validity Extension Program (“EVEP”). The two NASAA model rules are: - The NASAA Model Rule: Examination Requirements for Broker-Dealer Agents - The NASAA Model Rule: Examination Requirements for Investment Adviser Representatives

Effective

September 03rd, 2024

Effective:
October 11th, 2024

Florida

Florida Implements New Rule Around Tax Identification Numbers And CE Renewal Date Display

Effective October 11, 2024, Florida will implement a new rule to decline individual applications if the Tax Identification Number begins with the number nine. Additionally, the Continuing Education Renewal Date will begin to display on the Producer Database for Florida license classes that require CE. Update: September 24, 2024, the Continuing Education Renewal Date displaying will be pushed back to a later date. At this time, no ETA.

Pending

September 03rd, 2024

Effective:
October 01st, 2024

Texas

Texas To Raise Prices For Submitting Course Completion Information

Effective October 1, 2024, Texas will raise the cost for submitting course completion information. The price will increase to $1.30 per credit hour reported. Please see the attachment for more information.

Effective

September 03rd, 2024

Effective:
September 10th, 2024

Colorado

Colorado Seeking Comments On Draft Proposals Concerning Surplus Lines Insurance

Posted August 30, 2024, Colorado Department is seeking comments on the following draft proposed concerning Surplus Lines Insurance for setting necessary disclosure requirements for surplus lines insurance contracts. Please submit your comments via email ([DORA\_Ins\_RulesandRecords@state.co.us](mailto:DORA_Ins_RulesandRecords@state.co.us).) The Department has asked for comments no later than 5 pm MT, September 10th, 2024. Please see the attachment for more information.

Effective

September 03rd, 2024

Effective:
July 01st, 2024

Idaho

Idaho Makes Changes For Residents For Appointment Renewals And Initial Appointments

Effective July 1, 2024, Idaho made changes for residents involving rule removal and rule language updates.

Effective

September 03rd, 2024

Effective:
August 19th, 2024

New Jersey

New Jersey Updates Requirements For A Hearing For Resident and Nonresident Licensees

NJ - Effective August 19, 2024, New Jersey updated requirements for a hearing from the Department after a licensee has been suspended or canceled within twenty calendar days for residents and nonresidents.

Maine Updating Rules For Address Change Requests And Allowing Business Entities To Process Address Change Requests

Effective date to be determined, Maine will allow Business Entities to process contact change requests electronically. Additionally, existing individual Contact Change Request processing rules will be updated. Update: Maine has temporarily delayed these updates. Additionally, new requirements have been added to exclude specific license types from submitting contact updates electronically. Contact changes for the license types below will need to be submitted to Maine directly. - Workers Comp Individual Self-Insurer - Workers Comp Group Self-Insurer - Continuing Retirement Community-Domestic - Continuing care retirement community – foreign - Captive Insurer - Multiple Employer Welfare Domestic

Pending

September 03rd, 2024

Effective:
August 30th, 2024

Illinois

Illinois to Implement New Transaction Types to Process DRLP Changes and Primary Name Updates

Effective August 30, 2024, Illinois will implement new transaction types to process Designated Responsible Licensed Producer (DRLP) and Primary Name Change (Demographics) updates.

Pending

September 03rd, 2024

Effective:
August 30th, 2024

New Mexico

New Mexico Temporary Insurance Producer License

Effective August 30, 2024, New Mexico will issue temporary insurance producer licenses through NIPR. This offering is to circumvent New Mexico’s “blackout” period while they change Insurance Examination Vendors. Please see the following attachment for more details.

Released

September 03rd, 2024

Effective:
August 28th, 2024

Missouri

Missouri Passed A Bill Involving Minimum Time The Department Will Request Records From An Entity

Effective August 28, 2024, Missouri passed a bill involving a regulated entity will not have less than 30 calendar days to submit any record or material requested by the Department. Please see the attachment for more information.

Effective

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