Regulatory Updates

November 1, 2024, Maine will be “cleaning up” individual nonresident producer license records. Under Maine law, a producer must have a valid home state license to hold a Maine nonresident producer license. During the clean-up, these noncompliant licenses will be canceled. This action will occur over the next several weeks and should be completed by the end of 2024. Please see the attachment for more information.

Update: November 15, 2024, 7,700 licenses were cancelled effective today Update: November 22, 2024, 15,300 licenses were cancelled effective today Update: December 6, 2024, 9,600 licenses were cancelled effective today

Effective November 1, 2024, State Based Systems (SBS) is updating multiple lines of authority effective dates for the below states. - North Dakota - Nebraska - New Hampshire - Tennessee

Effective January 1, 2025, Georgia will be updating appointment fees. All new appointments processed in 2024 will be charged the current fee. The new appointment fee will be charged for appointments processed on or after January 1, 2025. Please see the attachment for more information.  Current Fee - $16 New Fee - $20

Update: On December 17, 2024, Georgia will continue to require the Appointer’s Tax number to be submitted for appointments and terminations for electronic applications.

Posted October 30, 2024, Kansas announces that the company appointment renewal invoices will be available for payment from January 2, 2025, to March 1, 2025. The termination deadline is December 26, 2024.  Please see the attachment for cost information and the license classes allowed for appointment renewals.

Effective April 28, 2025, FINRA is adopting amendments that clarify and define rules surrounding registered persons from borrowing money from or lending money to their customers. - Clarifying that the rule’s general prohibition and requirements apply to borrowing or lending arrangements that pre-exist a new broker-customer relationship - Defining “customer” to include any customer that has, or in the previous six months had, a securities account assigned to the registered person at any member, which extends the rule’s limitations to borrowing or lending arrangements entered into within six months after a broker-customer relationship terminates - Extending the rule’s general prohibition and requirements to borrowing or lending arrangements that involve conflicts similar to the ones presented by arrangements directly between registered persons and their customers. More information can be found via the following link

Effective November 1, 2024, Washington amended resident and nonresident requirements for the following sections, please see the attachment for more information: - Lapsed licenses of more than twelve months no longer require pre-licensing exams - Limited line credit insurance is included as part of any producer license issued with life, disability, property, casualty, or personal lines of authority.  - Removed crop adjuster continuing education requirements

Posted October 21, 2024, Maryland proposed amendments to Public Adjusters aim to clarify requirements:

Define "business day" in relation to insurance claims. Establish how to determine "the date of a loss giving rise to an insurance claim." Outline the notification process for public adjusters regarding contracts for services entered into during or within 72 hours after a loss.

Please see the attachment for more information.

Effective October 18, 2024, Montana will Implement new transaction types to process Name Change (Demographics) updates.

Effective October 18, 2024, Massachusetts will Implement new transaction types to process Name Change (Demographics) updates.

Effective January 1, 2025, Vermont will revise its appointment and termination fees. - Life and Accident & Health or Sickness Grouping: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Casualty and Property Grouping: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Bail, Personal Lines, Variable Life and Variable Annuity, Title, Portable Electronics per LOA: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Car Rental, Credit, Self Storage, Travel per LOA: - If the carrier is located outside Vermont, the fee is $90. - If the carrier is located inside Vermont, the fee is waived.

Updated: On November 7, 2024, the following LOA's fees were changed from $80 to $90 per LOA: - Car Rental - Credit - Self Storage - Travel