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.
June 05th , 2024
Effective:
June 05th , 2024
June 05
Maryland
Maryland Issues Bulletin Summarizing Laws Enacted in 2024
On June 5, 2024, Maryland issued a bulletin summarizing all laws that have been enacted in 2024. See attachment for full details.
Effective
June 05th , 2024
Effective:
June 07th , 2024
June 07
South Carolina
South Carolina to Implement New Transaction Type to Process Designated Responsible Licensed Producer (DRLP) Updates
Effective June 7, 2024, South Carolina will implement a new transaction type to process designated responsible licensed producer (DRLP) updates.
Pending
June 03rd , 2024
Effective:
June 03rd , 2024
June 03
Virginia
Virginia Changing Payment Processing Method Related to Surplus Lines Reporting
Effective June 3, 2024, Virginia Bureau of Insurance moved its payment processing to J.P. Morgan Chase and its affiliated partner Paymentus. To facilitate electronic payments, Virginia’s new Company Identification Number (0000408976) must be provided to your Accounts Payable Department.
Effective
May 31st , 2024
Effective:
August 01st , 2024
August 01
Louisiana
Louisiana Announces 2024 Agency Appointment Renewal Dates
On May 31, 2024, Louisiana announced the 2024 Agency Appointment Renewal dates.
Termination Deadline: June 26, 2024
Companies will be billed for appointments that are active as of June 26, 2024.
Invoice renewal period: July 1, 2024 - August 1, 2024
Effective
May 28th , 2024
Effective:
May 30th , 2024
May 30
Idaho
Idaho Implements New Transaction Type to Process Primary Name Updates
Effective May 30, 2024, a new transaction type will be implemented for Idaho to process individual and business entity primary name updates.
Pending
May 28th , 2024
Effective:
May 30th , 2024
May 30
South Carolina
South Carolina Implements New Transaction Type to Process Primary Name Updates
Effective May 30, 2024, a new transaction type will be implemented for South Carolina to process individual and business entity primary name updates.
Pending
May 24th , 2024
Effective:
May 24th , 2024
May 24
Massachusetts
Massachusetts Issues Bulletin Relate to Inducements, Rebates and Affiliated Entities
On May 24, 2024, the Massachusetts Insurance Department issued a bulletin related to Inducements, Rebates and Affiliated Entities. See attachment for full details.
Effective
May 23rd , 2024
Effective:
July 01st , 2024
July 01
Indiana
Indiana Implements Annuity Suitability Requirements
Effective July 1, 2024, Indiana will implement new requirements related to suitability in annuity transactions. See attachment for full details.
Effective
May 22nd , 2024
Effective:
May 22nd , 2024
May 22
Guam
Guam Updating Expiration Dates for All Licenses
Effective March 22, 2024, Guam will be updating the expiration dates for all licenses.
This included individuals, business entities (firms / agencies) and companies.
The expiration date will be changing from July 1st (7/1) to June 30th (6/30).
Licensees will need to renew their licenses by June 30, 2024 11:59pm CST.
All residents that require CE will also need to meet their CE Requirements by June 30, 2024 11:59pm CST.
Effective
May 16th , 2024
Effective:
May 16th , 2024
May 16
Utah
Utah Issues Bulletin Regarding Communicating Premium Increases
On May 16, 2024, Utah issued a bulletin regarding communicating with policyholders about premium increases. See attachment for full details
Effective
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Disclaimer - AgentSync does not warrant to the completeness or accuracy of the information provided in this database. You are responsible for ensuring the accuracy and totality of all representations, assumptions, information and data provided by AgentSync to you in this database. The information in this database should not be construed as legal, financial, or other professional advice, and AgentSync is not responsible for any harm you sustain by relying on the information provided herein. You acknowledge and agree that the use of this information is at your own risk. You should always consult with the applicable state and federal regulatory authority to confirm the accuracy of any of the information provided in this database.
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analyzed
Our compliance experts have identified the update and analyzed it for impact on both the industry and AgentSync products.
pending
The time between the update's publication date and effective date.
effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).