Regulatory Updates

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 August 30, 2024, Illinois will implement a new transaction type to process Primary Name Change (Demographics) updates. 

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.

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.

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.)  The Department has asked for comments no later than 5 pm MT, September 10th, 2024. Please see the attachment for more information.

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

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.

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   

Effective August 30, 2024, Illinois will implement a new transaction type to process Designated Responsible Licensed Producer (DRLP).

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.