Regulatory Updates

Effective January 1, 2025, South Carolina requires the director or his designee to examine the conduct and business practices of pharmacy benefits managers (PBMs) and pharmacy services administrative organizations (PSAOs).  As often as the director deems appropriate, but not less than once every five years, the director may examine or audit the books and records of a PBM / PSAO providing claims processing services or other prescription drug or device services for a health benefit plan in compliance with this act. Please see the attachment for more information.

Effective January 1, 2025, New Jersey posted a bulletin guiding: carriers, pharmacy benefits managers (“PBMs”), and pharmacy services administrative organizations (“PSAOs”) concerning licensing requirements. Please see the attachment for more information.

Effective January 1, 2025, Alaska posted a bulletin explaining how Pharmacy Benefits Managers need to be registered. The PBM registration form can be found on the link below. 

Alaska also speaks on this bulletin about upcoming regulations coming out in two packages for public comment early in 2025.  - The first package addresses registration requirements specific to pharmacy benefits managers (PBM).  - The second package is specific to PBM claims, grievances, activities and appeals

NASAA on December 18, 2024, amended the model rules for examination requirements for: Investment Adviser Representatives and Broker-Dealer Agents. Please see the attachment for more information. 

Posted December 24, 2024, New York added a new company to the list of Excess & Surplus lines (E&S) insurers, maintained by the Excess Line Association of New York (ELANY). Please see the attachment for more information.

Effective January 1, 2025, Oklahoma will offer Insurance Producer and Adjuster licensing exams in Spanish, including the Kaplan Financial exam study manuals. Please see the following attachment for more information.

Effective January 2, 2024, Iowa will start having displayed on the Producer Database, Temporary Insurance Producer.

This license class can tie to the following lines of authority: Life - Accident & Health or Sickness - Casualty - Property - Credit - Surety - Personal Lines

Effective January 9, 2025, Indiana will update various retaliatory fees for Nonresident Licensing, Nonresident Renewal, Nonresident Adjuster licensing, and Nonresident Adjuster Renewal transaction types for various states: AL, AR, CA, CO, CT, GA, HI, IL, KY, MA, ME, MO, MN, MS, MT, NC, ND, NM, NV, PA, TN, VT, WY

Update: The new retaliatory fees will be effective January 10, 2025.

Effective February 14, 2025, Connecticut will require the National Producer Number within the application for all business entity applications. Update: January 13, 2025, Connecticut has canceled these changes, and will update at a later date.

Posted December 17, 2024, Connecticut requires that each foreign eligible surplus lines insurer shall annually on or before the first day of March submit to the Commissioner by electronically filing with the National Association of Insurance Commissioners (NAIC) a report of its financial condition. These reports shall include a breakdown of the company’s Connecticut business showing premiums and losses by line. Please take a look at the attachment for more information.