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.
August 16
District of Columbia Effective August 9, 2024, District of Columbia will implement a new transaction type to process Designated Responsible Licensed Producer (DRLP).
August 28
Missouri Effective August 28, 2024, Missouri has updated the Continuing Education exemption for life producers who only sell funeral or burial expenses. The exemption now applies to producers whose written agreements with the insurer limits them to policies or annuities for funeral or burial expenses with an initial face amount of $20,000 or less, an increase from the previous limit of $15,000. Please see attached for more details.
January 01
Rhode Island Effective January 1, 2025, Rhode Island made updates around appointment renewals, termination, and appointment requirements for resident and nonresident producers. Please see the attachments for more information. Update: Please see the link for FAQ by the state __
August 09
West Virginia Effective August 9, 2024, West Virginia will implement a new transaction type to process Primary Name Change (Demographics) updates.
August 09
West Virginia Effective August 9, 2024, West Virginia will implement a new transaction type to process Designated Responsible Licensed Producer (DRLP)
August 07
Arizona Effective August 7, 2024, Arizona will implement a new transaction type to process Primary Name Change (Demographics) updates.
August 07
Arizona Effective August 7, 2024, Arizona will implement a new transaction type to process Designated Responsible Licensed Producer (DRLP)
October 01
Maryland On August 7, 2024, Maryland Insurance Administration posted a bulletin to notify insurance producers and public adjusters that 2024 Maryland laws would increase the maximum civil penalties that the Administration may impose for certain statutory violations. These changes become effective on October 1, 2024. Please see the attachment for more information.
July 01
Utah Effective July 1, 2024, Utah has revised the language in the following sections of their code for residents and nonresidents. See attachments for full details. - Fee Summary - Viatical Settlements/Life Settlement: General Requirements - Appointment Renewals - Navigator General Requirements
August 08
Hawaii Effective ~~August 7, 2024~~, Hawaii will be terminating 4,100 Hawaii carrier appointments. It was discovered that appointments were migrated from a legacy system giving producers lines of authority they've never held. Update: August 8, 2024 - The update that Hawaii planned to make on August 7, 2024, is now planned for August 8, 2024.
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