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.

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December 04th, 2023
Effective:
December 04th, 2023
map-marker New York
The National Insurance Producer Registry (NIPR) Issues a Flier Announcing Additional Licensing through NIPR for New York Department of Financial Services (NYDFS) for Brokers and Agents
The National Insurance Producer Registry (NIPR) Issues a Flier Announcing Additional Licensing through NIPR for New York Department of Financial Services (NYDFS) for Brokers and Agents. NIPR is now processing NY resident and nonresident licensing and renewals for all major lines / core limited lines license offerings for Individuals. Additionally, NIPR also plans to expand NYDFS business entity licensing services, please see attached flier for more detailed information.
Effective
December 01st, 2023
Effective:
January 01st, 2024
map-marker Montana
Montana to Add New License Class Called Temporary Surety Bail
Effective January 1, 2024, Montana will add a new offering called Temporary Surety Bail - New offering requirements: - Temporary Surety Bail has no fee - Exam required before submitting application - License expires after 12 months if applicants is approved - Must be 21 years of age - Amendment applicants deferred for fingerprint check after 1 year - Reapplications deferred for fingerprint check 
Effective
December 01st, 2023
Effective:
January 01st, 2024
map-marker Kansas
Kansas Insurance Department Announces Fee Reduction for Several License Classes
**Individual and Business Fees** - Resident Licensing / Nonresident No Home State Licensing - Insurance Producer / Application Fee reduced from $30 to $15. - Nonresident Licensing - Insurance Producer / Application Fee reduced from $80 to $50. **Individual Fees** - Resident Licensing, Nonresident Licensing No Home State - Insurance Producer / Reaplication reduced from $180 to $165. - Nonresident Licensing - Insurance Producer/ Reapplication Fee reduced from $180 to $150. **Business Fees** - Resident Licensing - Credit, Car Rental and Portable Electronics reduced from $30 to $15. - Nonresident Licensing - Credit, Car Rental and Portable Electronics reduced from $80 to $50.
Effective
December 01st, 2023
Effective:
December 01st, 2023
map-marker New Mexico
The New Mexico Office of Superintendent of Insurance Announces Pharmacy Benefit Manager (PBM) License and Renewal Process Changes
Effective December 1, 2023, The New Mexico Office of Superintendent of Insurance announced via a bulletin, changes to the process of renewing applications and renewals for Pharmacy Benefit Managers.
Effective
November 28th, 2023
Effective:
December 01st, 2023
map-marker North Dakota
North Dakota Issues Company Appointment / Terminations Change in Procedure Notice
Effective December 1, 2023, North Dakota Insurance Department will no longer accept appointment / termination documents via paper, email or mail and will only accept electronically through NIPR. Please see attached for more details.
Effective
November 27th, 2023
Effective:
December 21st, 2023
map-marker New York
New York Department of Financial Services (NYDFS) Updates Appointments Backdating Rule
Effective December 21, 2023, New York will not allow appointments to be backdated and will ignore any submissions with a backdate. Appointment Issue date will be the system date.
Effective
November 27th, 2023
Effective:
November 27th, 2023
map-marker Hawaii
Hawaii Issues Declaration from the State Insurance Commissioner Regarding Assistance of Nonresident Independent Adjusters in Response to the August 8, 2023 Maui Island Wildfire
Insurance Commissioner Gordon I. Ito authorizes temporary assistance of Nonresident independent Adjusters for the continued support of the affected communities and residents of the Maui Island wildfires. Full details can be found in the attached declaration.
Effective
November 27th, 2023
Effective:
November 27th, 2023
map-marker Kentucky
Kentucky Issues 2024 Company Appointment Renewals Dates
The invoice renewal period Property and Casualty and Other limited lines is Jan. 8, 2024 AM EST - March 31, 2024 3PM EST. The late renewal period is April 1, 2024 8AM EST - June 30, 2024 3PM EST. The termination deadline is Jan. 4, 2024.  **Renewal Fees: ** Individual Producers with RL: $40 Business entities/Agencies with RL: $100 Individual NR Producer: $50 Business entities/Agencies with NRL: $120 **Late Renewal Fees:** Individual Producers with RL: $80 Business entities/Agencies with RL: $200 Individual NR Producer: $100 Business entities/Agencies with NRL: $240
Effective
November 21st, 2023
Effective:
January 01st, 2024
map-marker Illinois
Illinois to Update Bail Bond Requirement for Public Adjusters
Effective January 1, 2024, Illinois to Update Bail Bond Requirement for Public Adjusters. Bond Amounts for Public Adjusters will change from $20,000 to $50,000.  This change will affect the following:  - Resident Licensing,  - Nonresident Licensing,  - Nonresident Licensing  - No Home State applications for Public Adjusters. No Impact to Manage Posted to the compliance library
Effective
November 21st, 2023
Effective:
January 01st, 2024
map-marker Vermont
Vermont Will Update Various Retaliatory Fees
Effective January 1, 2024, Vermont will update various retaliatory fees for the following: Nonresident Licensing,  Nonresident Adjuster Licensing,  Nonresident Adjuster Renewal,  Nonresident Licensing No Home State, Nonresident Renewal No Home State. 
Effective
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effective
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This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).

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