Regulatory Updates

Posted December 5, 2024, Utah Insurance Department issued a bulletin to provide guidance and reinforce the requirements for suitability in annuity transactions. Please see the attachment for more information.

The state clarified the following sections:

Effective December 3, 2024, New Mexico Securities Division authorizes for the year of 2025, that Brokers / Dealers can conduct audits of single-agent branch offices remotely. This shall remain in effect until December 31, 2025, unless extended or rescinded. Please see the attachment for more information.  To conduct an audit of single-agent branch offices remotely, the following conditions must be met:

Effective January 9th, 2025, Nebraska will update the following license classes Lines of Authority (LOA) descriptions: Insurance Producer, Producer Temporary, and Apprentice Temporary Insurance Producer The new LOA descriptions will be available for display and offered for applications electronically.

Effective December 13, 2024, Washington will allow Business Entities to process address change updates electronically. Additionally, existing individual address change processing rules will be updated.

Effective January 1, 2025, Alaska will reduce the current fingerprint fees for a resident individual application. Current Fingerprint Fee - $48.25  New Fingerprint Fee - $47.00 Please click below to see the list of license classes impacted

November 15, 2024, New Hampshire will implement new transaction types to process designated responsible licensed producers (DRLP).

On December 2, 2024, Ohio posted a notification reminding licensed Ohio title agents and agencies, or their authorized representatives that they must file an annual title agent/agency review.

Annual Filings for the 2024 filing period (September 1, 2023 - August 31, 2024) are due by January 15, 2025.  

Instructions can be found using the link below Annual Title Instructions

Posted November 26, 2024, Oklahoma posted a notice that Pharmacy Benefit Manager (PBM) license holders will have a new point of contact. The Regulated Industry Services (RIS) Division will be responsible for:  - Initial licensure - Renewal of licensure - Review of annual statements Should you have any questions or need assistance with PBM licensure, you can contact the RIS division via email at PBMLicensing@oid.ok.gov. Please see the link below for more details. 

Posted November 26, 2024, West Virginia is soliciting comments regarding the surplus lines export list. Comments must be submitted on or before December 13, 2024, at 5:00 p.m. to the following email address: greg.A.Elam@wv.gov. Please see the attachment for more information. 

Revised November 25, 2024, Delaware posted a bulletin on October 1, 2024, summarizing laws enacted during the 2024 session of the Delaware General Assembly and signed by the Governor. Laws marked with an asterisk ( \* ) were added after the original post date.  Please see the attachment for the revised edition.