Regulatory Updates

Effective January 1, 2025, New York will require all foreign Excess and Surplus (E&S) insurers writing business in New York are required to maintain a minimum surplus to policyholders of $49,000,000. Please take a look at the attachment for more information. 

Effective February 1, 2025, Wyoming company appointment renewal invoices will be available for payment through March 31, 2025.

The last day to terminate an appointment is January 31, 2025. Please see the attachment for more information. 

Effective January 1, 2025, Alaska will establish standards for data security and notification requirements in case of a cybersecurity event.

Effective March 3, 2025, North Dakota company appointment renewal invoices will be available for payment electronically through April 30, 2025. The termination deadline is February 14, 2025. Total Fee per Appointment - $10.00 Please see the attachment for more information. 

Effective January 1, 2025, Utah will be updating its fingerprint fee from $28.25 to $27.00, for resident individual applicants for the offering license classes: - Producer, - Surplus Lines Producer, - Independent Adjuster, - Public Adjuster, - Limited Line Producer Indiv, - Reins Intermediary - Third Party Administrator, - Managing General Agent, - Consultant

Effective February 14, 2025, Nevada will implement revised licensing rules for Resident and Nonresident Adjusters and Producers. If applications do not adhere to these rules, they will be automatically rejected. The updates are as follows:  Licensing Rule Changes  - Producers with Property and/or Casualty LOAs: Will be ineligible to apply for Adjuster licenses (Independent, Public, Company, or Staff Adjuster).  - Adjusters with Property and/or Casualty LOAs: Will be restricted from applying for Producer licenses with Property and/or Casualty LOAs.  Nevada is also taking steps to update Adjuster Business Rules that align with the latest Designated Home State (DHS) standardized template.

Effective February 14, 2025, Rhode Island will update their amendment fee (LOA addition) from $50 to $0. This change is for Business Entities and individuals for: Resident, Nonresident, and No Home State applications. As well as Nonresident Adjusters applications for individuals. 

Posted December 19, 2024, Wisconsin posted a bulletin reminding Insurance Companies that they must submit notice of agent termination within 30 calendar days of the termination date to the commissioner. Please see the attachment for more information. 

Effective February 14, 2025, District of Columbia will be updating the exam requirements when an applicant moves to the District of Columbia from another state. The applicant is exempt from the license exam if applying within 90 days of the cancellation of their former resident state's license.

Effective January 1, 2025, Kansas is implementing a reinstatement fee for nonresident licensing for individual applicants who are reapplying 91 days past the license expiration date up to one year past the license expiration date.

The fee will be $150 ($100.00 Reinstatement + $50.00 Application Renewal Fee.)