Regulatory Updates

On July 18, 2024, Georgia posted a bulletin addressing surplus line insurers and brokers collecting unauthorized fees. This bulletin supersedes the previous bulletin on this topic(Bulletin 22-EX-4), therefore this bulletin is meant to supersede and replace that bulletin. Please see the attachment to review the full bulletin.

On July 24, 2024, Oklahoma issued an order adopting amendments related to the Uniform Securities Act of 2004. Please see the attachment for the details of the adopted amendments.

On July 17, 2024, FINRA published three new tools to help firms in the process of filling a new or continuing membership application. New Membership Application Programs (MAP).

On July 19, 2024, Ohio requested feedback on proposed changes related to the following: - Agent continuing education - Qualifications of continuing education courses - Standards for continuing education providers  - Agent pre-licensing education Please review the attachments for full details. Email ecomment@insurance.ohio.gov to submit your comments. 

On July 19, 2024, Hawaii made changes to the requirements that were effective on June 21, 2024 for resident and nonresident reinsurance intermediary-manager and third-party administrator licenses. The Commissioner may require a reinsurance intermediary-manager to provide any report required by the Commissioner. Before a Third-Party Administrator license is issued, the administrator must file with the Commissioner and maintain a $100,000 surety bond for the first licensing biennial, and at least $300,000 for every subsequent license renewal.

Effective July 19, 2024, Tennessee is implementing a new transaction type to process Name Change (Demographics) updates via the NIPR Gateway.

Effective May 28, 2024, Rhode Island Department of Insurance made the following changes for residents and nonresident adjuster licenses.

On July 18, 2024,  FINRA implemented Form BR functionality enhancements for initial submissions. Please see the attachment for more information.

On July 9, 2024, Washington posted a bulletin to increase the stamping fee from 0.10% (.001) to 0.30% (.003), effective January 1, 2025. The new 0.30% stamping fee will apply to all policies with an effective date of January 1, 2025, or after, as well as endorsements on those policies. Please see the attachment for more information

On July 12, 2024, Vermont issued a bulletin authorizing insurers to use Catastrophe Adjusters and Appraisers due to recent storms. This authorization is effective July 12, 2024, for a period of ninety (90) days. Please see the attachment for more information.