Regulatory Updates

On July 30, 2024, the Louisiana Department of Insurance issued a news release to announce they have adopted a measure to incorporate a “best-interest” standard of care for insurance professionals in recommending annuities to consumers. Louisiana joins 45 other states that have implemented “best interest of consumer enhancements” per the National Association of Insurance Commissioners’ Suitability in Annuity Transactions Model Regulation. Please see the attachments for more information

Effective July 1, 2024, Illinois made resident and nonresident producer license fee, and car rental limited license fee changes.  Illinois removed the following citation information on their department website, and “IL Insurance Licensing Examination Handbook”.

The Department verifies licensure in the previous state using the producer database.  A letter of clearance less than 90 days old is still required for producers who are moving to Illinois.

Illinois also updated the following verbiage within the examination handbook. - _The exam fee is $92.00.  The exam fee must be paid at_ _the time of reservation._ - _Applicants must complete pre-licensing education before_ _taking the exam._ Please see the attachment for more information

On July 26, 2024, Arkansas posted bulletin No. 12-2024 to clarify previous bulletins regarding underwriting expenses for surplus lines brokers. All new policies and renewals with an effective date of January 1, 2025, and after will be expected to comply with these fees. Please see the attachment for more information. 

Effective July 2, 2024, North Carolina removed the references below for resident adjuster pre-exam requirements in the North Carolina Licensing Examination Candidate Guide. - A property, casualty, or personal lines producer licensee may apply for an adjuster license without taking the adjuster examination if the individual applies for the adjuster license within 60 days of surrendering the producer license with the casualty, personal lines, or property lines of authority. - An adjuster licensee may apply for a producer license with a casualty, personal lines, or property lines of authority without taking the producer examination if the individual applies for the producer license within 60 days after surrendering the adjuster license.

Effective July 2, 2024, North Carolina removed the state statute about not allowing an insurance producer license holding any of the following lines of authority: casualty, personal lines, or property to have an active adjuster license for resident and nonresident licensing requirements. 

North Carolina added the following option for terminating an appointment, “Notice of cancellation may be submitted to the Commissioner by either the appointing insurer or appointed insurance producer.”

Effective July 1, 2024, Alabama updated verbiage for resident and nonresident Limited Lines: credit insurance licenses. The requirements for a business entity to obtain a limited lines credit insurance producer license have been updated too. Please see the attachment for details on the adopted amendment.

Effective October 1, 2024, Alabama’s Title Agent license class fees will be updated. Please see the attachment for details on the adopted amendment.

Effective August 17, 2024, Ohio will no longer reflect appointments that have been inactive for over five years on PDB. 

Effective July 26, 2024, North Carolina will implement a new transaction type to process Primary Name Change (Demographics) updates. 

Effective June 30, 2024, Delaware Department of Insurance updated the requirements for residents and nonresident adjuster licenses when a licensed individual agent or broker doesn't need an adjuster license. Please see the attachment for more information