Regulatory Updates

On July 3, 2024, Maine posted a response to some recently distributed misinformation. The Maine Bureau of Insurance would like to assure all interested parties that there have been NO changes to Maine’s appointment fees, processes or renewal schedules. See attachment for more information.

On July 3, 2024, Rhode Island announced that effective January 2025, they will be implementing electronic producer appointments via NIPR. More details to be announced.

Effective July 3, 2024, Georgia OCI has announced that going forward all surplus lines business, taxable and non-taxable, should be filed in Surplus Lines Information Portal (SLIP). See attachment for full details.

On July 3, 2024, South Dakota announced proposed rules regarding examination validity program and maintaining qualifications program for broker-dealer agents, investment advisers, and investment adviser reps, and to update the examination requirement. See attachment for full details. 

On July 3, 2024, Kansas issued the summer edition of their newsletter. Please see attached,

DE - Effective August 8, 2024, Delaware resident and nonresident firm applicants applying or renewing the Viatical Settlement Provider license will no longer be required to enter a Designated Responsible Licensed Producer (DRLP) with their application.

Effective October 1, 2024, Connecticut revised the motor vehicle physical damage appraiser, and casualty adjuster license expiration date information for residents and nonresidents. Please see the attachment for more information

The above licenses that are issued on or after October 1, 2024 will receive a new expiration date of two years after the licensee's last day of the birth month that preceded the date the license was issued. 

Effective December 7, 2024, Pennsylvania will be adding licensing and training requirements for resident and nonresident insurance producers related to pet insurance. Pet insurance producers must be appropriately licensed and complete the required training in order to sell, solicit, or negotiate a pet insurance policy or related product.

Effective July 11, 2024 Massachusetts will require applicants for Life Settlement Brokers to hold a Life line of authority for one year

Effective August 1, 2024, Louisiana will be adding additional conditions under which certain persons with prior control over officer/director selection or appointments for an insolvent insurer may be approved to act as an MGA. These conditions will be added for residents and nonresidents. Unless a person proves that his/her actions or omissions did not significantly contribute to an insurer's insolvency, a person may not act as an MGA in Louisiana if the person: -Is a former officer, director, or person with direct or indirect control over the selection or appointment of an officer or director of an insurer doing business in Louisiana; and -Served in that capacity within the 2-year period before the insurer became insolvent. The Commissioner may approve a person discussed above if at least 5 years have passed since the insurer became insolvent.