Regulatory Updates
The world of insurance compliance regulation is ever-changing. But that’s no reason to fret. Keep up with regulatory updates here in our live feed. With relevant changes to licensing, appointments, continuing education rules, and more, you can take a proactive approach to maintaining your organization’s compliance requirements.
May 28
Rhode Island Effective May 28, 2024, Rhode Island Department of Insurance made the following changes for residents and nonresident adjuster licenses.
July 18
On July 18, 2024, FINRA implemented Form BR functionality enhancements for initial submissions. Please see the attachment for more information.
January 01
Washington 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
July 12
Vermont 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.
July 15
On July 15, 2024, FINRA added a new column to SRO Fees & Setting Schedules to indicate Residential Supervisory Locations (RSLs). Please see the attachment for more information. Information Link
June 24
Montana On June 24, 2024, Montana provided a list of eligible Surplus Lines companies. Please see the attachment for more information.
July 01
Alabama Effective July 1, 2024, Alabama released a legislation update affecting sales agents writing for Health Maintenance Organizations (HMO). Please see the attachment for more information.
September 30
Ohio On July 15, 2024, Ohio amended the effective date for resident individual insurance navigator initial and renewal fee changes from October 3, 2023 to September 9, 2024. Initial license: currently $200.00 will change to $0.00 Renewal fee: currently $100.00 will change to $0.00 Please see the attachment for full details.
September 15
Pennsylvania Effective September 15, 2024, Pennsylvania will be adding licensing requirements and updated definitions for resident and nonresident insurance producers related to travel insurance. Please see the attachment for more information
- Added travel administrator requirements and definitions - Revised the following insurance producers' definitions and requirements - Limited lines travel insurance producer - Travel insurance producer
October 01
Alabama On July 10, 2024, Alabama amends its title insurance agent renewal procedures, effective October 1, 2024. Please see the attachment for more information.
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