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.
June 14
Maryland Effective June 14, 2024, Maryland implemented new transaction types to Name Change (Demographics) updates.
June 01
Colorado On June 13, 2024, Colorado Division of Insurance (DOI) released the application for Pharmacy Benefit Managers (PBMs) to register with the DOI, pursuant to § 10-16-122.1(2.5), C.R.S., a result of legislation passed in 2023 (HB23-1227). Per Regulation 4-2-97 "Concerning the Requirements for Pharmacy Benefit Managers to Register in Colorado," each PBM operating in Colorado is required to complete the registration application and pay the filing fee by July 1, 2024, and annually, each year thereafter. Questions about this process may be sent to the PBM Compliance Team.
January 01
Vermont Effective January 1, 2025, Vermont will be increasing their appointment fee for resident and nonresident producers.
July 01
Kansas Effective July 1, 2024, Kansas is increasing the Fingerprint Fee from $50.00 to $60.00 in the Resident Licensing and Nonresident Licensing No Home State applications for license class 3 Insurance Producer.
August 31
Massachusetts On June 6, 2024, Massachusetts announced 2024 company appointment renewal dates. - Termination Deadline July 14, 2024 - Invoice Renewal Period July 19, 2024 - August 31, 2024
June 05
Maryland On June 5, 2024, Maryland issued a bulletin summarizing all laws that have been enacted in 2024. See attachment for full details.
June 07
South Carolina Effective June 7, 2024, South Carolina will implement a new transaction type to process designated responsible licensed producer (DRLP) updates.
June 03
Virginia Effective June 3, 2024, Virginia Bureau of Insurance moved its payment processing to J.P. Morgan Chase and its affiliated partner Paymentus. To facilitate electronic payments, Virginia’s new Company Identification Number (0000408976) must be provided to your Accounts Payable Department.
August 01
Louisiana On May 31, 2024, Louisiana announced the 2024 Agency Appointment Renewal dates. Termination Deadline: June 26, 2024 Companies will be billed for appointments that are active as of June 26, 2024. Invoice renewal period: July 1, 2024 - August 1, 2024
May 30
Idaho Effective May 30, 2024, a new transaction type will be implemented for Idaho to process individual and business entity primary name updates.
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