Regulatory Updates

Posted October 21, 2024, Maryland proposed amendments to Public Adjusters aim to clarify requirements:

Define "business day" in relation to insurance claims. Establish how to determine "the date of a loss giving rise to an insurance claim." Outline the notification process for public adjusters regarding contracts for services entered into during or within 72 hours after a loss.

Please see the attachment for more information.

Effective October 18, 2024, Montana will Implement new transaction types to process Name Change (Demographics) updates.

Effective October 18, 2024, Massachusetts will Implement new transaction types to process Name Change (Demographics) updates.

Effective January 1, 2025, Vermont will revise its appointment and termination fees. - Life and Accident & Health or Sickness Grouping: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Casualty and Property Grouping: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Bail, Personal Lines, Variable Life and Variable Annuity, Title, Portable Electronics per LOA: - If the carrier is located outside Vermont, the fee is $80. - If the carrier is located inside Vermont, the fee is waived. - Car Rental, Credit, Self Storage, Travel per LOA: - If the carrier is located outside Vermont, the fee is $90. - If the carrier is located inside Vermont, the fee is waived.

Updated: On November 7, 2024, the following LOA's fees were changed from $80 to $90 per LOA: - Car Rental - Credit - Self Storage - Travel

On October 17, 2024, Oklahoma issued a bulletin regarding the Insurance Data Security Act. Key provisions include:  1. Exclusive state law for data security and cybersecurity event investigations 2. The obligation for licensees with a board of directors to submit annual information security program reports starting July 1, 2025 3. An annual data security attestation compliance attestation due by April 15 each year.  4. Licensees must notify the Insurance Commissioner of any cybersecurity events involving nonpublic information within three business days under certain conditions.  Please see the following link for more information Bulletin 10/2024

Effective October 7, 2024, Florida has granted a 60-day continuing education extension to all licensees with continuing education due in the following months: October, November, and December 2024. Please see the attachment for more information.

Alabama announces the company appointment renewal invoices will be available for payment from January 6, 2025 - March 1, 2025.  The termination deadline is December 31, 2024. The late renewal windows are as follows:  - March 2, 2025 - March 31, 2025  - April 1, 2025 - April 30, 2025  - May 1, 2025 - May 31, 2025

On October 14, 2024, FINRA posted a notification warning member firms of an ongoing phishing campaign that began around October 9, 2024, that involves fraudulent emails purporting to be from FINRA executives. These emails are not from FINRA, and firms should delete them and consider blocking their domains. For more information please use the link as follows. FINRA Notification

Effective January 1, 2025**, **Kentucky company appointment renewals will be created, with invoices available for payment from January 3, 2025, through June 30, 2025. The termination deadline is December 31, 2024.

Effective October 11, 2024, Kansas implemented new transaction types to process Designated Responsible Licensed Producers (DRLP).