Regulatory Updates

See attachment for Idaho Department of Insurance September 2023 newsletter.

On September 9, 2023, West Virginia made some updates to the existing language related to Surplus Lines License and Premium Tax Changes for Resident and Nonresidents.  See attachment for full details.

On September 8, 2023, Florida issued a statement related to recent MyProfile updates.  

Appointment renewal invoices and the list of appointment renewals due will be available on the NIPR website beginning 8:00 AM Central Time, November 2, 2023, through 4:00 PM Central Time January 2, 2024. 

Effective October 13, 2023, New York will begin loading Continuing Education (CE) compliance data to the Producer Database (PDB). The current value loaded to the CE compliance field on PDB does not accurately capture the licensee’s CE compliance status. With these changes, the licensee’s current CE compliance status for New York will be loaded to the PDB report. Note: The compliance indicator on PDB will only include general CE compliance. Certain license classes require ‘Flood’ courses, but PDB will only display the general compliance status.

Effective September 15, 2023, nonresident individuals applying for Adjuster license class 5 (Adjuster), line of authority 889(Adjuster) will no longer be required to pay the fingerprint fee. 

On August 31, 2023, Texas issued a bulletin describing insurance legislation enacted during their 88th Legislature, Regular Session, 2023.  See attachment for full details.

On August 31, 2023, Kentucky issued an advisory opinion related to adjuster fees that will be effective immediately.   Review attachment for full details.

Kansas has adopted updates to the annuity suitability standard, also known as the best interest standard. KAR 40-1-53 mirrors the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation #275, which was adopted in 2020. This regulation requires insurance producers to act in the best interest of their clients when engaging in the sales of annuity products. This regulation builds off of KAR 40-2-14a, which is the current annuity suitability standard in Kansas. On January 1, 2024, KAR 40-1-53** **will become effective and will be the new standard for producers. Information on producer licensing can be found on the state's Producer Licensing Application and Requirements page.

On August 29, 2023, New Mexico issued a Notice to all companies subject to the New Mexico Fraud Assessment.  The notice indicates New Mexico has extended the deadline to pay the New Mexico Fraud Assessment until October 2, 2023. See attachment for full details.