Regulatory Updates

Effective January 1, 2024, The Pennsylvania Insurance Department Licensing Bureau will allow application change forms to be sent electronically. Includes changes to the following:

Effective January 12, 2024, Indiana will update its retaliatory fees for initial appointments for Nonresident Licensing (NRL), Nonresident Renewal (NRR), Nonresident Adjuster Renewal (NRAR) and Nonresident Adjuster Licensing (NRAL).   Most Retaliatory Fees will be reduced. Some fees will be increased for KY, NY, PA, WY Self Storage Insurance and Travel for Individuals and Business Types. Most VT Nonresident Renewals and Reinstatements will be increased across all License Classes.

On December 8, 2023, FINRA posted an update reminding Firms, Self Regulatory Organizations (SROs), States and Jurisdictions about Preliminary and Final Statement timeline and deadlines. Please see attachment for more information.

On December 8, 2023, Kansas Insurance Department Issued Guidance for Insurance Companies on Surplus Lines Tax Deduction. Surplus Lines tax rate to be reduced from 6% to 3% for tax year 2024 and after. New rate of 3% applicable to policies and policy endorsements after January 1, 2024. New and Renewal policies and endorsements effective prior to January 1, 2024 will remain at 6%. Please see attached for more informaiton.

On December 15, 2023, South Carolina will be adding Pharmacy Service Administrative Organization License Class.

The invoice renewal period for Producer, Service Representative, Title Insurance Agent and Portable Electronics Insurance is from January 5, 2024 - Feburary 28, 2024. **Renewal Fees** Producer - $25 / appointment Service Representative - $40 / appointment Title Insurance Agent - $10 / appointment  Portable Electronics Insurance - $25 / appointment   **There are 3 Late Renewal Fee Periods ** Applicable for Producer, Service Representative, Title Insurance Agent and Portable Electronics Insurance. March 1, 2024 - March 31, 2024 - Late Fee of $250 + Invoice Fee  April 1, 2024 - April 30, 2024 - Late Fee of $500 + Invoice Fee  May 1, 2024 - May 31, 2024 - Late Fee of $750 + Invoice Fee   The termination deadline is December 31, 2023.

On December 6, 2023, The Louisiana Department of Insurance revised and reissued Bulletin 2011-01 to update redesignated legal citations and contact information. - Defined “Surplus Lines Insurance” - Removed prior guidance on Louisiana’s participation in the Nonadmitted Insurance Multi-State Agreement. - Removed prior guidance on requirement for a producer to conduct a diligent search among admitted insurers prior to placing coverage with a surplus lines insurer. Please see attachment for more information.

On December 6, 2023, New Mexico issued an order authorizing remote audits by Broker / Dealers of single agent branch offices in relation to 2024 annual audits.

The Texas Department of Insurance (TDI) proposes new and amended rules for licensing of military service members, veterans, and military spouses. Full details in attached document from TDI.

Effective January 1, 2024, Alabama will remove Service Representative License Class impacting Resident Licensing and Nonresident Licensing applications. This change also impacts Non-Uniform Questions.