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 30
South Carolina Effective May 30, 2024, a new transaction type will be implemented for South Carolina to process individual and business entity primary name updates.
May 24
Massachusetts On May 24, 2024, the Massachusetts Insurance Department issued a bulletin related to Inducements, Rebates and Affiliated Entities. See attachment for full details.
July 01
Indiana Effective July 1, 2024, Indiana will implement new requirements related to suitability in annuity transactions. See attachment for full details.
May 22
Guam Effective March 22, 2024, Guam will be updating the expiration dates for all licenses. This included individuals, business entities (firms / agencies) and companies. The expiration date will be changing from July 1st (7/1) to June 30th (6/30). Licensees will need to renew their licenses by June 30, 2024 11:59pm CST. All residents that require CE will also need to meet their CE Requirements by June 30, 2024 11:59pm CST.
May 16
Utah On May 16, 2024, Utah issued a bulletin regarding communicating with policyholders about premium increases. See attachment for full details
May 16
Georgia Effective May 16th 2024, Georgia announced potential changes related to CE course approval. See attachment for full details.
May 13
South Dakota Effective May 13, 2024, South Dakota Division has implemented a new business rule that will allow all applicants to reinstate on the first of the month. If a Producer fails to renew by May 31, they will be able to reinstate on June 1.
July 01
Florida Starting July 1, Florida insurance agents must have at least three appointments with authorized carriers before they can sell policies for the state-created Citizens Property Insurance Corp. See Section 14 of the attached bill for details.
June 14
New York Effective June 14, 2024, New York will implement a new transaction type to support primary name changes for individuals and business entities.
May 10
Oklahoma Effective May 10, 2024, Oklahoma Insurance Commissioner Glen Mulready ordered and declared an emergency pursuant to Section 6218 of the Oklahoma Insurance Code due to the severe outbreak of storms on or about April 25, 2024, through May 6, 2024. The declaration of emergency allows the Commissioner to issue a license as an emergency adjuster to any resident or nonresident applicant. It requires an Oklahoma-licensed resident adjuster to sponsor the applicant. An individual licensed as an emergency adjuster may only adjust claims related to the catastrophe and is valid for 90 days from the date the Commissioner issues the declaration. See attachment for full details.
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