Regulatory Updates

WA - On June 18, 2024, Washington sent out a request for industry comments on proposed producer and adjuster licensing changes. The comment period begins on June 20, 2024, and will close on August 2, 2024. Comments can be sent to the rules coordinator email address at the OIC. See attachment.

Effective June 14, 2024, Maryland implemented new transaction type to process Designated Responsible Licensed Producer (DRLP)

Effective July 15, 2024, Kansas will be waiving application fees for resident individual applicants who are the spouses of an active military service member. To determine if the applicant qualifies for a fee waiver the applicant will need to answer a new required non-uniform question (NUQ) in the Resident Licensing and Resident Renewal applications. The fee waiver is valid for the following individual applicants: Insurance Producer, Public Adjuster, Surplus Lines, Viatical Broker, Reinsurance Intermediary. If the applicant answers ‘Y’ to Key Value 5 fees will be waived for the application, reapplication, reinstatement, renewal, late renewal, and fingerprint fees. Insurance Producers will be responsible for the late renewal penalty. Please review the below table for more information. 

Effective June 14, 2024, Nebraska is implementing a new transaction to process individual and business entity primary name updates.

Effective June 14, 2024, Maryland implemented new transaction types to Name Change (Demographics) updates. 

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.

Effective January 1, 2025, Vermont will be increasing their appointment fee for resident and nonresident producers. 

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.

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

On June 5, 2024, Maryland issued a bulletin summarizing all laws that have been enacted in 2024.  See attachment for full details.