Regulatory Updates

Effective June 7, 2024, South Carolina will implement a new transaction type to process designated responsible licensed producer (DRLP) updates.

Effective June 3, 2024, Virginia Bureau of Insurance moved its payment processing to J.P. Morgan Chase and its affiliated partner Paymentus.  To facilitate electronic payments, Virginia’s new Company Identification Number (0000408976) must be provided to your Accounts Payable Department.

On May 31, 2024, Louisiana announced the 2024 Agency Appointment Renewal dates. Termination Deadline: June 26, 2024 Companies will be billed for appointments that are active as of June 26, 2024. Invoice renewal period: July 1, 2024 - August 1, 2024

Effective May 30, 2024, a new transaction type will be implemented for Idaho to process individual and business entity primary name updates.

Effective May 30, 2024, a new transaction type will be implemented for South Carolina to process individual and business entity primary name updates.

On May 24, 2024,  the Massachusetts Insurance Department issued a bulletin related to Inducements, Rebates and Affiliated Entities. See attachment for full details.

Effective July 1, 2024, Indiana will implement new requirements related to suitability in annuity transactions. See attachment for full details.

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. 

On May 16, 2024, Utah issued a bulletin regarding communicating with policyholders about premium increases. See attachment for full details

Effective May 16th 2024, Georgia announced potential changes related to CE course approval. See attachment for full details.