Regulatory Updates

Effective December 7, 2024, Pennsylvania will be adding licensing and training requirements for resident and nonresident insurance producers related to pet insurance. Pet insurance producers must be appropriately licensed and complete the required training in order to sell, solicit, or negotiate a pet insurance policy or related product.

Effective July 11, 2024 Massachusetts will require applicants for Life Settlement Brokers to hold a Life line of authority for one year

Effective August 1, 2024, Louisiana will be adding additional conditions under which certain persons with prior control over officer/director selection or appointments for an insolvent insurer may be approved to act as an MGA. These conditions will be added for residents and nonresidents. Unless a person proves that his/her actions or omissions did not significantly contribute to an insurer's insolvency, a person may not act as an MGA in Louisiana if the person: -Is a former officer, director, or person with direct or indirect control over the selection or appointment of an officer or director of an insurer doing business in Louisiana; and -Served in that capacity within the 2-year period before the insurer became insolvent. The Commissioner may approve a person discussed above if at least 5 years have passed since the insurer became insolvent.

On June 25, 2024, Oregon implemented new transaction type to process Name Change (Demographics) updates via the NIPR Gateway.

On June 25, 2024, Oregon implemented new transaction types to process Designated Responsible Licensed Producer (DRLP)

Effective May 24, 2024, South Carolina will be requesting additional information that must be included within the Pharmacy Benefits Manager (PBM) licensing application for resident and nonresident Third Party Administrators.  -The phone number and any other contact information  provided to pharmacies and pharmacists under SC ST § 38-71-2235(B) through which the pharmacy may: ask questions regarding networks, patient benefits, appeals, and other contractual or service issues and obtain answers during normal business hours within a reasonable time -The notice provided to pharmacies upon the denial of an internal appeal notifying the pharmacy or pharmacist of the right to request an external review of the internal appeal and the supporting documents describing the external review process

Effective July 1, 2024, the Kentucky Department of Insurance’s Personal Service Contract for Continuing Education/Prelicensing Services will be handled by PSI Services. Prometric will no longer accept or process education course and instructor reviews after June 21, 2024. See attachment for full details. 

Effective July 1, 2025, Vermont will be adding licensing and training requirements for resident and nonresident insurance producers related to pet insurance.

On June 18, 2024, the Governor of New Mexico issued an emergency order to address fire emergencies in various parts of New Mexico. See attachment for full details.

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.