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 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.
May 09
Louisiana Update: On July 30, this has been finalized On May 9, 2024, Louisiana released a notice of intent to amend Regulation 89—Suitability in Annuity Transactions. See attachment for full details
November 01
Oklahoma Effective November 1, 2024, Oklahoma is making changes to Surplus Lines due diligence and premium tax reporting requirements.
July 01
Kansas Effective July 1, 2024, Kansas will require applicants to submit to state and national criminal history record check in addition to fingerprint requirement.
May 06
Effective May 6, 2024, the NASAA has amended examination requirements for Investment Adviser Representatives. See attachment for full details.
June 06
West Virginia On May 3, 2024, West Virginia announced their 2024 Company Appointment Renewal Dates. Active appointments on record as of May 31st, 2024, will be invoiced for renewals. The renewal period ends on August 31, 2024.
March 22
Wisconsin On March 22, 2024, Wisconsin enacted an insurance omnibus law, 2023 Wisconsin Act 212 that makes various technical changes to the insurance statutes. See attachment for full details.
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