Regulatory Updates

The invoice renewal period for Producer, Service Representative, Title Insurance Agent and Portable Electronics Insurance is from January 5, 2024 - Feburary 28, 2024. **Renewal Fees** Producer - $25 / appointment Service Representative - $40 / appointment Title Insurance Agent - $10 / appointment  Portable Electronics Insurance - $25 / appointment   **There are 3 Late Renewal Fee Periods ** Applicable for Producer, Service Representative, Title Insurance Agent and Portable Electronics Insurance. March 1, 2024 - March 31, 2024 - Late Fee of $250 + Invoice Fee  April 1, 2024 - April 30, 2024 - Late Fee of $500 + Invoice Fee  May 1, 2024 - May 31, 2024 - Late Fee of $750 + Invoice Fee   The termination deadline is December 31, 2023.

On December 6, 2023, The Louisiana Department of Insurance revised and reissued Bulletin 2011-01 to update redesignated legal citations and contact information. - Defined “Surplus Lines Insurance” - Removed prior guidance on Louisiana’s participation in the Nonadmitted Insurance Multi-State Agreement. - Removed prior guidance on requirement for a producer to conduct a diligent search among admitted insurers prior to placing coverage with a surplus lines insurer. Please see attachment for more information.

On December 6, 2023, New Mexico issued an order authorizing remote audits by Broker / Dealers of single agent branch offices in relation to 2024 annual audits.

The Texas Department of Insurance (TDI) proposes new and amended rules for licensing of military service members, veterans, and military spouses. Full details in attached document from TDI.

Effective January 1, 2024, Alabama will remove Service Representative License Class impacting Resident Licensing and Nonresident Licensing applications. This change also impacts Non-Uniform Questions.

Effective January 1, 2024, the United States Virgin Islands (USVI) Division of Banking, Insurance and Financial Regulation will begin requiring completion of 12 (9 General and 3 Ethics) Continuing Education Credits for Resident Licensees prior to submitting their renewal application for calendar year 2025. These new CE requirements apply to United States Virgin Islands Resident Licensees that hold either a valid Insurance Producer, Public Adjuster, Independent Adjuster and/or Solicitor license. Please see attached for more information.

Texas Department of Insurance made the following changes effective December 5, 2023 for residents and Nonresidents.

On December 5, 2023, Oklahoma added the following link to the Examination section of the licensing requirements for both residents and nonresidents.  

The National Insurance Producer Registry (NIPR) Issues a Flier Announcing Additional Licensing through NIPR for New York Department of Financial Services (NYDFS) for Brokers and Agents. NIPR is now processing NY resident and nonresident licensing and renewals for all major lines / core limited lines license offerings for Individuals. Additionally, NIPR also plans to expand NYDFS business entity licensing services, please see attached flier for more detailed information.

Effective January 1, 2024, Montana will add a new offering called Temporary Surety Bail - New offering requirements: - Temporary Surety Bail has no fee - Exam required before submitting application - License expires after 12 months if applicants is approved - Must be 21 years of age - Amendment applicants deferred for fingerprint check after 1 year - Reapplications deferred for fingerprint check