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.
March 05
South Dakota On February 5, 2024, South Dakota enacted a bill to make changes to the procedure for revoking a nonresponsive producer's license. See attachment.
February 03
Pennsylvania On February 3, 2024, Pennsylvania issued a bulletin declaring that the list of exportable coverages published July 15, 2023 will remain in effect until revised or superseded by a subsequent list. See attachment for details.
January 29
Guam Effective, April 1, 2024 through June 30, 2024, Guam will make invoices available for Companies / Firms. Below is important information about the renewal period:
January 26
Michigan On January 26, 2024, Michigan updated multiple sections of the Property and Casualty Surplus Lines Licensing and Premium Tax Requirements for Individuals and Agencies.
June 01
Effective June 1, 2024, Two new supplementary materials under FINRA Rule 3110 will be active. Please see attached for full details. - Rule 3110.19 (Residential Supervisory Location) - Rule 3110.18 (Remote Inspections Pilot Program)
Pleas see attached for more information.
January 23
California On January 23, 2024, California updated Surplus Lines General Provisions for Affidavit Requirements, particularly related to a new and simplified SL-2 Form released earlier in January of 2024.
April 01
New Mexico On January 23, 2024, New Mexico updated Licensing and Continuing Education (CE) Requirements for producers selling excepted benefits.
January 23
Pennsylvania On January 23, 2024, Pennsylvania has published the list of eligible Surplus Lines Insurers, please see attached to see the full list.
February 16
Massachusetts Effective February 16, 2024 Massachusetts will automatically be adding an NPN to all Business Resident License transactions at the time of application and will allow Massachusetts to be fully compliant. Business entities with an existing NPN will continue to use their existing one.
March 20
Guam Effective March 20, 2024, Guam will go live with State Based Systems (SBS). Other important dates to remember include the following:
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