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.
January 18
Washington Effective January 18, 2024, Washington resident and nonresident applicants will be required to supply their affiliation begin date when submitting an initial application that is not found on record.
January 11
Vermont Effective January 11, 2024, Vermont adopted regulation for suitability in annuity to require producers to act in the best interest of consumers.
January 19
Arizona On January 19, 2024 Arizona published their Continuing Education packet which will be handled through Prometric. Please see attached to learn more about Continuing Education instructions, provider information, course information, SBS instructions, fees and more.
January 18
North Dakota On January 18, 2024, North Dakota updated the general provisions section for Surplus Lines license and premium tax, particularly related to Domestic Surplus Lines Insurers (DSLI) by adding a supporting citation for diligent search requirements while removing another supporting citation for provisions related to exemptions. Another update was related to adding commercial cyber insurance to the export list of acceptable categories.
February 16
Kansas Effective February 16, 2024, Kansas to end requirement for Designated Responsible Licensed Producer (DLRP) for Reinsurance Intermediaries. They will still be required to answer Business Non Uniform Questions to identify the last name of the responsible party for the Reinsurance Intermediary license class.
February 16
Washington Effective February 16, 2024, Washington is adding new individual and business license classes for renewal applications. Changes will also include adding a new Non Uniform Question (NUQ) for business entities to identify the number of employees.
February 16
Wisconsin Effective February 16, 2024, Wisconsin will be adding new license classes by converting Risk Purchasing Group and Rate Service Organization into Business Entity for PDB Display. Originally, these license classes were distinct but will now be reclassified into Business entities.
February 16
South Carolina Effective February 16, 2024, South Carolina will decrease Adjuster fees as shown below:
New Nonresident Adjuster License Fee: $109.00 per transaction New Nonresident Adjuster Renewal Fee: $169.00 per transaction
January 11
Wyoming On January 10, 2024, Wyoming updated termination requirements with a reminder that January 31, 2024 is the last day to terminate to avoid renewal fees. Invoices must be paid in full once generated for company’s appointments. March 31, 2024 is the final day to pay invoice to avoid automatic termination with an effective date of January 31, 2024.
January 10
New Mexico On January 10, 2024, New Mexico sent out a request for industry comments on proposed producer and adjuster licensing changes. Comments can be sent to osi-producerlicensingrulemaking@state.nm.us by 4pm MST on January 26, 2024, for consideration. Please see attached for more information.
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