Regulatory Updates

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 

**Individual and Business Fees** - Resident Licensing / Nonresident No Home State Licensing - Insurance Producer / Application Fee reduced from $30 to $15. - Nonresident Licensing - Insurance Producer / Application Fee reduced from $80 to $50.

**Individual Fees** - Resident Licensing, Nonresident Licensing No Home State - Insurance Producer / Reaplication reduced from $180 to $165. - Nonresident Licensing - Insurance Producer/ Reapplication Fee reduced from $180 to $150.

**Business Fees** - Resident Licensing - Credit, Car Rental and Portable Electronics reduced from $30 to $15. - Nonresident Licensing - Credit, Car Rental and Portable Electronics reduced from $80 to $50.

Effective December 1, 2023, The New Mexico Office of Superintendent of Insurance announced via a bulletin, changes to the process of renewing applications and renewals for Pharmacy Benefit Managers.

Effective December 1, 2023, North Dakota Insurance Department will no longer accept appointment / termination documents via paper, email or mail and will only accept electronically through NIPR. Please see attached for more details.

Effective December 21, 2023, New York will not allow appointments to be backdated and will ignore any submissions with a backdate. Appointment Issue date will be the system date.

Insurance Commissioner Gordon I. Ito authorizes temporary assistance of Nonresident independent Adjusters for the continued support of the affected communities and residents of the Maui Island wildfires. Full details can be found in the attached declaration.