Regulatory Updates

- Appointment renewal invoices will be emailed on February 1, 2024. - Retroactive appointment expiration effective January 31, 2024. - Payment Due Date is March 31, 2024 - Last day to terminate appointment is January 31, 2024 Please see attached for additional information and payment details. 

Effective January 11, 2024, Nebraska will require nonresident Surplus Lines Broker applicants to hold Surplus lines in their resident state.

On December 14, 2023, The Louisiana Department of Insurance updated the taxes and fees section for surplus lines further clarifying that there should be no regard to location of the covered property, risk or exposure for the home state of Louisiana, the rate still remains at 4.85% of gross premiums.

Effective January 1, 2024, The Pennsylvania Insurance Department Licensing Bureau will allow application change forms to be sent electronically. Includes changes to the following:

Effective January 12, 2024, Indiana will update its retaliatory fees for initial appointments for Nonresident Licensing (NRL), Nonresident Renewal (NRR), Nonresident Adjuster Renewal (NRAR) and Nonresident Adjuster Licensing (NRAL).   Most Retaliatory Fees will be reduced. Some fees will be increased for KY, NY, PA, WY Self Storage Insurance and Travel for Individuals and Business Types. Most VT Nonresident Renewals and Reinstatements will be increased across all License Classes.

On December 8, 2023, FINRA posted an update reminding Firms, Self Regulatory Organizations (SROs), States and Jurisdictions about Preliminary and Final Statement timeline and deadlines. Please see attachment for more information.

On December 8, 2023, Kansas Insurance Department Issued Guidance for Insurance Companies on Surplus Lines Tax Deduction. Surplus Lines tax rate to be reduced from 6% to 3% for tax year 2024 and after. New rate of 3% applicable to policies and policy endorsements after January 1, 2024. New and Renewal policies and endorsements effective prior to January 1, 2024 will remain at 6%. Please see attached for more informaiton.

On December 15, 2023, South Carolina will be adding Pharmacy Service Administrative Organization License Class.

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.