Regulatory Updates

Oklahoma has passed the annuity suitability training regulation. See attachment for full details.

Residents and Nonresidents, Effective January 1, 2024, a pet insurance producer must be licensed in a major line of authority and complete the required training in order to sell, solicit, or negotiate a pet insurance product.      a.   An insurer must ensure that its producers are trained on:           I.   Topics discussed in (b) below; and          II.   Its pet insurance products' coverages and conditions.      b.   The training must cover the following topics:           I.   Preexisting conditions and waiting periods;          II.   The differences between pet insurance and noninsurance wellness programs;         III.   Hereditary disorders, congenital anomalies and disorders, chronic conditions, and how pet insurance policies interact with those conditions or disorders; and          IV.   rating, underwriting, renewal, and other related administrative topics.      c.   Satisfaction of substantially similar training requirements in another state will satisfy this state's training requirements.

Effective August 11, 2023, New York will be changing the following License Class Codes: License Class 2 Broker will be License Class 13233 Property and Casualty Broker License Class 622 Life Broker will be License Class 13253 Life/Accident & Health Broker License Class 167 Property/Casualty Agent will be License Class 13254 Property/Casualty Agent License Class 135 Life/Accident & Health will be License Class 13255 Life/Accident & Health Agent

Effective August 1, 2023, the Commissioner may require a licensed annuity producer to complete a 1-time, 1-credit training course meeting the standards established in compliance with LA R.S. 22:919.

On June 23, 2023, New York issued a statement regarding a proposed amendment to Excess Line Placements.  See attachment for full details.

The online platform created by the Indiana Department of Insurance (IDOI) for reporting cybersecurity events is now [live](https://in.accessgov.com/idoi/Forms/Page/idoi/report-a-cybersecurity-event). The new online form was created as a result of the Indiana Insurance Data Security Law that went into effect on July 1, 2021. The Indiana Insurance Data Security Law requires insurers and other entities licensed by the IDOI to develop, implement, and maintain an information security program, investigate any cybersecurity events, and notify the IDOI of such events. The law also established the IDOI as the regulatory body to receive, monitor, and enforce cybersecurity events involving licensed insurers and entities under Indiana Code Title 27. “If an insurer and/or other licensed entity experiences any cybersecurity event that requires notice, we are directing them to fill out and report the event using the new online form,” said Indiana Department of Insurance Commissioner Amy L. Beard. The online form can be found on the state's website.

Effective June 6, 2023, Nebraska revised the business entity license expiration dates for residents and nonresidents. Agency licenses expire on April 30 each **even-numbered** year. The Department will mail renewal instructions to the agency 90 days before the expiration date.

Ohio sent out an email regarding proposed amendments that have been posted for public review and comment.

Update on November 23, 2023: Oregon Revises Sales of Annuities - Insurance Producer - Training to include Best Interest Standards. As of Jan 1, 2024, Oregon SB 536 (2023) Sales of Annuities - Insurance producer training will be updated to include Best Interest Standards training. Producers that completed the 4-hour, annuity suitability training prior to January 1, 2024, will have until June 30, 2024, to complete the new 1 -hour, Best Interest course. After June 30, 2024, producers planning to sell annuities will have to complete the updated 4-hour training course. The current approved courses that do not include the Best Interest Standards will be made inactive.  ODOI is currently accepting applications for the 1 hour and 4 hour Best Interest Standards training.  Original Notice from ODOI Sent on 6/21/2023: Effective January 1, 2024, Oregon revised and added annuity training requirements for Residents and Nonresidents. 2023 OR S.B. 536(NS)

Effective June 20, 2023, Oklahoma declared an emergency. See the attachment for details related to Emergency Adjusters.