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.
April 20th , 2023
Effective:
April 20th , 2023
April 20
Wyoming
Wyoming Medical Malpractice Reporting Memo
On April 20, 2023, Wyoming provided a memo to update insurers writing medical malpractice insurance in Wyoming regarding recent legislative changes. See attachment.
Effective
April 19th , 2023
Effective:
January 01st , 2024
January 01
Michigan
Michigan Issues Bulletin Regarding Pharmacy Benefit Manager Registration
Effective January 1, 2024, Michigan will license and regulate Pharmacy Benefit Managers. See attachment for more details.
On November 30, 2023, Michigan issues update to original regulation notice regarding Pharmacy Benefit Managers to include more details on application process an fee. The fee for an initial application for a Pharmacy Benefit Manager (PBM) license submitted between January 1, 2024 and December 31, 2026 is $5,000.00.
See attachment #2 for more details.
Effective
April 19th , 2023
Effective:
May 12th , 2023
May 12
Vermont
Vermont to Add a New Mappings for Appointment and Terminations
Effective May 12, 2023, Vermont will add mappings to the Appointment and Terminations application for Credit and Variable Life and Variable Annuities.
Released
April 19th , 2023
Effective:
May 12th , 2023
May 12
Rhode Island
Rhode Island to Remove requirement for Bond Filing
Effective May 12, 2023, Rhode Island will remove a requirement for bond filing. Surplus Line Broker will no longer require submitting a certificate from the General treasurer that the resident Broker has filed the required bond.
Effective
April 19th , 2023
Effective:
April 19th , 2023
April 19
Wyoming
Wyoming Bulletin Offering Guidance on Depreciation of Labor in Property Claims
Wyoming bulletin offering guidance on depreciation of labor in property claims. See attachment.
Effective
April 19th , 2023
Effective:
May 20th , 2024
May 20
N/A
Update to the “A Summary of Your Rights Under the Fair Credit Reporting Act”
Consumer Financial Protection Bureau (CFPB) published an updated version of the “[A Summary of Your Rights Under the Fair Credit Reporting Act”](https://458rl1jp.r.us-east-1.awstrack.me/L0/https:%2F%2Ffiles.consumerfinance.gov%2Ff%2Fdocuments%2Fbcfp_consumer-rights-summary_2018-09.pdf/1/01000187be249bd1-248c279f-6f97-42eb-ab0a-c2d10471f1d6-000000/CIdCrqkY5Zx824QDilvZsa1img4=319). See updated version attached.
Effective
April 19th , 2023
Effective:
August 31st , 2023
August 31
Maryland
Maryland Motor Club 2023 Company Appointment Renewals
The Renewal Date period for Motor Club appointments will be June 1, 2023 to August 31st, 2023. The termination deadline for any appointment not to be renewed is May 25th, 2023.
Effective
April 18th , 2023
Effective:
April 24th , 2023
April 24
Iowa
Iowa to Add a New Status Reason
Effective April 24, 2023, Iowa is adding the status reason Not Compliant.
Effective
April 18th , 2023
Effective:
April 17th , 2023
April 17
Mississippi
Mississippi Issues Bulletin Regarding CE Exemption for Insurance Producers Aged 65 and Older
During the 2023 Regular Legislative Session, the Mississippi Legislature passed House Bill 1084, which amends Section 83.-17.251 of the Mississippi Code to provide that any individual who is sixty-five(65) years of age or older and who has been licensed as an insurance producer for a continuous peril of twenty-five (25) years or more, may be exempt from insurance producer continuing education requirements. See attachment for full details.
Effective
April 17th , 2023
Effective:
June 09th , 2023
June 09
West Virginia
West Virginia passes Travel Insurance Entity Producer Limited License Act
West Virginia passes Travel Insurance Entity Producer Limited License Act. Passed March 11, 2023; in effect 90 days from passage.
See attachment for full details.
Effective
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analyzed
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pending
The time between the update's publication date and effective date.
effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).