Regulatory Updates

On October 31, 2023, Rhode Island clarified changes to fees and policy premium on Property and Casualty for admitted insurers. Please see attachment for more information.

On October 31, 2023, Utah Insurance Department published a requirement for comment regarding Suitability in Annuity Transactions to comply with the federal Dodd-Frank Act. This has now gone into effect as of December 8, 2023. Please see attachment for more information.

On September 28, 2023, the Oklahoma Insurance Department announced a change to their CE reporting services via State Based Systems (SBS) improvements. Please see attachment for more information.

Effective November 1, 2023, Montana provides an update to their course reporting for CE providers such that they can report an approved course as a classroom and webinar course. 

Please see attached document for more information.

Update: Effective, November 29, 2023, Oklahoma 2023 Appointment Renewals are now live in Production.

- Only appointments with active licenses on PDB will be renewed. - Termination notices for appointments must be received by NIPR no later than November 16, 2023, to allow sufficient time for processing and posting to Producer Database (PDB) before the renewal invoices are created. - On November 24, 2023, the NIPR website will display the invoice and a list of appointments due for renewal. - Appointment renewal fees will be due by 4 P.M. Central Time January 02, 2024. - All appointments will be terminated if the invoice is not paid by January 02, 2024. - Appointments will not be renewed if the payment is less than the invoice total. - Appointment renewal and NIPR processing fees are non-refundable. Please contact support@nipr.com on a dispute regarding a specific appointment with documentation to verify a previously terminated appointment BEFORE paying invoice.

Missouri posts a cybersecurity bulletin requesting insurers notify the Department of Insurance of a cybersecurity event no later than 10 days after they have become aware of a breach. Please see attached document for more information.

Effective January 1, 2024, California has updated conditions under which the organization license number must be included in an email for both Residents and Nonresidents.

A licensee's license number must be included in emails that involve activity requiring licensure.  The license number must:

     a.   be in a type size that is no smaller than the largest of           any phone number, street address, or email address of           the person included in the email;      b.   if an individual licensee, appear next to or on the line           below the individual's name or title; and      c.   if an organizational license, appear next to or on the           line below the organization's name if the email is sent           from the organization and not an individual licensee.

Effective November 18, 2023, Washington is eliminating prelicensing education requirements for Insurance producers. See Attachment for full details.

Effective September 29, 2023, Oregon has issued a bulletin indicating causes for License revocation and surrender for residents and nonresidents.

Failure to timely provide the Division with complete, accurate, and truthful information in all filings may result in license refusal, suspension, or revocation or civil penalties.  Common notice and filing issues/deficiencies include, but are not limited to:

     a.   Failure to provide a direct phone number that allows staff to contact the individual;      b.  Using a generic or shared email address instead of the individual's direct email address;      c.   Failure to notify the Division within 30 days of changes in producer and applicant address or contact information;      d.   Failure to notify the Division within 30 days if an individual receives a notification of a Regulatory Information Retrieval System (RIRS) violation or notice of a criminal case;      e.   Failure to provide a prompt and truthful response to an inquiry from the Director of the Department of Consumer and Business Services in the time and manner specified;      f.   Incomplete, misleading, or materially untrue application information      g.  Applicants submitting more than 1 application with different responses, especially responses that misrepresent misdemeanor/felony convictions declared on a prior filing.

Effective November 10, 2023, Nebraska will add a new Apprentice Temporary Insurance Producer license type which allows a licensee to apply for appointments