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.
November 09
Nevada Effective November 9, 2023, Nevada will be adding a new license class of Nonresident Bail Agent for Appointments and Terminations. New offering will include license class 3135 Nonresident Bail Agent with line of authority 569 Not Applicable.
January 01
Oklahoma Effective January 1, 2024, Oklahoma will be adopting Surplus Lines Information Portal (SLIP) for reporting and payment of surplus lines taxes.
See attachment for full details.
October 04
Connecticut Effective Immediately, Connecticut is advising all surplus lines brokers that they are no longer required to file signed written statements with the Department through OptIns. Surplus brokers are now required to maintain all statutory information and documentation in their own files to be provided promptly to the Commissioner upon request. See Attachment for full details.
December 31
Washington On September 29, 2023, Washington sent a notice to Annuity Suitability CE Providers to let them know their current WA Annuity Suitability 4 Hour Course will be canceled on December 31, 2023 since the new Annuity Suitability training rule will be effective on January 1, 2024.
September 29
New Mexico On September 29, 2023, New Mexico announced that licensees with an expiration date of September 30, 2023 will have their license expiration dates extended by two weeks. This extension will also apply to Continuing Education (CE). Licensees will have until the license expiration date to become compliant with Continuing Education.
September 29
Oregon On September 29, 2023, Oregon issued a bulletin to clarify the Division of Financial Regulation (DFR) expectations for insurance producers and producer license applicants.
See attachment for full details.
September 29
New Mexico On September 29, 2023, New Mexico sent an urgent notice indicating that it had detected a cyber incident on its network.
October 01
Nevada Effective October, 1, 2023, Nevada added the following License Class to the Producer DataBase (PDB): - Nonresident Bail Agent (Display Purposes only)
October 13
South Carolina Effective October 13, 2023 South Carolina will add a new license class Pharmacy Service Administrative Organization for business entities.
October 17
Michigan Effective October 17, 2023, Michigan will allow individual applicants to change the state code of the mailing address to any state. However, Michigan individual residents’ business address state code must be one of the following: - Michigan - Indiana - Ohio - Wisconsin - Illinois
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