Regulatory Updates

Effective September 15, 2023, nonresident individuals applying for Adjuster license class 5 (Adjuster), line of authority 889(Adjuster) will no longer be required to pay the fingerprint fee. 

On August 31, 2023, Texas issued a bulletin describing insurance legislation enacted during their 88th Legislature, Regular Session, 2023.  See attachment for full details.

On August 31, 2023, Kentucky issued an advisory opinion related to adjuster fees that will be effective immediately.   Review attachment for full details.

Kansas has adopted updates to the annuity suitability standard, also known as the best interest standard. KAR 40-1-53 mirrors the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation #275, which was adopted in 2020. This regulation requires insurance producers to act in the best interest of their clients when engaging in the sales of annuity products. This regulation builds off of KAR 40-2-14a, which is the current annuity suitability standard in Kansas.

On January 1, 2024, KAR 40-1-53** **will become effective and will be the new standard for producers. Information on producer licensing can be found on the state's Producer Licensing Application and Requirements page.

On August 29, 2023, New Mexico issued a Notice to all companies subject to the New Mexico Fraud Assessment.  The notice indicates New Mexico has extended the deadline to pay the New Mexico Fraud Assessment until October 2, 2023. See attachment for full details.

Effective September 15, 2023, Connecticut is adding Third-Party Administrator with the line of authority Third-Party Administrator Registration for Residents and Nonresidents.

Effective January 1, 2024, Alabama will no longer issue Service Representative licenses to residents or nonresidents.  

No new service representative licenses will be issued on or after 1/1/2024. a.   Any person holding a valid service representative license on 1/1/2024 may continue to renew the license if the person otherwise meets the requirements of AL ST § 27-7-5 _or AL ADC482-1-147-.09(2)._ b.   If any service representative license expires and is not renewed for 12 consecutive months, the license will not be renewed or reactivated.

On August 29, 2023, Alaska issued a bulletin providing the list of eligible surplus lines insurers in the state.  See attachment for details and full list

Effective January 1, 2024, Alabama will remove all Pre Licensing Education Requirements.

On August 29, 2023, Florida announced that the Emergency Adjuster Application is now available on the MyProfile page.  See attachment for full details.