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.
January 01
FINRA reminds firms and industry professionals that effective Jan. 1, 2023, FINRA and other self-regulatory organization (SRO) rules require registered persons to complete their continuing education (CE) Regulatory Element annually, by Dec. 31, for each registration that they hold.
January 01
California California Communicates Additional Foreign Language Requirements for Examinations. This is an update from December 1, 2023 related to the original notice posted on September 19, 2023 by California Department of Insurance.
Producer license examinations must be provided in certain languages as discussed below.
a. Beginning 1/1/2024, the Life Agent, Life - Limited to the Payment of Funeral and Burial Expenses, Disability Analyst, Accident and Health or Sickness Agent, Property Broker - Agent, Personal Lines, Limited Lines Auto, Commercial and Casualty Broker - Agent examinations must be provided in English, Spanish, Simplified Chinese, Vietnamese, and Korean.
b. On or after 7/1/2024, the Life Agent, Life - Limited to the Payment of Funeral and Burial Expenses, Disability Analyst, Accident and Health or Sickness Agent, Property Broker - Agent, Personal Lines, Limited Lines Auto, Commercial and Casualty Broker - Agent examinations must be provided in Tagalog.
Scheduling for the new license examinations will be available starting on Friday, December 15, 2023
Please see attached for more details.
September 19
Delaware Effective September 19, 2023, Delaware has added Pet Insurance Producer Training Requirements. See attachment for full details.
September 19
Connecticut On September 19, 2023, Connecticut issued a bulletin that rescinds and replaces Bulletin PC-34 regarding notification to the Commissioner under Connecticut General Statute §38a-44 if an insurer is discontinuing or substantially reducing its writings in a line or subline of property and casualty insurance. The purpose of Connecticut General Statute §38a-44 is to permit the Commissioner time to evaluate the impact on the market of proposals by one or more companies to discontinue or substantially reduce writings in a line or subline of insurance in Connecticut. See attachment for full details.
October 13
Connecticut Effective October 13, 2023, Connecticut will be updating business rule for Revoked status to defer to the state instead of reject for both individuals and business. This will apply to Resident Licensing, Resident Licensing Renewals, Nonresident Licensing, Nonresident Renewals, Nonresident Adjuster Licensing, Nonresident Adjuster Renewal, No Home State and No Home State Renewals.
October 25
Maine Effective October 25, 2023, Maine will be making changes to P&C Surplus Lines Licenses and Premium Taxes. See attachment for full details.
January 01
California Effective January 1, 2024, California is making license exam requirement changes. See attachment for full details.
September 11
Idaho See attachment for Idaho Department of Insurance September 2023 newsletter.
September 08
West Virginia On September 9, 2023, West Virginia made some updates to the existing language related to Surplus Lines License and Premium Tax Changes for Resident and Nonresidents. See attachment for full details.
September 08
Florida On September 8, 2023, Florida issued a statement related to recent MyProfile updates.
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