Regulatory Updates

New York proposes amendments to its Cybersecurity requirements for financial services companies. See attachment for full details.

For Residents and Nonresidents UT ADC R590-244-7 (Effective 4/7/2023) - Per 2023 UT REG TEXT 637369(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: APPLICATION and ORGANIZATION NONRESIDENT LICENSE REQUIREMENTS: GENERAL REQUIREMENTS - Added Department website URL information.UT ADC R590-244-9 (Effective 4/7/2023) - Per 2023 UT REG TEXT 637369(NS) - LICENSE REVOCATION AND SURRENDER: PENALTIES - Deleted information stating that licensees may be subject to administrative penalties for failing to submit and maintain a valid email address. UT ADC R590-244-11 and UT ADC R590-244-12 (Effective 4/7/2023) - Per 2023 UT REG TEXT 637369(NS) - AGENT APPOINTMENT AND TERMINATION: TERMINATION OF APPOINTMENT - a) Revised the information that must be included in the report of a termination for cause. b) Deleted "reasons or reasons for" language. c) Deleted information stating that the report is not required to include information that is unknown.

Effective May 31, 2023, US Bank will be replacing Union Bank for all Automated Clearing House Electronic Funds Transfer (EFT) transactions with California Department of Insurance (Department). First Data and Fiserv services will not be impacted and will continue to work with US Bank. The EFT bank account and routing numbers will change for ACH credit method. No change is expected on ACH debit method.  See attachment for full details.

For Residents and Nonresidents 2023 WA H.B. 1266(NS)(Effective 7/1/2023) - LICENSE REVOCATION AND SURRENDER: CAUSES FOR REVOCATION - Added that licensees will be able to petition the Commissioner for removal of erroneous administrative actions related to email-based violations from their record.WA ST 48.17.090 (Effective 7/23/2023) - Per 2023 WA H.B. 1061(NS) - REFERENCES - Revised the effective date only. WA ST 48.17.170 (Effective 7/1/2023) - Per 2023 WA H.B. 1266(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: CHANGE OF INFORMATION - Clarified that email address changes are also subject to the 30-day notification requirement. WA ST 48.17.450 (Effective 7/1/2023) - Per 2023 WA H.B. 1266(NS) - 1) INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: GENERAL REQUIREMENTS - Added email address submission requirements and conditions under which the email address will be used for communication. 2) INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: PLACE OF BUSINESS - a) Clarified which licensees are subject to the place of business requirement. b) Specified that the place of business must be accessible to the public. WA ST 48.17.475 (Effective 7/1/2023) - Per 2023 WA H.B. 1266(NS) - 1) INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: REPORT OF ACTIONS - Deleted citation and timely response requirements because that is out-of-scope for this subsection. 2) LICENSE REVOCATION AND SURRENDER: CAUSES FOR REVOCATION - Added conditions under which failure to timely respond to the Commissioner's inquiry may result in certain administrative actions, including fines and license revocation.

Effective June 12, 2023, Kansas will add the license class of Third Party Administrator as well as modify company licensing data.

Pennsylvania amends its proposed Surplus Lines Export List of Insurance Coverages. See attachment for full details.

Effective on June 8, 2023, reinstatement fees for resident and nonresident applicants for Surety Bail Bonds will be updated from $150 to $250

Effective May 1, 2023 Minnesota updated the technology fees from $15 to $10.

Effective June 9th, 2023, Hawaii will allow applicants with no active resident license to electronically submit Contact Change Requests. Additionally, Appointer/Carrier FEIN will be mandatory for Appointments and Terminations

Maryland proposes ruling that Property & Casulaty producers obtain at least 2 hours of CE in flood insurance. See attachment for full details.