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.
April 26th , 2023
Effective:
April 27th , 2023
April 27
Iowa
Iowa will display historical Line of Authority data for inactive status for up to 7 years
Effective April 27, 2023, Iowa will display historical Line of Authority data for inactive status for up to 7 years.
Effective
April 26th , 2023
Effective:
May 11th , 2023
May 11
California
California LOA Description Updates
Effective May 11, 2023, California will update several LOA descriptions for Life Settlement Broker and Reinsurance Intermediary Broker license classes. Additionally, they will add a new License Class called Fugitive Recovery Agent on the PDB for display only
Released
April 25th , 2023
Effective:
April 16th , 2023
April 16
Texas
Texas Fingerprint Service Code Request Requirement
For Residents and Nonresidents
28 TX ADC s 1.504 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632910(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: FINGERPRINTS - Added fingerprint service code request requirements.28 TX ADC s 1.509 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632910(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: FINGERPRINTS -
a) Revised the entities that may capture fingerprints and fingerprinting process information.
b) Deleted option to have fingerprints captured by the "department's examination vendor."
c) Deleted information discussing methods for obtaining fingerprint cards.
28 TX ADC s 19.1602 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632911(NS) - DISCOUNT MEDICAL PLAN ORGANIZATIONS: GENERAL REQUIREMENTS - Revised the Department contact information and methods for submitting the registration form.
Effective
April 25th , 2023
Effective:
May 01st , 2023
May 01
South Carolina
South Carolina Announces New Exam Provider
Effective May 1, 2023, SC will have a new exam vendor, Pearson Vue. You may contact Pearson Vue directly at 877-759-5226 or schedule online at https://home.pearsonvue.com/sc/insurance to register for the state licensing exam and/or view exam content outlines.
Effective
April 25th , 2023
Effective:
August 01st , 2023
August 01
Georgia
Georgia Education Process Modernization Project
Georgia sends notice of its Education Process Modernization Project affecting education providers. See attachment for details.
Effective
April 24th , 2023
Effective:
March 20th , 2023
March 20
Michigan
Michigan establishes procedures to rebut a conviction through good moral character
Effective March 20, 2023, Michigan establishes procedures to rebut a conviction through good moral character. See attachment for details.
Effective
April 24th , 2023
Effective:
January 01st , 2024
January 01
Kansas
Kansas Reducing Tax Year 2024 Surplus Lines Premium Tax
Kansas surplus lines premium tax will be reduced from 6.0% to 3.0% effective tax year 2024. See attachment for full details.
Effective
April 20th , 2023
Effective:
April 20th , 2023
April 20
Wyoming
Wyoming Medical Malpractice Reporting Memo
On April 20, 2023, Wyoming provided a memo to update insurers writing medical malpractice insurance in Wyoming regarding recent legislative changes. See attachment.
Effective
April 19th , 2023
Effective:
January 01st , 2024
January 01
Michigan
Michigan Issues Bulletin Regarding Pharmacy Benefit Manager Registration
Effective January 1, 2024, Michigan will license and regulate Pharmacy Benefit Managers. See attachment for more details.
On November 30, 2023, Michigan issues update to original regulation notice regarding Pharmacy Benefit Managers to include more details on application process an fee. The fee for an initial application for a Pharmacy Benefit Manager (PBM) license submitted between January 1, 2024 and December 31, 2026 is $5,000.00.
See attachment #2 for more details.
Effective
April 19th , 2023
Effective:
May 12th , 2023
May 12
Vermont
Vermont to Add a New Mappings for Appointment and Terminations
Effective May 12, 2023, Vermont will add mappings to the Appointment and Terminations application for Credit and Variable Life and Variable Annuities.
Released
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analyzed
Our compliance experts have identified the update and analyzed it for impact on both the industry and AgentSync products.
pending
The time between the update's publication date and effective date.
effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).