Regulatory Updates

On August 7, 2023, New Hampshire issued a bulletin laying out notice required when a producer is terminated for cause.   See attachment for full details.

Effective September 15, 2023, Mississippi will required the following non uniform questions for renewals.

Have you or any business in which you are or were an agent, owner, partner, officer or director of the business entity, or member or manager of a limited liability company, ever had an insurance agency contract or any other business relationship with an insurance company terminated for any alleged misconduct in any U.S jurisdiction?

Effective September 1, 2023, Oklahoma has adopted the Annuity Suitability and Best Interest Standard Model Act.  See attachment for full details.

Effective August 1st, 2023, Georgia will include Pet Insurance in the types of insurance able to be sold by agents holding Life, Accident and Sickness, Property and Casualty, or Personal Lines.  See attachment for full detail. 

Effective July 1, 2023, South Carolina has added a late appointment renewal fee of $250 for residents and nonresidents.

Effective September 15, 2023, new validations will be added for Hawaii to ensure underlying license and line of authority requirements are met.

Life Settlement Broker must have a current license for at least one year as an Insurance Producer with a line of authority of ‘Life’ in Hawaii.

Applicants renewing for the following license classes must hold an active Insurance Producer license in Hawaii. Reinsurance Intermediary Broker  Reinsurance Intermediary Manager  Managing General Agent 

Effective September 1, 2023, Oklahoma will remove the one-hour earthquake continuing education requirement for licensees holding a property line of authority.  See attachment for full details.

Effective August 29, 2023, New Hampshire has revised the reasons a license may be suspended, revoked, or refused for both business entities and individual insurance producers. No changes to Manage Posted to Compliance Library

The license of a resident or nonresident **business entity**  may be suspended, revoked, or refused if the Commissioner finds, after a hearing in accordance with NH ST § 400-A:17, that:

     a.   an individual licensee's violation was known or should           have been known by one or more of the partners,           officers, or managers acting on the partnership's or           corporation's behalf;      b.   the violation was not reported; and      c.   no corrective action was taken.

The Commissioner may place on probation, suspend, revoke, or refuse to issue or renew an **insurance producer's** license, or  may levy an administrative fine not to exceed $2,500 per violation, or any combination of actions for any 1 or more of  the following causes:

     a.   violation of any insurance law, of any regulation, subpoena, or order of the Commissioner of this state or another state;      b.   obtaining or attempting to obtain a license by fraud or misrepresentation;      c.   improper handling of money in course of the business under the license;      d.   conviction of a felony;      e.   intentionally misrepresenting the terms of an actual or proposed insurance contract or application;      f.   use of fraudulent or dishonest trade practices;      g.   forging another person's name to an application for insurance or any related document;      h.   improperly using notes or reference material to complete an insurance exam;      i.   knowingly accepting insurance business from someone who is not properly licensed;      j.   suspension, denial or revocation of an insurance license in another jurisdiction;      k.   using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness, or financial irresponsibility whether directly, as an individual, or through activities for an entity, in the conduct of any business activity, or fraud, misappropriation or conversion of funds, misrepresentation or breach of fiduciary duty involving any activity in New Hampshire or elsewhere;      l.   providing incorrect, misleading, incomplete, or materially untrue information in the license application; or      m.   failing to comply with an administrative or court order imposing a child support obligation.

Effective October 1, 2023, Maryland will require that property and casualty insurance producers who sell homeowners insurance or commercial property insurance are also subject to the flood CE requirement. See attachment for full details.

Effective September 15, 2023, New Hampshire will implement a new transaction type to process individual primary name updates.