Regulatory Updates

On July 10, 2023, Vermont issued an alert regarding the use of Catastrophe Adjusters and Appraisers In response to the State of Emergency declared July 9 by Governor Phil Scott following heavy rains and anticipated floodings.   The Commissioner of the Department of Financial Regulation  announced that the Department is preemptively allowing property and casualty insurance carriers to use individual adjusters not licensed in Vermont.   See attachment for full details.

Effective October 19, 2023, Maine has revised Pet Insurance Producer requirements for Residents and Nonresidents.

Effective June 20, 2023, Idaho has added additional conditions allowing residents to apply for a temporary producer license.

_Due to electronic fingerprinting being currently unavailable and delays occurring because of physical fingerprint hard card submissions, the Department authorizes resident producer license applicants to request temporary licenses._

_     a.   Requests must be submitted using the "Temporary Resident Producer License Request Form" available at  https://bit.ly/44yQtoc._ _     b.   The Department may issue a temporary license to an applicant pending receipt of the criminal background check report if all other licensing requirements have been met._ _     c.   Temporary licenses are valid for a period not to exceed 180 days._

Effective January 1, 2024, Alabama is making changes to Independent Adjuster regulations. See attachment for full details.

Effective January 1, 2024, Alabama is making changes to regulations relating to the licensing and appointment of insurance producers, temporary producers, and service representatives; and the various types of disciplinary action concerning licenses and grants of authority. See attachment for full details.

On July 6, 2023, Utah issued a bulletin as a reminder related to Duty to Give Notice of Termination for Cause. See attachment for details.

On July 5, FINRA published details related to proposed changes to rules related to Residential Supervisory Locations. See attachment for full details.

TX made the following changes effective June 19, 2023 for Residents and Nonresidents. Deleted navigator registration and pre licensing requirements for individuals and organizations. Deleted full-time home office salaried employee information from individual license requirements.

See attachment for full details.

Maryland made a change to continuing education requirements effective May 22, 2023.  A licensed insurance producer who possesses a license to sell property and casualty insurance and who sells flood insurance, homeowners insurance, or commercial property insurance shall obtain at least 2 hours of continuing education that directly relates to flood insurance as part of the required hours of continuing education. See attachment.