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.

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April 25th, 2023
Effective:
May 01st, 2023
map-marker 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
map-marker 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
map-marker 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
map-marker 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
map-marker 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
map-marker 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
map-marker 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
April 19th, 2023
Effective:
May 12th, 2023
map-marker Rhode Island
Rhode Island to Remove requirement for Bond Filing
Effective May 12, 2023, Rhode Island will remove a requirement for bond filing. Surplus Line Broker will no longer require submitting a certificate from the General treasurer that the resident Broker has filed the required bond.
Effective
April 19th, 2023
Effective:
April 19th, 2023
map-marker Wyoming
Wyoming Bulletin Offering Guidance on Depreciation of Labor in Property Claims
Wyoming bulletin offering guidance on depreciation of labor in property claims. See attachment.
Effective
April 19th, 2023
Effective:
May 20th, 2024
N/A
Update to the “A Summary of Your Rights Under the Fair Credit Reporting Act”
Consumer Financial Protection Bureau (CFPB) published an updated version of the “[A Summary of Your Rights Under the Fair Credit Reporting Act”](https://458rl1jp.r.us-east-1.awstrack.me/L0/https:%2F%2Ffiles.consumerfinance.gov%2Ff%2Fdocuments%2Fbcfp_consumer-rights-summary_2018-09.pdf/1/01000187be249bd1-248c279f-6f97-42eb-ab0a-c2d10471f1d6-000000/CIdCrqkY5Zx824QDilvZsa1img4=319). See updated version attached.
Effective
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Disclaimer - AgentSync does not warrant to the completeness or accuracy of the information provided in this database. You are responsible for ensuring the accuracy and totality of all representations, assumptions, information and data provided by AgentSync to you in this database. The information in this database should not be construed as legal, financial, or other professional advice, and AgentSync is not responsible for any harm you sustain by relying on the information provided herein. You acknowledge and agree that the use of this information is at your own risk. You should always consult with the applicable state and federal regulatory authority to confirm the accuracy of any of the information provided in this database.
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effective
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released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).

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