Regulatory Updates

The Bail Fugitive Recovery Persons Act will take effect July 1, 2023 (Assembly Bill 2043, Jones-Sawyer, Chapter 768, Statutes of 2022). This Act requires all individuals who are currently or would like to be a Bail Fugitive Recovery Person to be licensed by the California Department of Insurance (Department).  See attachment for full details.

Effective, July 1, 2023, the fee for the Reinsurance Intermediary Managers and Brokers will change from $500 to $100. This change will affect Resident Licensing, Resident Licensing Renewals, Nonresident Licensing, and Nonresident Licensing Renewals and will apply to individuals and business entities.

~~Effective July 7, 2023~~, Connecticut will implement a new transaction type to allow update of Designated Responsible Licensed Producers in the near future. An effective date has not yet been determined. ~~Update: Effective Date has been updated to TBD~~ ~~Update July 13, 2023 – Update – the effective date has been set for August 3rd, 2023** **~~ Update: Effective Date has been set for August 4, 2023

For Nonresidents OK ST T. 36 s 1435.13 (Effective 11/1/2023) - Per 2023 OK S.B. 539(NS) - 1) LICENSE REVOCATION AND SURRENDER: PENALTIES - Replaced minimum penalty amount with information stating that the penalty may not be more than $1,000 for each violation. 2) LICENSE REVOCATION AND SURRENDER: HEARING AND NOTICE - a) Revised notification requirements. b) Deleted information discussing the 90-day notification requirement for terminating a license that has been inactive for 12 months. OK ST T. 36 s 1450 (Effective 11/1/2023) - Per 2023 OK S.B. 553(NS) - 1) THIRD PARTY ADMINISTRATORS: GENERAL REQUIREMENTS - a) Added that the application form and fee must be submitted electronically. b) Deleted requirement that the applicant provide a comprehensive review of the background report by an independent third-party NAIC-approved vendor. c) Deleted requirement for entity to submit independent third-party background reports. d) Added change of information notification requirements. e) Added deadline for responding to Commissioner inquiries. 2) THIRD PARTY ADMINISTRATORS: LICENSE RENEWAL - a) Added that the renewal application form and fee must be submitted electronically. b) Added requirements for license reinstatement. OK ST T. 36 s 6206 (Effective 11/1/2023) - Per 2023 OK S.B. 539(NS) - ADJUSTER LICENSE: GENERAL REQUIREMENTS - Added requirements for using an assumed name. OK ST T. 36 s 6220 (Effective 11/1/2023) - Per 2023 OK S.B. 539(NS) - LICENSE REVOCATION AND SURRENDER: CAUSES FOR REVOCATION - a) Removed the notice and hearing information. b) Revised the actions that may be taken. OK News Release 4-9-2018 (Dated 4/9/2018) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: EXAMINATION - Deleted outdated examination administrator informatio

On April 18th 2023, the Nebraska Unicameral passed LB296, which created a regulatory structure for the sale of pet insurance in the state. To help ease entry into selling pet insurance, the Nebraska Department of Insurance (NDOI) created a new pet insurance license. See attachment for full details.

Massachusetts 2023 Insurance Producer Company Appointment Renewals Invoice Renewal Period** **July 19, 2023 – August 31, 2023 Termination Due Date June 30, 2023 \*Note: 15 day backdating period allowed.

Effective May 21, 2023, Florida updates its emergency adjuster ruling. See attached.

South Dakota Division of Insurance posted its Spring 2023 Newsletter. See attachment.

Effective June 9, 2023, FINRA will end remote exams. See attachment for full details.

Georgia sends notice regarding proposed education process changes. See attachment for full details.