Regulatory Updates

Maine is retroactively changing Surplus Lines Premium Tax to 3% effective January 1, 2023. See attachment.

 Effective June 19, 2023, New Jersey made changes to Continuing Education: General Requirements for Residents - a) Revised the ethics requirement. b) Added conditions under which credit hours may be carried over. c) Revised amount of CE credits earned by CE course instructors.

Effective July 1, 2023, Florida is changing Pre-License Education Requirement for Residents to reduce the number of coursework hours to be completed in life insurance, annuities, and variable contracts from "40 hours" to "30 hours."

Effective July 1, 2024, Nevada will add that limited lines travel insurance producers, travel retailers, and the travel retailer's employees or authorized representatives will be subject to Section 2.2 of 2023 NV A.B. 7(NS) for Residents and Nonresidents.

UPDATE 06/29/2023: The effective date for this change was moved to August 3, 2023 UPDATE 06/28/2023: The effective date for this change was moved to July 27, 2023.

Effective April 14, 2023, Washington will not allow backdating for any appointments. Visit the AgentSync website for additional details that can be found in the article titled **5 Things to Know About Washington State's Appointment Procedure.**

Nevada issued a Consumer Alert related to a license renewal email scam they were made aware of. Please see attachment for full details.

Oklahoma has passed the annuity suitability training regulation. See attachment for full details.

Residents and Nonresidents, Effective January 1, 2024, a pet insurance producer must be licensed in a major line of authority and complete the required training in order to sell, solicit, or negotiate a pet insurance product.

     a.   An insurer must ensure that its producers are trained on:           I.   Topics discussed in (b) below; and          II.   Its pet insurance products' coverages and conditions.      b.   The training must cover the following topics:           I.   Preexisting conditions and waiting periods;          II.   The differences between pet insurance and noninsurance wellness programs;         III.   Hereditary disorders, congenital anomalies and disorders, chronic conditions, and how pet insurance policies interact with those conditions or disorders; and          IV.   rating, underwriting, renewal, and other related administrative topics.      c.   Satisfaction of substantially similar training requirements in another state will satisfy this state's training requirements.

Effective August 11, 2023, New York will be changing the following License Class Codes:

License Class 2 Broker will be License Class 13233 Property and Casualty Broker License Class 622 Life Broker will be License Class 13253 Life/Accident & Health Broker License Class 167 Property/Casualty Agent will be License Class 13254 Property/Casualty Agent License Class 135 Life/Accident & Health will be License Class 13255 Life/Accident & Health Agent

Effective August 1, 2023, the Commissioner may require a licensed annuity producer to complete a 1-time, 1-credit training course meeting the standards established in compliance with LA R.S. 22:919.