Regulatory Updates

On June 23, 2023, New York issued a statement regarding a proposed amendment to Excess Line Placements.  See attachment for full details.

The online platform created by the Indiana Department of Insurance (IDOI) for reporting cybersecurity events is now live. The new online form was created as a result of the Indiana Insurance Data Security Law that went into effect on July 1, 2021. The Indiana Insurance Data Security Law requires insurers and other entities licensed by the IDOI to develop, implement, and maintain an information security program, investigate any cybersecurity events, and notify the IDOI of such events. The law also established the IDOI as the regulatory body to receive, monitor, and enforce cybersecurity events involving licensed insurers and entities under Indiana Code Title 27. “If an insurer and/or other licensed entity experiences any cybersecurity event that requires notice, we are directing them to fill out and report the event using the new online form,” said Indiana Department of Insurance Commissioner Amy L. Beard. The online form can be found on the state's website.

Effective June 6, 2023, Nebraska revised the business entity license expiration dates for residents and nonresidents. Agency licenses expire on April 30 each **even-numbered** year. The Department will mail renewal instructions to the agency 90 days before the expiration date.

Ohio sent out an email regarding proposed amendments that have been posted for public review and comment.

Update on November 23, 2023: Oregon Revises Sales of Annuities - Insurance Producer - Training to include Best Interest Standards.

As of Jan 1, 2024, Oregon SB 536 (2023) Sales of Annuities - Insurance producer training will be updated to include Best Interest Standards training.

Producers that completed the 4-hour, annuity suitability training prior to January 1, 2024, will have until June 30, 2024, to complete the new 1 -hour, Best Interest course.

After June 30, 2024, producers planning to sell annuities will have to complete the updated 4-hour training course. The current approved courses that do not include the Best Interest Standards will be made inactive. 

ODOI is currently accepting applications for the 1 hour and 4 hour Best Interest Standards training. 

Original Notice from ODOI Sent on 6/21/2023: Effective January 1, 2024, Oregon revised and added annuity training requirements for Residents and Nonresidents. 2023 OR S.B. 536(NS)

Effective June 20, 2023, Oklahoma declared an emergency. See the attachment for details related to Emergency Adjusters.

Effective August 10th, 2023, a new transaction type will be implemented for North Dakota to process individual and business entity primary name updates.

Idaho to allow applicants for resident insurance producer licenses to request a temporary license pending review of their criminal history reports. See attachment for full details.

Pursuant to California Insurance Code §1763.1, I, by order, may declare eligible for placement with a non-admitted insurer, exempt from all of the requirements of California Insurance Code §1763, (except the filing of a confidential written report), any type of insurance coverage or risk for which, after a public hearing, I find that there is not a reasonable or adequate market among admitted insurers or that the type of coverage is for new, innovative products for which a reasonable or adequate market among admitted insurers has not had time to develop. In 2022, as required by law, my Department held a public hearing and comment period regarding the annual renewal of the list. After the public hearing and receiving comments, I decided to not make any changes to the Export List. 

See attachment for full details.

Alabama recently issued a bulletin stating they will no longer regulate prepaid legal insurance. See attached bulletin.