Regulatory Updates

Effective May 11, 2023, California will update several LOA descriptions for Life Settlement Broker and Reinsurance Intermediary Broker license classes. Additionally, they will add a new License Class called Fugitive Recovery Agent on the PDB for display only

For Residents and Nonresidents 28 TX ADC s 1.504 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632910(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: FINGERPRINTS - Added fingerprint service code request requirements.28 TX ADC s 1.509 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632910(NS) - INDIVIDUAL NONRESIDENT LICENSE REQUIREMENTS: FINGERPRINTS - a) Revised the entities that may capture fingerprints and fingerprinting process information. b) Deleted option to have fingerprints captured by the "department's examination vendor." c) Deleted information discussing methods for obtaining fingerprint cards. 28 TX ADC s 19.1602 (Effective 4/16/2023) - Per 2023 TX REG TEXT 632911(NS) - DISCOUNT MEDICAL PLAN ORGANIZATIONS: GENERAL REQUIREMENTS - Revised the Department contact information and methods for submitting the registration form.

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.

Georgia sends notice of its Education Process Modernization Project affecting education providers. See attachment for details.

Effective March 20, 2023, Michigan establishes procedures to rebut a conviction through good moral character.  See attachment for details.

Kansas surplus lines premium tax will be reduced from 6.0% to 3.0% effective tax year 2024. See attachment for full details.

On April 20, 2023, Wyoming provided a memo to update insurers writing medical malpractice insurance in Wyoming regarding recent legislative changes. See attachment.

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 May 12, 2023, Vermont will add mappings to the Appointment and Terminations application for Credit and Variable Life and Variable Annuities.

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.