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.
July 05th , 2022
Effective:
July 10th , 2022
July 10
Kansas
KS Publishes Approved Non-Admitted Carrier List
Kansas has published their list of approved non-admitted carriers list.
- Southlake Specialty Insurance Corporation was added to the list
Effective
July 01st , 2022
Effective:
July 01st , 2022
July 01
New Hampshire
NH Highlights that both Carriers AND Agencies can Report Fraud
This announcement is a result of recent fraud cases surfacing that were not reported. It highlights that fraud is a serious matter and can result in a fine or becoming barred from conducting insurance in NH. Any individual, agency, carrier, etc. can report fraud.
Effective
June 30th , 2022
Effective:
June 30th , 2022
June 30
N/A
Updates to CE Requirements in the Securities Space
Effective June 30, 2022, firms are able to subscribe to a new firm setting via the FINRA gateway. In doing this, all regulatory CE elements for individuals will be applied.
Effective
June 30th , 2022
Effective:
January 01st , 2022
January 01
South Dakota
South Dakota Releases Annuity Best Interest Standards
The Annuity Best Interest will be effective Jan. 1, 2023. The purpose is to place the duty of annuity recommendations to consumers upon insurance producers.
Effective
June 29th , 2022
Effective:
June 29th , 2022
June 29
Hawaii
Hawaii Removing Marine Transportation, Personal Lines, Surety, and Vehicle LOAs if Property and Casualty is Held
Effective Immediately, Hawaii will remove Marine Transportation, Personal Lines, Surety, and Vehicle LOAs if that licensee also holds a Property and Casualty LOA. This applies for both resident and nonresidents.
Effective
June 29th , 2022
Effective:
July 01st , 2022
July 01
Iowa
IA Adds Condition A Resident Insurance Producer License Can Be Issued Temporary License
Temporary License (not exceeding 180 days) can be issued by the Commissioner to a resident insurance producer license applicant who:
1) Meets the requirements of IA ST § 522B.5(1) AND 2) has not been issued the license within 10 business days from required identifying information, including fingerprints having been submitted to the Commissioner under IA ST § 522B.5A(3)
Effective
June 29th , 2022
Effective:
June 29th , 2022
June 29
West Virginia
West Virginia Makes Adjustments to Continuing Education Requirements
Effective immediately, the Commissioner will recognize CE credits obtained by a producer in another state if this producer was licensed and in good standing in West Virginia at the time the license was surrendered. Additionally, one may be exempt from CE if they hold any limited or restricted license that is exempted by the Commissioner. Note that these are additional rules to the currently standing law.
Effective
June 29th , 2022
Effective:
October 01st , 2022
October 01
Wisconsin
Wisconsin’s Best Interest Law Announcement
On April 15, 2022, Wisconsin released the Best Interest Law (2021 Wis. Act 260). This law revised the annuity suitability standards to better protect consumers of the annuity products. These changes will take effect on Oct 1, 2022.
Effective
June 28th , 2022
Effective:
June 28th , 2022
June 28
Colorado
Colorado Releases Stance on Overturning of Roe v. Wade
Colorado releases an announcement that notes that they believe "Reproductive health care is an important part of the health care services" and notes that the Reproductive Health Equity Act signed on April 4, 2022, codifies the legal right to abortion services in Colorado.
Effective
June 27th , 2022
Effective:
September 09th , 2022
September 09
Oregon
Oregon Now Offering Renewals for Pharmaceutical Sales Reps
Effective Sept. 9, 2022, Oregon will begin offering renewals for Pharmaceutical Sales representatives with application types of Resident License Renewals (RLR) and No Home State Renewals (NHSR). The PDB codes are 12352 (RLR) and 472 (NHSR). The fee is $750 per license. Note that there is no reinstatement offered. After expiration, the applicant must reapply.
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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analyzed
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pending
The time between the update's publication date and effective date.
effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).