Regulatory Updates

Wyoming bulletin offering guidance on depreciation of labor in property claims. See attachment.

Consumer Financial Protection Bureau (CFPB) published an updated version of the “A Summary of Your Rights Under the Fair Credit Reporting Act”. See updated version attached.

The Renewal Date period for Motor Club appointments will be June 1, 2023 to August 31st, 2023. The termination deadline for any appointment not to be renewed is May 25th, 2023.

Effective April 24, 2023, Iowa is adding the status reason Not Compliant.

During the 2023 Regular Legislative Session, the Mississippi Legislature passed House Bill 1084, which amends Section 83.-17.251 of the Mississippi Code to provide that any individual who is sixty-five(65) years of age or older and who has been licensed as an insurance producer for a continuous peril of twenty-five (25) years or more, may be exempt from insurance producer continuing education requirements. See attachment for full details.

West Virginia passes Travel Insurance Entity Producer Limited License Act. Passed March 11, 2023; in effect 90 days from passage. See attachment for full details.

NASAA votes to admit Guam to the association. See attachment for full details.

The Texas Department of Insurance proposes amending 28 TAC §1.502, concerning licensing persons with criminal history. These amendments update the section for consistency with Occupations Code §§53.021, 53.022, and 53.023, amended by House Bill 1342, 86th Legislature, 2019.  See attachment for full details.

NASAA approved two regulatory proposals. See attachment for details.

Kentucky clarifies its Local Government Premium Tax process for carriers and Surplus Lines brokers. See attachment for full details.