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.
May 24
New York New York proposes Excess Line placements governing standard changes. See attachment for full details.
June 26
Georgia Georgia hearing on new rules and regulations scheduled for June 28, 2023. See attachment for full details.
April 14
Kentucky Article providing updates to the Kentucky Local Premium Tax and Data Security meeting is posted. See attachment for full details.
June 30
Louisiana The Invoice renewal period for the Louisiana 2023 Agency Appointment Renewals is June 30, 2023 – August 1, 2023. The termination deadline is June 25, 2023
May 19
New Mexico Effective immediately, producers shall perform the diligent search requirement, in accordance with existing guidance in 59A-14-3 NMSA and 13.19.2.17 NMAC, before placing insurance on the surplus lines market.
May 18
Alaska Alaska addresses title insurance limited producer license requirement. See attachment for full details.
May 18
North Carolina North Carolina issues bulletin regarding its Catastrophic Adjusters procedures. See attachment for full details.
July 01
California The Bail Fugitive Recovery Persons Act will take effect July 1, 2023 (Assembly Bill 2043, Jones-Sawyer, Chapter 768, Statutes of 2022). This Act requires all individuals who are currently or would like to be a Bail Fugitive Recovery Person to be licensed by the California Department of Insurance (Department). See attachment for full details.
July 01
Ohio Effective, July 1, 2023, the fee for the Reinsurance Intermediary Managers and Brokers will change from $500 to $100. This change will affect Resident Licensing, Resident Licensing Renewals, Nonresident Licensing, and Nonresident Licensing Renewals and will apply to individuals and business entities.
August 04
Connecticut ~~Effective July 7, 2023~~, Connecticut will implement a new transaction type to allow update of Designated Responsible Licensed Producers in the near future. An effective date has not yet been determined. ~~Update: Effective Date has been updated to TBD~~ ~~Update July 13, 2023 – Update – the effective date has been set for August 3rd, 2023** **~~ Update: Effective Date has been set for August 4, 2023
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