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.
June 30
Arkansas Arkansas has released their 2023 Company Appointment Renewal dates. The renewal dates are June 1, 2023 - June 30, 2023. Electronic Termination Deadline is May 24, 2023, and the paper deadline is May 1, 2023
May 12
Alaska Effective May 12th, 2023, Alaska will require nonresident Alaska applicants for Surplus Lines Broker to hold Surplus Lines in their resident state.
June 08
Virginia Effective June 9, 2023, Virginia will add new Non-Uniform Questions for Viatical Settlement Broker applicants. These will be required for Resident, Nonresident, Resident Renewal, and Nonresident Renewals.
April 12
New Mexico The Office of Superintendent of Insurance continues to receive inquiries related to the licensing of both resident and nonresident adjusters. These inquiries have revealed some discrepancies between the requirements set forth in Chapter 59A NMSA 1978, the New Mexico Insurance Code, and those contained in the Title 13 of the New Mexico Administrative Code. The Producer Licensing Bureau is currently working on an update and revisions to those provisions of Title 13 (Insurance) of the New Mexico Administrative Code administered by this Bureau, addressing the adjuster related discrepancies will be included in that process. In the meantime, given that state statute controls when an administrative rule conflicts with a statute, the Producer Licensing Bureau will be using statutory provisions when administering adjuster licensing requirements.
See attachment for full details.
June 16
New Mexico Effective June 16, 2023, New Mexico will only require public adjusters to hold a surety bond. See attachment for full details.
April 12
Louisiana Advisory Letter No. 2015-02, originally issued June 3, 2015, is hereby revised and reissued to provide updated guidance and clarity due to changes in the law since its original issuance. See attachment for full details
April 12
Louisiana Louisiana sends guidance regarding producer compensation in the form of a fee. See attachment for details.
April 11
Maryland Maryland amends prohibition on rebates and inducements of products and services by an insurer. See attachment for full details.
April 10
West Virginia West Virginia summarizes its 2023 legislation. See attachment for details.
April 10
Delaware Delaware sends reminder regarding address and payment mailing requirements. See attachment for details
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