Regulatory Updates

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.

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.