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 12th , 2022
Effective:
October 01st , 2022
October 01
Maryland
Maryland Surplus Lines Brokers Policy Fees
Effective October 1, 2022, Maryland will allow a qualified surplus lines broker to charge a reasonable policy fee on a policy issued by a surplus lines insurer to an exempt commercial policyholder. See attached Bulletin
Effective
July 11th , 2022
Effective:
January 01st , 2022
January 01
Rhode Island
Rhode Island Updates General Requirements for Adjuster License
Rhode Island added conditions to which a Resident or Nonresident may obtain an Adjuster License, and bypass the written examination effective January 1, 2023.
Effective
July 08th , 2022
Effective:
July 08th , 2022
July 08
Utah
Utah Offers Separate Line of Authority for Pet Insurance
Effective July 8, 2022, Utah began to offer a limited line license for producers to sell Pet Insurance. This was previously under the umbrella of the Property line of authority.
Effective
July 08th , 2022
Effective:
August 16th , 2022
August 16
New Hampshire
New Hamsphire Resident and Nonresident Changes
New Hamsphire has listed updates to the following: Fees, General requirements for an organization nonresident license, Discount Medical Plan Organizations requirements, and license renewal and causes for license revocation and surrender.
Effective
July 07th , 2022
Effective:
July 07th , 2022
July 07
Wyoming
Wyoming Notes When DHS in not Accepted
Designated Home State (DHS) is ONLY acceptable when there is no home state license offered by their state. If the state of a staff adjuster that does not require staff adjuster licensing offers independent adjuster licensing and allows staff adjusters to obtain this license, the adjuster must obtain the independent adjuster license. Also, one cannot have a DHS license in a different state when they are applying for a WY DHS license.
Effective
July 07th , 2022
Effective:
July 07th , 2022
July 07
Florida
Florida To Add New Firm License Classes for PDB Display
Florida is now including Resident Insurance Adjuster Firm and Nonresident Insurance Adjuster Firm business entity license classes to be displayed on the PDB.
Effective
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
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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
Our compliance experts have identified the update and analyzed it for impact on both the industry and AgentSync products.
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).