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 17th , 2022
Effective:
Michigan
Michigan Adding Third Party Admin
Michigan will be adding a new License Class of "Third Party Administrator". The effective date is yet to be announced, but is noted to take place at some point in Q3. This will be updated when the date is set.
Released
May 16th , 2022
Effective:
July 19th , 2022
July 19
Maine
Maine Changes Surplus Tax Rate
The tax rate will now be 3% and, if in Canada, it will be the highest rate of taxation that applies to the non-admitted insurer. If one does not comply, it will be $25 or 10% (whichever is higher) within 60 days. If reported after this period, it is $25 or 25%. The fee increases the longer one withholds payment.
Effective
May 16th , 2022
Effective:
July 01st , 2022
July 01
Iowa
Iowa Adding Travel Agent Licensing Requirements
Effective July 1, 2022, Iowa is adding Travel Agent licensing requirements for both residents and nonresidents.
Effective
May 16th , 2022
Effective:
June 05th , 2022
June 05
Delaware
Delaware Revises Emergency CAT Process
Effective June 5, 2022, the following will be required for DE CAT adjusters. Within 10 days of adjustment work within the state, a written notice must be issued. The CAT license will be issued for 60 days unless extended by the commissioner. There is no cost for this license, but there is a small processing fee.
Effective
May 16th , 2022
Effective:
October 19th , 2022
October 19
Ohio
Ohio Adds Limited Lines Travel
Effective October 10, 2022, Ohio will add limited lines travel for residents and nonresidents. More details will come on requirements.
Effective
May 10th , 2022
Effective:
June 10th , 2022
June 10
North Carolina
North Carolina Adds Bail Bond Licensing
On June 10, 2022, North Carolina will offer Bail Bondsman License classes for individuals that are residents.
Released
May 10th , 2022
Effective:
May 27th , 2022
May 27
Kansas
Update – Kansas No Home State Implementation Effective 5/27/22
The no home state implementation (originally announced on April 20, 2022, will be delayed from May 15, 2022 to May 27, 2022.
Effective
May 06th , 2022
Effective:
May 07th , 2022
May 07
Massachusetts
Massachusetts Removes Duplicate Appointments
On May 6, 2022, MA will delete more than 748,000 from the producer database.
Effective
May 04th , 2022
Effective:
May 04th , 2022
May 04
Wisconsin
Wisconsin Shares Changes to their Annuity Training Requirements
Vermont outlines some changes to how one may satisfy annuity continued education requirements in Vermont.
Effective
May 04th , 2022
Effective:
May 27th , 2022
May 27
California
Updates to California Converts to PLMA Standards
The conversion to PLMA standards is now to take effect on May 27th. Appointments and terminations applications will be turned off on May 20, 2022, at 6:00 pm central. See the original post for more details on the impact of this conversion.
Effective
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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).