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 23rd , 2022
Effective:
May 23rd , 2022
May 23
New Mexico
Wildfire Hotline Launched to Support Questions on New Mexico Wildfires
This hotline is launched by the office of the Superintendent of Insurance and will answer questions about insurance coverage for evacuees and victims of the New Mexico wildfires. This service is available 7 days a week 8AM-8PM on weekdays and 9AM-2PM on weekends. The number is (833) 485-1336.
Effective
May 23rd , 2022
Effective:
May 23rd , 2022
May 23
Maine
Maine Updates Requirements for Self-Service Storage Agents
The updates now require the name, address, etc. must be provided. Additionally, the license applicant must appoint the superintendent as the applicant's attorney of all legal process. This applies to both residents and nonresidents.
Effective
May 20th , 2022
Effective:
May 20th , 2022
May 20
California
PLMA Update: California Changes Initial and Renewal Applications
California will turn off the initial and renewal applications starting at 1PM CST. The application turn on time has not changed. This update relates to previous updates on the conversion to PLMA standards.
Effective
May 20th , 2022
Effective:
May 20th , 2022
May 20
Oklahoma
Oklahoma Adds Language to Consultant License Requirements
Language has been added to the consultant license in OK. The language states that a producer license is required of any individual or organization consultant. Note that, in OK, the term consultant is used to include brokers as well. Therefore, both brokers and consultants must be licensed as an insurance producer.
Effective
May 19th , 2022
Effective:
May 19th , 2022
May 19
Oklahoma
Oklahoma Makes Changes to Surplus Lines
Adjustments were made to the surplus lines requirements.
Effective
May 18th , 2022
Effective:
May 18th , 2022
May 18
Massachusetts
Massachusetts Adds Back 745,325 Appointments
On May 18, 2022, Massachusetts will add back 745,325 appointments to the PDB that were previously removed. These appointments are not active and their display is soley for visibility.
Effective
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
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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).