Regulatory Updates

Update on November 23, 2023: Oregon Revises Sales of Annuities - Insurance Producer - Training to include Best Interest Standards.

As of Jan 1, 2024, Oregon SB 536 (2023) Sales of Annuities - Insurance producer training will be updated to include Best Interest Standards training.

Producers that completed the 4-hour, annuity suitability training prior to January 1, 2024, will have until June 30, 2024, to complete the new 1 -hour, Best Interest course.

After June 30, 2024, producers planning to sell annuities will have to complete the updated 4-hour training course. The current approved courses that do not include the Best Interest Standards will be made inactive. 

ODOI is currently accepting applications for the 1 hour and 4 hour Best Interest Standards training. 

Original Notice from ODOI Sent on 6/21/2023: Effective January 1, 2024, Oregon revised and added annuity training requirements for Residents and Nonresidents. 2023 OR S.B. 536(NS)

Effective June 20, 2023, Oklahoma declared an emergency. See the attachment for details related to Emergency Adjusters.

Effective August 10th, 2023, a new transaction type will be implemented for North Dakota to process individual and business entity primary name updates.

Idaho to allow applicants for resident insurance producer licenses to request a temporary license pending review of their criminal history reports. See attachment for full details.

Pursuant to California Insurance Code §1763.1, I, by order, may declare eligible for placement with a non-admitted insurer, exempt from all of the requirements of California Insurance Code §1763, (except the filing of a confidential written report), any type of insurance coverage or risk for which, after a public hearing, I find that there is not a reasonable or adequate market among admitted insurers or that the type of coverage is for new, innovative products for which a reasonable or adequate market among admitted insurers has not had time to develop. In 2022, as required by law, my Department held a public hearing and comment period regarding the annual renewal of the list. After the public hearing and receiving comments, I decided to not make any changes to the Export List. 

See attachment for full details.

Alabama recently issued a bulletin stating they will no longer regulate prepaid legal insurance. See attached bulletin.

Effective July 23, 2023, Washington will no longer require pre-licensing education to take insurance exam. 

~~Effective July 14, 2023~~, Utah will be updating Title fees for Resident Licensing, Resident Licensing Renewals, Nonresident Licensing Renewals. All current fees for Resident Producer Org and Resident Producer Individual are still applicable unless otherwise noted. Update July 13, 2023-The update to the Utah Title fees is delayed. Resident and Nonresident Renewals updates are delayed until July 20th, 2023.  Initial Resident licensing has been delayed until August 11th.

Effective May 25, 2023, Florida made specific changes to their state statutes. See attachment for high level list of changes.

See bold section below for language removed. See attachment for full details. 45-09-01-03. Surplus lines insurance producer must conduct search. The licensed surplus lines insurance producer seeking the placement of nonadmitted insurance must conduct a diligent search to ascertain whether the insurance, indemnity contract, or surety bond can be procured from a company authorized to do business in this state. The surplus lines insurance producer may rely on a diligent search done by a licensed insurance producer or the insured if the surplus lines insurance producer deems it sufficient. ~~**After the placing of any surplus lines insurance, the surplus lines insurance producer must complete and file with the commissioner a surplus lines affidavit confirming such a search has been done no later than March first for the quarter ending the preceding December thirty-first, June first for the quarter ending the preceding March thirty-first, September first for the quarter ending the preceding June thirtieth, and December first for the quarter ending the preceding September thirtieth of each year. The affidavit is not required if the insured is an exempt commercial purchaser as defined in North Dakota Century Code section 26.1-44-02**.~~ History: Effective January 1, 1982; amended effective December 1, 2001; July 1, 2012; April 1, 2021, January 1, 2024. General Authority: NDCC 26.1-44-09 Law Implemented: NDCC 26.1-44-02