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 01
South Carolina Effective May 1, 2023, SC will have a new exam vendor, Pearson Vue. You may contact Pearson Vue directly at 877-759-5226 or schedule online at https://home.pearsonvue.com/sc/insurance to register for the state licensing exam and/or view exam content outlines.
August 01
Georgia Georgia sends notice of its Education Process Modernization Project affecting education providers. See attachment for details.
March 20
Michigan Effective March 20, 2023, Michigan establishes procedures to rebut a conviction through good moral character. See attachment for details.
January 01
Kansas Kansas surplus lines premium tax will be reduced from 6.0% to 3.0% effective tax year 2024. See attachment for full details.
April 20
Wyoming On April 20, 2023, Wyoming provided a memo to update insurers writing medical malpractice insurance in Wyoming regarding recent legislative changes. See attachment.
January 01
Michigan 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.
May 12
Vermont Effective May 12, 2023, Vermont will add mappings to the Appointment and Terminations application for Credit and Variable Life and Variable Annuities.
May 12
Rhode Island 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.
April 19
Wyoming Wyoming bulletin offering guidance on depreciation of labor in property claims. See attachment.
May 20
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.
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