This post is part of a series sponsored by AgentSync.
Differences in government laws, compliance protocols, industry transparency, and general regulatory cultures can give the impression that keeping pace with industrial changes is a bit like herding cats. So, what better way to argue some local insurance news than with a regulatory news report?
On an ongoing basis, and without a particular order or rank, we wrestle with various regulatory changes, compliance procedures, and commissioner decisions on our tour. As a disclaimer: There is a lot going on at any point in this US here, so this is by no means an exhaustive picture of nationwide action. Think of it as, instead, applying a sample of regulation.
Georgia commissioner issues new fines for product license violations
The Georgia Insurance and Safety Commissioner issued a notice in March to alert the industry That there is a rise in the number of people selling insurance policies first, and then obtaining the license. (As a side note: Appointments on time She is a real thing. Timely licensing is not!) In response, Commissioner John F. King released a new table of graduated fines for producers, with fines increasing for each violation:
- The first policy is $100
- The second policy is $500
- The third policy is $1,000
- Fourth policy 1500 dollars
- Fifth policy $2000
- Sixth + policy(s), $5,000 each
Gee, don’t you wish it was easy to see if insurance producers always sell within their licenses? If only there were a few ways to find out! (This is a joke, really, if you don’t already know how to make sure your employees comply, Please, please, check out our demos.)
Indiana mandates tax filing for surplus lines and all-digital premiums
In 2011, the Indiana Department of Insurance switched to the National Association of Insurance Commissioners (NAIC) system to introduce premium tax and insurance renewal fees (OPTins). Over the past 11 years, They allowed paper filing of premium taxes, insurance company annual renewal fees, and line excess taxes.. Effective April 1, 2022, paperwork is handled in the departmentOnly online deposits of premium taxes, line excess taxes and insurance company annual renewal fees will be accepted Through the OPTins . system, a period. According to the state prospectus, any company seeking an exemption will need to apply for individual considerations.
We’re not dealing with premium tax returns, but for the record, we’re all involved in letting go of paperwork and living that digital life.
Utah announces DOI address change
as it was Earlier reported by the media station KSL, a number of Utah entities moved to Taylorsville after the legislature voted in 2019 to abandon the state capitol complex in Salt Lake City, Utah. The board of directors voted to pay $30 million to purchase the former American Express campus in Taylorsville, a site the Home Office announced had moved permanently to mid-March 2022.
For those who need personal assistance, the physical address of Utah Department of Insurance he is:
4315 h 2700 watts, suite 2300
Taylorsville, Utah 84129
The new postal address is:
Utah Department of Insurance
PO Box 146901
Salt Lake City, Utah 84114-6901
The emails stayed the same, and The phone book is available online.
California adopts full implementation of NAIC PLMA
California has moved to fully adopt the NAIC Product Licensing Model Act (PLMA) for its producers. Previously, California had many exceptions that made reciprocity difficult with other PLMA countries. While this will result in some degree of licensing consistency, it will also mean that many license code changes will continue through the National Insurance Producers Registry as well as an interruption of any California NIPR processing from May 6 to May 13, 2022.
So, if you’re processing through NIPR (or via any NIPR-based services like AgentSync), plan your May business cycle around some downtime.
However, after this date, things will be much smoother for NIPR users doing business in California, in part because they’ve also started the capabilities of life-changing appointments and terminations, variable annuities, and personal line producers.
Virginia Renewals Based on LOA Status History
Effective April 1, 2022, Virginia is based on eligibility for delayed license renewal or restoration based on the State of Line of Authority (LOA) history.
If this sounds confusing, it’s kind of because it is. Therefore, if your license is renewed on a certain date, your first letter of credit will likely be the same date, and any renewals or reinstatements will be based on that date. But for any additional letters of credit, which may have calendar dates before or after the usual license renewal date, the renewal or restoration date of the specific application letter will depend on its last renewal date.
If your producers are in the late renewal period (within a year after their LOA expiration date) or are hoping to re-license them (a procedure available in Virginia for those whose renewal is more than a year but less than two years late), this could cause a bewildering level of renewal and return dates, but also hopefully it will give them more points to change it and deal properly with the government.
The Commonwealth of Virginia also issued a reminder that quarterly billing statements for appointments should reflect its lower $7 fee. Previously, hiring an agency or producer was $10. Nice that Virginia is helping balance inflation.
Washington Adds Language About HCSMs
After last year tricks From Health Care Engagement Department (HCSM) Sharity and her partner HCSMs, Commissioner Mike Cridler suggested reconsidering the scant legislation introduced on the topic.
Criedler said in his proposal to introduce Sharity and others fail to meet the legal requirements to even be in charge of the State Security Department, yet operate freely in the state. To speak, he would like to add language to clarify the standards that HCSM must follow.
Check the suggested explanationsOr, if you want to delve deeper into this obscure piece of the industry that isn’t actually part of the industry, Read our other coverage.
In other Washington news, the state moved to ban an insurer’s ability to use the credit rating system to insure personal lines of insurance. The move has been challenged by insurers in court, and the state’s DOI in March I accepted to stop the judge from implementing the rule until the appeal case is decided in court. To read more about personal credit scores in insurance, Check out our other coverage.
Other government insurance activities in brief
- North Carolina is canceling the roles of non-resident licensees whose resident licenses have expired.
- Reactivating your Hawaii license should be online now (Almost as if there was a paperless trend!), as in CE reports. Licensees are also required to complete a CE 15 days prior to renewing their license so that the CE provider has time to electronically send records to the state.
- Florida added licensing for mod companies at the end of 2021, but modding company licenses is not yet available through the National Insurance Producer Registry’s producer database. So, in the meantime, the office of Florida CFO Jimmy Patronis reminds the public of their ability Verify licenses on the Florida Department of Financial Services website.
While these points of interest are not exhaustive, our knowledge of product licensing and compliance maintenance is. See how AgentSync can help make you look smarter today.
California Legislation in Georgia