Producer License Violation Fines in Georgia, California Adopts NAIC Producer Legislation, Utah DOI Changes Address


This publish is a part of a sequence sponsored by AgentSync.

State by state variations of legal guidelines, compliance protocols, trade transparency, and basic regulatory cultures can lend one the impression that maintaining with trade modifications is a bit bit like herding cats. So, what higher method to wrangle among the extra localized insurance coverage information than in a Regulatory Roundup?

On an ongoing foundation, in no specific order or rank, we’re wrestling the varied regulatory modifications, compliance actions, and commissioner selections into our roundup. As a disclaimer: There’s rather a lot occurring at any given time in these right here United States, so this isn’t a complete image of state-level motion by any means. Consider it as, as a substitute, a pattern platter of regulation.

Regulatory Roundup

Georgia Commissioner Points New Fines for Producer License Violations

Georgia’s Commissioner of Insurance and Safety Fire issued a notice in March to alert the industry that there’s been an increase in folks promoting insurance coverage insurance policies first, after which getting their license afterward. (As a facet observe: Just-in-Time appointments are an actual factor. Simply-in-Time licensing just isn’t!) In response, Commissioner John F. King has issued a brand new tiered fantastic schedule for producers, with fines growing per violation:

Violation, fantastic

  • First coverage, $100
  • Second coverage, $500
  • Third coverage, $1,000
  • Fourth coverage, $1,500
  • Fifth coverage, $2,000
  • Sixth+ coverage(s), $5,000 every

Gee, don’t you want it have been straightforward to know in case your insurance coverage producers are at all times promoting inside their licenses? IF ONLY THERE WERE SOME WAY TO KNOW! (This can be a joke, for actual, should you don’t already know the way to ensure your persons are in compliance, please, please, check out our demos.)

Indiana mandates totally digital premium and surplus traces tax submitting

In 2011, the Indiana Division of Insurance coverage moved to the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) system for premium tax submitting and insurance coverage renewal charges (OPTins). For the final 11 years, although, they’ve allowed paper filings for premium taxes, insurance company annual renewal fees, and surplus lines taxes.. As of April 1, 2022, the department is done with paperwork, and can solely settle for on-line filings for premium taxes, surplus traces taxes, and insurance coverage firm annual renewal charges through the OPTins system, interval. In line with the state’s bulletin, any firm in search of an exemption might want to apply for particular person consideration.

We don’t deal with premium tax submitting, however for the report, we’re all in on ditching the paperwork and residing that digital life.

Utah proclaims DOI deal with change

As was reported earlier by the KSL media station, a variety of Utah state entities have moved to Taylorsville after the legislature voted in 2019 to desert the capitol complicated in Salt Lake Metropolis, Utah. The governing physique voted to pay $30 million to buy the previous American Categorical campus in Taylorsville, a location the DOI introduced it had completely moved to mid-March 2022.

For many who require in-person help, the bodily deal with of the Utah Insurance Department is:

4315 S. 2700 W., Suite 2300
Taylorsville, UT 84129
And the brand new mailing deal with is:
Utah Insurance coverage Division
PO Field 146901
Salt Lake Metropolis, UT 84114-6901

Emails have remained the identical, and the phone directory is available online.

California adopts full implementation of NAIC PLMA

California has moved to completely undertake the NAIC’s Producer Licensing Mannequin Act (PLMA) for its producers. Beforehand, California had a number of exemptions that made reciprocity tough with different PLMA states. Whereas this can deliver a measure of consistency to licensing, it is going to additionally imply enduring many license code modifications via the Nationwide Insurance coverage Producer Registry in addition to an interruption to any NIPR processing for California from Could 6 to Could 13, 2022.

So, should you course of via NIPR (or by way of any NIPR-based companies like AgentSync), plan your Could enterprise cycle round some downtime.

Nevertheless, after that date, issues will probably be a bit smoother for NIPR customers who do enterprise in California, partly as a result of they’re additionally starting appointments and terminations capabilities for variable life, variable annuity, and private traces producers.

Virginia renewals primarily based on LOA standing date

Starting April 1, 2022, Virginia is basing eligibility for a late license renewal or reinstatement primarily based on the road of authority (LOA) standing date.

If that sounds complicated, it’s as a result of it type of is. So, in case your license renews on a sure date, your first LOA will doubtless have the identical date, and any renewals or reinstatements will probably be primarily based on that date. However for any further LOAs, which can have calendar dates earlier than or after your normal license renewal date, the renewal or reinstatement date for that particular LOA will depend upon the date you final renewed it.

In case your producers have fallen into the late renewal interval (inside a yr after the expiration date of the LOA) or are hoping to reinstate their license (an motion obtainable in Virginia for these whose renewal is greater than a yr however lower than two years behind them), this may occasionally trigger a complicated tier of renewal and reinstatement dates, however hopefully it additionally provides them extra factors at which to show it round and get proper with the federal government.

The Commonwealth of Virginia has additionally issued a reminder that quarterly billing statements for appointments ought to mirror their decrease payment of $7. Beforehand, it was $10 to nominate an company or producer. Good that Virginia’s serving to counterbalance inflation.

Washington including language about HCSMs

Following the final yr’s shenanigans of well being care sharing ministry (HCSM) Sharity and its companion HCSMs, Commissioner Mike Kreidler has proposed revisiting the scant laws supplied on the topic.

Kreidler said in his proposal filing that Sharity and others failed to satisfy statutory necessities to even be an HCSM, and but operated freely within the state. To handle, he wish to add language to make clear the requirements an HCSM ought to observe.

Check out the proposed clarifications, or, if you wish to dig into this obscure piece of the trade that isn’t truly a part of the trade, read our other coverage.

In different Washington information, the state moved to ban insurer’s skill to make use of credit score scoring to underwrite private traces of insurance coverage. The transfer has been challenged by insurance coverage carriers in court docket, and the state DOI in March accepted a judge’s stay on implementing the rule until a court case challenging it has been resolved. To learn extra about private credit score scores in insurance coverage, check out our other coverage.

Different state insurance coverage actions in short

  • North Carolina is purging the roles of nonresident licensees whose resident state licenses have lapsed.
  • Hawaii license reactivation has to be online now (nearly like there’s a paperless pattern!), as does CE reporting. Licensees are additionally required to finish CE 15 days earlier than the license renewal so the CE supplier has time to electronically submit information to the state.
  • Florida added licensing for adjustment corporations on the finish of 2021, however adjusting agency licenses aren’t but obtainable via the Nationwide Insurance coverage Producer Registry’s producer database. So, within the meantime, Florida Chief Financial Officer Jimmy Patronis’s workplace reminds the general public they will verify licenses at the Florida Department of Financial Services website.

Whereas these factors of curiosity aren’t complete, our information of producer license and compliance upkeep is. See how AgentSync can help make you look smarter today.


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