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March 21, 2017
Q1, 2017 Regulatory Round Up
By: Holli Bratt
Regulatory changes by state
Alabama and Missouri - adopted the NAIC's model for Annuity Suitability
Quick background: The NAIC Suitability in Annuity Transaction Model Regulation was enacted to improve consumer understanding, adjust improper sales processes, and help improve complexities. This regulation requires that standards, training, and procedures are in place involving annuity products as well as additional reviews and supervisory procedures. The insurer can then monitor that the financial needs of the consumer are properly addressed. This law places more responsibility on the insurer to keep their consumers informed of all aspects of an annuity.
Alabama - no longer offering the Managing General Agent license for electronic resident and non-resident license applications for both individuals and business entities
Arkansas and Louisiana - added a state-specific background question for non-resident adjuster license applications (DHS – Designated Home State)
Mississippi - opened Elevator Mechanic license for resident and non-resident license applications
Montana - added non-uniform background question for resident and non-resident license applications for business entities
New York - added ability for non-resident applicants to be able to re-apply or re-instate the same license class that was previously held electronically in New York
Puerto Rico - opened General Agent license for electronic resident license applications for individuals and business entities
Things we're watching
Wyoming has enacted legislation that changes the Adjuster license lines of authority to Property, Casualty, and Crop as well as additional legislation which will require changes to the Third Party Administrator license types. These changes are effective July 1, 2017. Click here for more information on Wyoming DOI news.
Montana just passed legislation regarding appointment by affiliation.
California has pending fees legislation (AB1699).
Hawaii has pending legislation to reduce their exam passing score to 70.
Holli Bratt is the Manager of Regulatory Compliance for Vertafore's Sircon solutions team. Holli has been with Vertafore for 5 years and is a profound asset to our regulatory team. Before Vertafore, Holli worked in Quality Assurance and Regulation for a non-profit for 13 years. She is a proud wife and mom of two girls and is known in the office for singing during most meetings she attends.