Compliance Updates

Virginia:

Quarterly appointment invoices were mailed on or about October 3, 2011. As a courtesy reminder, invoice remittances are due November 9, 2011. Payments received after November 9, 2011, are subject to statutory penalties. Payments must match the Invoice ID amount. Underpayments/overpayments of the invoice amount will not be accepted. Payments will not be processed without the voucher. Sections 38.2-1833 and 38.2-1834 of the Code of Virginia address appointments and penalty fees imposed for payments received after the prescribed due date. Requests for a copy of the original invoice or revision to the Company’s appointment billing address or contact person must be emailed to apptbillinginquiry@scc.virginia.gov

Alaska:

An insurance producer who engages in the sale of annuity products will be required to complete a one-time four (4) credit hour training course approved by the Director. Insurance producers who hold a life insurance line of authority on the effective date of this regulation and who desire to sell annuities must complete the training requirement within six (6) months of the effective date of the regulation. Individuals who obtain a life insurance line of authority on or after the effective date of the regulation may not engage in the sale of annuities until the annuity training required has been completed. An insurance producer meets this training requirement, if the insurance producer has satisfied a substantially similar training requirement of another state.

Oklahoma:

The Oklahoma Insurance Department requires Continuing Education Providers to submit course completions via State Based Systems for Oklahoma licensees within ten (10) business days of course completion. If the course completions are not reported within the required amount of time, a late report fee of $50.00 will be assessed per course offering. Oklahoma licensees must complete the required hours of continuing education (CE) prior to submitting a license renewal. The Department strongly encourages Oklahoma licensees to complete the CE requirements at least 30 days prior to their renewal dates in order to allow ample time for the course hours to be reported by the CE Provider. It is the responsibility of the CE Provider to ensure credit is reported via SBS in a timely manner.

Hawaii:

Although Act 108 is silent on the issue of reciprocity, the Division will recognize the completion of annuity training courses by Hawaii resident and non-resident producers that are approved by another state with annuity training requirements that are substantially similar to Act 108. In addition, the Division plans to introduce amendments to the Insurance Code that would adopt reciprocity provisions during the 2012 legislative session.