November 21, 2011
Monday, November 21st, 2011
Kentucky:
The continuing education regulation regarding product specific continuing education and training requirements has been amended to specify such requirements, effective January 1, 2012, for any individual licensee selling, soliciting, or negotiating the sale of an annuity. The regulation now requires four hours of initial training that includes the specified topics, but excludes marketing information, sales techniques, or specific information about a particular insurer’s product. An individual licensee who holds a life line of authority on the effective date of this regulation must complete the training requirements within six months of January 1, 2012. An individual licensee who obtains a life line of authority on or after the effective date of this regulation must complete the training requirements prior to selling, soliciting, or negotiating the sale of an annuity. The satisfaction of the training requirements of another state that are substantially similar satisfies Kentucky’s annuity training requirements.
Maryland:
The Maryland Insurance Administration implemented the Federal Nonadmitted Reinsurance Reform Act in Maryland. The nationwide regulatory changes made under the NRRA that will affect the placement of nonadmitted insurance on Maryland risks. One of the most significant provisions of the NRRA is the way nonadmitted insurance premiums are to be allocated between states for reporting and tax purposes. While premiums for placements where the risk is located entirely within Maryland continue to be allocated entirely to Maryland for reporting and tax purposes, the allocation of premiums on multi-state placements changed. Until July 21, 2011, only the portion of the premium attributable to Maryland risk was allocated to Maryland, and this applied whether or not Maryland was the insured’s Home State.For policies effective on or after July 21, 2011, if Maryland is the insured’s Home State the entire premium is allocated to Maryland.
North Carolina:
For the 2012-2013 annual company appointment renewal billing, the North Carolina Department of Insurance will process appointment renewals for Producer (all six major line of authority licenses), Auto physical Damage, Medicare Supplement/Long Term Care, Limited Representative, Title Insurance, Credit Agent, and County Farm Mutual Agent electronically through the National Insurance Producer Registry (NIPR). Electronic processing through NIPR is mandatory for ALL insurance companies, motor clubs, and county farm mutual companies pursuant to the requirements of 11 NCAC 06A.0501. On February 1, 2012, the NIPR website will have the annual appointment renewal invoice due and a list of company appointments which will be renewed by payment of the invoice. Companies with no active appointments as of January 25, 2012 will not have an invoice on NIPR.