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January 12, 2017

Q4, 2016 Regulatory Round Up

By: Holli Bratt and Leslie Kosal

In closing 2016, we have a short list of updates from Q4 that you should be aware of!

National News

NARAB update

Last quarter, we explained the current state of nominations for creating the Board of Directors. Here's a quick recap:

  • As of September 2016, Obama nominated 5 commissioners and 5 industry representatives
  • Of the 10 nominees, 5 completed the information requested by the Senate Committee and the other 5 were listed under Privileged Nominations, with additional information requested by the Senate Committee. http://www.senate.gov/legislative/LIS/executive_calendar/xcalv.pdf

However, with the upcoming change in presidential administration, the NARAB Board nomination process will start over.

Why?

Each nominee must be submitted by the current president, handing the torch to president elect, Donald Trump. Unfortunately without the Board of Directors in place, questions will remain unanswered.

Regulatory changes by state

  • Arkansas – Opened Navigator License renewal for both resident and non-resident
  • Connecticut – Opened Adjuster license applications
  • Delaware – Added a non-uniform background question for individual non-resident Adjuster licensing applications
  • Guam – Opened Resident and non-resident licensing renewals
  • Mississippi – Opened Transportation Network Company resident and non-resident license applications
  • Nevada – Opened Resident Title Agent license applications
  • Pennsylvania – Decreased fingerprinting fees
  • Utah – Decreased fingerprinting fees
  • Wyoming – Opened Pharmacy Benefit Manager License applications for both resident and non-resident business entities

Things we're watching:

Updates from last quarter

  • The Delaware Department of Insurance has passed legislation to adopt the NAIC's model for Annuity Suitability. This will become effective June 2017.
  • Travel legislation that we were watching for Q3 did not make it through the states for adjournment or recess.

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Holli Bratt

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.


Leslie Kosal

Leslie Kosal is Director of Product Management for Sircon for States® and core regulatory products in Vertafore's Sircon solution portfolio. While most of her colleagues know her as their friendly neighborhood insurance licensing expert, Leslie is also a co-owner of a beer & wine store with her husband in Okemos, Michigan.