Regulatory Updates

Members of the National Association of Insurance Commissioners (NAIC) elected the 2024 officers at the conclusion of the NAIC Fall National Meeting in Orlando.

Tennessee Attorney General Jonathan Skrmetti issued an opinion regarding the constitutionality of the definition of “moveable structure” in Tenn. Code Ann. Section 67-5-501(7).

The Financial Crimes Enforcement Network issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information.

The Missouri Department of Commerce & Insurance issued Insurance Bulletin 23-04, Reporting Cybersecurity Events to the Department of Commerce & Insurance. The bulletin addresses inquiries the department received regarding notification requirements in the event of a cybersecurity event.

The Illinois Department of Financial & Professional Regulation Division of Financial Institutions issued a consent order against a company that purported to provide escrow services in the state without the proper authority from the department.

The Citrus County, Fla., clerk sent a public notice reminding recording entities that beginning Jan. 1, 2024, certain documents recorded in the official records must include the post office address of each witness in addition to the witness’ name.

The Financial Crimes Enforcement Network updated its Beneficial Ownership Information FAQs to include new questions about the reporting process, reporting companies, beneficial owners, company applicants, reporting requirements, initial reports, and reporting company exemptions.

The Wisconsin Office of the Commissioner of Insurance issued a bulletin on Wisconsin Agent Appointment Renewal Invoices for 2023 for all insurance companies with Wisconsin agent appointments.

The Oklahoma Insurance Department announced the relocation of its Tulsa office location to an upgraded facility.

The New York State Department of Financial Services adopted amendments to its cybersecurity regulations. The amendments will mandate new controls, require more regular risk assessments and update notification requirements.