Relates to indexing fixed amounts and clarifying compliance
What changed between versions
Added new definitions for CPI (Consumer Price Index), CPI for the preceding calendar year, and percent increase in inflation to clarify how fixed amounts in insurance contracts may be indexed for inflation.
Reorganized and clarified the categories of selling expenses that insurance companies must report, consolidating distribution, marketing, and sales support expenses into clearer subsections.
Added requirements for agents to attest to their eligibility for training subsidies before appointment, with companies required to verify this information.
Changed the eligibility criteria for agents receiving training allowance subsidies from a single dollar threshold to a multi-factor test based on earnings, income percentage, and worktime allocation over three years.
Increased the maximum training subsidy amounts for agents from $28,000/$44,000/$54,000/$60,000 to $54,000/$85,000/$105,000/$116,000 across the first four years of subsidy receipt.
Raised the income threshold for agents eligible for additional training subsidies from $66,000 to $127,000 and increased the additional subsidy amount from $1,000 to $2,000 per year.
