Relates to indexing fixed amounts and clarifying compliance
What changed between versions
Added new definitions for CPI, CPI for the preceding calendar year, and percent increase in inflation to clarify how fixed amounts in insurance contracts should be indexed.
Reorganized the categorization of selling expenses under the insurance law, consolidating distribution, marketing, and sales support expenses into a single subsection and clarifying what costs are included.
Added a new requirement that companies must establish agent eligibility for training subsidies through attestation, with provisions for rejecting attestations based on actual knowledge of credentials.
Expanded eligibility for training allowance subsidies by adding new criteria based on worktime allocation and earned income thresholds, in addition to existing sales volume limits.
Increased the maximum cumulative training allowance subsidies that companies can pay to agents, raising limits from approximately $28,000-$66,000 to $54,000-$127,000 depending on the year of receipt.