The Massachusetts Division of Insurance issued a bulletin notifying the state’s insurance producers of recent changes to the continuing education requirements.
The bulletin 2014-06, issued on Sept. 23, stated that Chapter 139 of the Acts of 2014 was enacted on June 17 and makes changes to M.G.L. c. 175, sec. 177E relating to continuing education requirements for producers licensed in Massachusetts. The Act became effective on Sept. 17.
The key changes are as follows:
- The date by which producers licensed in Massachusetts must complete their continuing education requirements will now be the producer’s license renewal date.
- Producers must now complete a program of instruction or attend a seminar on ethics equivalent to three classroom hours of instruction. This new requirement does not increase the overall number of credit hours a producer must complete.
- A newly licensed producer must complete 60 hours of continuing education credits prior to their initial license renewal date; otherwise a licensed producer must complete 45 such credit hours during the 36-month period prior to license renewal.
Any producer who fails to complete the required number of continuing education credits by their license renewal date may be subject to license suspension and/or monetary penalties.
The Division said some producers may have a limited amount of time to comply with the requirements prior to their next renewal date. Because of this, the Division has determined that any producer whose license is scheduled to be renewed between Sept. 17, 2014 and Dec. 31, 2014 shall have until Jan. 5, 2015 to comply with the requirements.
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