- DOI to Review Insurance Producers Continuing Education Compliance
The Massachusetts Division of Insurance (the “DOI”) issued a bulletin on June 3 to notify resident insurance producers licensed in Massachusetts, including licensees employed by banks, that the DOI will review their compliance with continuing education (“CE”) requirements. The DOI announced that all resident insurance producers have until December 31, 2011 to come into compliance with any outstanding CE requirements.
Nutter Notes: Massachusetts law generally requires resident insurance producers to complete a minimum of 60 hours of CE instruction during the first 36-month period after the date of their original licensure, and 45 hours of instruction every 36-month period thereafter. The DOI announced that it will not take any enforcement action against non-compliant licensees until after December 31.
- Comment Period Extended on Credit Risk Retention Proposed Rules
The federal banking regulators and three other federal agencies announced on June 7 that the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Act (commonly referred to as “skin-in-the-game” requirements) will be extended to August 1, 2011. Comments were originally due by June 10.
Nutter Notes: The proposed rule generally would require sponsors of asset-backed securities to retain at least 5% of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. The proposal was issued by the OCC, the Federal Reserve, the FDIC, the SEC, the FHFA and HUD.