Essentially the most substantive of the three is Senate Invoice 10017, filed by Senator Bailey on April 22. It targets Part 4228 of the Insurance coverage Legislation, the availability that units the foundations for the way life insurance coverage and annuity corporations pay their brokers and brokers. Beneath the present regulation, the superintendent is required to periodically regulate the caps on coaching allowance subsidies, however the statute doesn’t repair a selected schedule. The invoice would exchange that open-ended timeline with a compulsory annual adjustment on January 1 of every 12 months, growing the prior 12 months’s limits by the identical share because the state’s minimal wage adjustment below the Labor Legislation. The superintendent would additionally retain the authority to approve coaching allowance subsidies exceeding these limits at any time. An analogous indexing mechanism would apply to the caps on prizes and awards that corporations can provide brokers and brokers. These caps at present sit at 5 hundred {dollars} per single prize and two thousand {dollars} per agent per calendar 12 months, with corporations additionally permitted to pay a month-to-month prize value as much as fifty {dollars}. Starting January 1, 2027, these prize and award thresholds would rise annually by the identical minimal wage share adjustment.
