Annuity Suitability & Best Interest Training in Illinois

.  An insurance producer who completed an annuity training course approved by the Department before August 1, 2023 shall, by February 1, 2024, complete either:

A) A new four-credit training course approved by the Department that covers the required topics of subsection (b)(4); or

B) An additional one-time one-credit training course approved by the Department and provided by a Department-approved education provider on appropriate sales practices, replacement, and disclosure requirements under this Part.

  1. Section 3120.60 Insurance Producer Training
    1. a) An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer’s standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this subsection.
    2. b) Training Requirements

    1) An insurance producer who engages in the sale of annuity products shall complete a one-time four- hour credit training course approved by the Department and provided by a Department-approved education provider.

    2) Insurance producers who hold a life insurance line of authority after July 31, 2023 and who desire to sell annuities shall complete the requirements of this subsection (b) by February 1, 2024. Individuals who obtain a life insurance line of authority on or after February 1, 2024 may not engage in the sale of annuities until the annuity training course required under this subsection has been completed.

    3) The minimum length of the training required under this Section shall be sufficient to qualify for at least four CE credits, but may be longer. When an annuity product offers any long-term care benefits as defined in 50 Ill. Adm. Code 2012.30, the insurance producer shall complete the training requirements in 50 Ill. Adm. Code 2012.121 prior to selling the annuity product.

    (Source: Amended at 47 Ill. Reg. 2312, effective February 3, 2023)