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Illinois State Insurance Exam on home/your office OR an approved center

Accident Health License, Illinois, Insurance licensing, Life Insurance Licensing Test, Life Producers / admin2

Illinois Department of Insurance has approved taking your Insurance examination: at home, or at your office, or at an approved testing center. Here is the link for at home or office testing: https://home.pearsonvue.com/il/insurance. Information on your options can be founded at http:www.pearsonvue.com NOTE: You need to register for your examination for each line of […]

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DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020

alabama, Annuity Producers, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Colorado, Delaware, General, Idaho, Illinois, Indiana, Iowa, Kansas, Life Producers, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, West Virginia, Wisconsin, Wyoming / admin2

Under the Department of Labor’s (DOL) new policies, all producers (agents) that rollover funds from a Individual Retirement Account (IRA), Pension or other similar plans to an IRA annuity or other Defined Contribution/Benefit plans must meet the 5-part test under the Prohibited Transaction Exemption (PTE). Those requirements can be found in PTE84-24 put out by

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Is There Required Training Once I Complete the Annuity Suitability & Best Interest Training?

alabama, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Nebraska, North Dakota, Virigina / admin2

No, as long as you have completed your company’s product training and the Annuity Suitability & Best Interest course that are not additional training required to sell Annuities.

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Business Entity License being suspended

Business Entity, General, Illinois, Insurance licensing / admin2

If the Designated Responsible Licensed Producer (DRLP) fails to renew their producer’s license, the insurance regulators will suspend the Business Entity License. Insurers can not pay commissions to suspected Business Entity. In order to protect against that happening make certain the DRLP renews their license early. The other solution is to have 2nd DRLP for

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Business Entity License

Accident Health License, alabama, Arkansas, Business Entity, Colorado, Idaho, Illinois, Indiana, Insurance licensing, Iowa, Kansas, Licensing, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / admin2

Any organization or individual can apply for a Business Entity License provided they have named a “Designated Responsible Licensed Producer”. This individual is held responsible for the activities of others working for the Business Entity to insure insurance laws and regulations are followed. When an individual is listed under a Business Entity, that producer can

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Update 1-Hour Webinar on Annuity Suitability & Best Interest

alabama, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Delaware, Idaho, Nebraska, North Dakota, Uncategorized, Virigina / admin2

For those that completed the prior Annuity Suitability 4-hour course, you have the opportunity to complete 1 hour update on the changes in the law. They are required to complete their insurer’s training on their annuity products. Here are the states where the 1-hour webinar is currently available the date that it expires: Alabama** 1

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New Annuity Suitability and Best Interest Requirement

alabama, Annuity Producers, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Delaware, Idaho, Iowa, NAIC, Nebraska, North Dakota, Virigina / admin2

Anyone wanting to sell Annuities must complete a 4-hour course on Annuity Suitability and Best Interest and a company training on their annuity products. For those producers that complete the prior 4-hour course, they have an opportunity to complete a 1-hour course covering the changes within 6-months of the effective date. Alabama** 1 hour Webinar

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Annuity Suitability & Best Interest

Arkansas, Continuing Education, Delaware, Education, Idaho, Iowa, Life Producers, Nebraska, North Dakota, Rhode Island / admin2

Question: My home state has not adopted the New NAIC Model for Annuity Suitability and I am a nonresident producer that has adopted it. Do I have to meet the new training requirement? Answer: Yes, you do. If you completed the old 4 hour course on Annuity Suitability, you have 6 months from the effective

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What new disclosures are mandated under the Annuity Suitability & Best Interest?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, North Dakota, Virigina / admin2

Producers will provide contact information in detail on the top of the disclosure with this Note on the top of the form: INSURANCE AGENT (PRODUCER) DISCLOSURE FOR ANNUITIES (Customer: Do Not Sign Unless You Have Read and Understand the Information in this Form) and provide the following detailed information on the disclosure form: What types

What new disclosures are mandated under the Annuity Suitability & Best Interest? Read More »

Does this new annuity suitability course have to be counted as continuing education?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Nebraska, North Dakota, Virigina / admin2

No, this is a training requirement to sell an annuity product. Resident producers, who take the 4-hour or 1-hour credit course, may use the credits to satisfy their overall CE requirements. Credits used to satisfy CE requirements will be counted as general credits. The annuity training course must be from an approved CE Provider in

Does this new annuity suitability course have to be counted as continuing education? Read More »