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 […]
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
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
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
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
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
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
I am registered with FINRA, do I have to complete the Annuity Suitability and Best Interest training requirement?
Yes, producers registered with FINRA who engage in the sale of annuities must complete a one-time 4-hour training course as required. If the 4-hour training course was completed prior to effective date, to remain qualified to engage in the sale of annuities, the producer must complete either a one-time 4-credit training course approved on or
I am a nonresident producer selling annuities in a state that adopted the Annuity Suitability & Best Interest model law. My home state has not adopted it. Do I need to meet the new training requirement?
The training requirements apply to all producers, whether resident or non-resident. However, non-resident producers that satisfy substantially similar training requirements in their home state or another state and will meet their annuity training requirements.
I am a nonresident producer selling annuities in a state that adopted the Annuity Suitability & Best Interest model law. My home state has not adopted it. Do I need to meet the new training requirement? Read More »
National Association of Insurance Commissioners (NAIC) issued a new model law #275 Annuity Suitability & Best Interest in 2020 to address problems in the old law. For new producers wanting to sell annuities, there is a 4-hour required course to complete and training on the insurance company’s annuities prior to selling annuities. For seasoned producers,