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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The standard continuing education rules adopted by many states is 24 hours every two years including 3 hours of ethics. Illinois requires classroom ethics including webinars taught by an experience licensed producer. Illinois permits an open book testing for self study courses. If hours are earned in a classroom, 50 minutes constitutes an hour and students …
How many hours of insurance continuing education is required to renew my license? Read More »
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 …
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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 …
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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 …
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.
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, …
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The SECURE Act signed into law by President Trump made a major change in Required Minimum Distributions(RMD). Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 70 1/2 in 2020, can delay their first RMD until April 1 of the year that they reach age 72. Those individuals with the Traditional IRA who …
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Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance …
Original license applications and renewals can be done at the National Insurance Producer Register. Insurance license are issued for a two year period and expire on the last day of the producer’s birth month. There is a $5.00 processing fee. Insurance producer & Limited Lines licenses fees are $215.00* To re-instate a expired license, the …
