YES, there is. Listed below are the Illinois requirements: 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 […]
Yes, you will have to complete a 1-hour webinar course to updated you on the changes under new regulation or 2. complete a new 4-hour course covering the new disclosure requirements. We have both on our website.
I completed the Annuity Suitability in 2015, do I need to do the new training? Read More »
Beginning February 16, 2021, the provisions of the DOL’s new Fiduciary Rule became effective, including the expanded definition of fiduciary and Impartial Conduct Standards under new and amended prohibited transaction exemptions. The DOL provided a non-enforcement grace period that will expire on February 1, 2022. This Rule represents the most significant change to retirement investment
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24) Read More »
Almost all states have statues dealing with this issue. In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear. Interest rates vary from state to state. A common issue found in market conduct examination by the state regulators is lack of notice of the
Are insureds entitled to interest on delayed claims? Read More »
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
DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020 Read More »
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
New Annuity Suitability and Best Interest Requirement Read More »
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
What new disclosures are mandated under the Annuity Suitability & Best Interest? Read More »
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 »
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
