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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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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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 …
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 …
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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Iowa Insurance Commissioner, Doug Ommen, has issued Bulletin 21-01 informing All Insurance Companies and Producers Selling Annuities Products In Iowa. The new Annuity ‘Best Interest’ Regulation, 191 IAC 15.72 covers all annuity transaction on or after January 1, 2021. The bulletin informs companies to make good faith efforts to comply by December 31, 2021. On …
Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275) Read More »
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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Required Minimum Distribution (RMD) Last trading day this year is December 29 and account balances of that date must be used in calculating RMD. For those individuals with an Individual Retirement Account (IRA) or a 401(k) and have reached their 70 ½ birthday, it is time to plan to take a required minimum distributions. The amount …
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