Annuity Training

Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24)

Annuities, Annuity Producers, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Colorado, Idaho, Illinois, index annuities, Indiana, Iowa, IRA Pension Limits, IRS Contributions Limits, Kansas, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Virigina, Washington, West Virginia, Wisconsin, Wyoming / By admin2

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 …

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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 / By 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 / By 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.

Update 1-Hour Webinar on Annuity Suitability & Best Interest

alabama, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Delaware, Idaho, Nebraska, North Dakota, Uncategorized, Virigina / By 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 / By 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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What new disclosures are mandated under the Annuity Suitability & Best Interest?

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

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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 / By 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 …

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I am registered with FINRA, do I have to complete the Annuity Suitability and Best Interest training requirement?

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

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 …

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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?

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

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.

How am I affected by the new annuity suitability and best interest requirements?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Licensing, Nebraska, North Dakota, Rhode Island, Virigina / By admin2

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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