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.
. An insurance producer who completed an annuity training course approved by the Department before August 1, 2023 shall, by February 1, 2024, complete either: A) A new four-credit training course approved by the Department that covers the required topics of subsection (b)(4); or B) An additional one-time one-credit training course approved by the Department …
Annuity Suitability & Best Interest Training in Illinois 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 »
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 »
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.
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 …
Update 1-Hour Webinar on Annuity Suitability & Best Interest 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 »
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 »
