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,
How am I affected by the new annuity suitability and best interest requirements? Read More »
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 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year
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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
What is the Required Minimum Distribution (RMD)? Read More »
Under the National Association of Insurance Commissioners (NAIC) Model Laws on Annuity Suitability, there are two training requirements. First, insurers are required to train their producers on their products. It mandates insurers properly supervise their producers and check on the suitability of the product to meet the needs of the client. Insurers are also required
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