Annuity Training

Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275)

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 …

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Changes in Required Minimum Distributions to Age 72

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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Annuity Suitability Training

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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