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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Question: My home state has not adopted the New NAIC Model for Annuity Suitability and I am a nonresident producer that has adopted it. Do I have to meet the new training requirement? Answer: Yes, you do. If you completed the old 4 hour course on Annuity Suitability, you have 6 months from the effective …
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 »
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 National Association of Insurance Commissioners (NAIC) has established a search engine to find lost policies for families of a deceased love one. That website is: https://eapps.naic.org/life-policy-locator/#/welcome. This website shares the information with all life insurers in the country. It is recommended to have a copy of the death certificate and information on prior …
