NAIC

New Annuity Suitability and Best Interest Requirement

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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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?

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.

Lost Policy Locator

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 …

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What is the NAIC (National Association of Insurance Comissoners)?

The NAIC is made up of all of the insurance regulators in the United States and its’ territories.  It’s role is provide uniformity in definitions, regulations, licensing, etc.  In many states, the size of their insurance regulators is small because of limited financial resources and the NAIC serves as a source for insurance model laws.  …

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