Nebraska

Update 1-Hour Webinar on Annuity Suitability & Best Interest

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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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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Annuity Suitability & Best Interest

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 …

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Does this new annuity suitability course have to be counted as continuing education?

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 …

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I am registered with FINRA, do I have to complete the Annuity Suitability and Best Interest training requirement?

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 …

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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.

How am I affected by the new annuity suitability and best interest 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, …

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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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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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If a register representative is fined by FINRA, is the requirement to notify my home state Insurance Regulators?

Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not.  Insurance producers are required to notify the Insurance Regulators of any violations within 30 days.   At the time of a license application or license renewal, producers are required to list all violations by any regularity …

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