North Dakota

What new disclosures are mandated under the Annuity Suitability & Best Interest?

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 …

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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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Required Reporting of Criminal Conviction

Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance …

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Renewal Commissions

Can I drop my insurance license and continue to receive renewal commissions? Answer: As a general rule for most states, you must be licensed to receive any commissions new or renewals. Even if you do keep your license in force, some companies require some level of sales for you to continue receiving commissions. Check with …

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