Any organization or individual can apply for a Business Entity License provided they have named a “Designated Responsible Licensed Producer”. This individual is held responsible for the activities of others working for the Business Entity to insure insurance laws and regulations are followed. When an individual is listed under a Business Entity, that producer can […]
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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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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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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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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,
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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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The SECURE Act 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year
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