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

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, North Dakota, Virigina /

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?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Nebraska, North Dakota, Virigina /

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?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Nebraska, North Dakota, Virigina /

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?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, NAIC, Nebraska, North Dakota, Virigina /

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.

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? Read More »

How am I affected by the new annuity suitability and best interest requirements?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Licensing, Nebraska, North Dakota, Rhode Island, Virigina /

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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I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time?

Illinois, Life Policy provisions /

In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time? Read More »

Payment of Interest on a Life Insurance policy

Annuities, Illinois, index annuities, Index Life Insurance, Life Policy provisions, Life Producers /

When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money.  To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays.  Below is the Illinois Law: 215 ILCS 5/224

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Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275)

Annuity Training, Iowa /

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

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