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

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 October 14, 2020, the Division of Insurance issued Bulletin 20-12 which provides information related to training requirements and available training approved by IID.  Producers should review Bulletin 20-12 to ensure they will have completed the required training by July 1, 2021.

We offer the one hour updated course on the changes on the new requirements on annuity sales for those who had completed the old four hour course in the past. In addition, we offer a new four hour course for those wanting to sell annuities.

January 6, 2021

Setup Menus in Admin Panel

X