Revised NAIC Model Regulation Adopted in all 50 States … Additional Annuity Training Required

The National Association of Insurance Commissioners (NAIC) has amended NAIC Model Rule 275. Referred to as the Annuity Best Interest Rule, it requires agents to act in the best interest of the consumer when recommending an annuity. An agent who sells annuities must complete a one-time, four hour Annuity Best Interest and Suitability training course with a training vendor approved by the state in which the writing agent is taking the application in. Agents may not take an annuity application until this course is complete. Please note that California and New York have unique annuity training requirements that are not reciprocal with other states.

Insurance company specific annuity product training and annuity best interest and suitability training is now required in all states.  Before taking an annuity application, please make sure you have complied with all state and insurance company product training requirements.  |  more