The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February of 2020. The revisions require completion of either a 1-hour General Annuity Training CE course available to producers who have taken the previous NAIC Annuity Suitability training or a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the state in which the writing agent is taking the application in.
The revision is being reviewed by various state insurance departments and has been adopted by 40 states. Before doing business in these states, agents must fulfill the General Annuity Training requirement. | more