naic

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.

In addition to annuity product training which is required in all states, there is now some form of annuity suitability training required in all jurisdictions except  DC, NV and NJ.  Before taking an annuity application, please make sure you have complied with all state and product training requirements.  |  more

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