Stay Up to Date on Best Interest Training

November 7, 2022

Many states are adopting the 2020 Best Interest Standard for suitability in annuity transactions. Under this model, current and new producers must complete training to remain compliant. As states adopt the model, we notify producers in our producer advisories.

Current producers have two options:

  • Complete a new four-credit training course, approved by the Department of Insurance, that includes the Best Interest Standard.
  • Complete a one-hour supplementary training course specific to the Best Interest Standard.

Most states give existing producers a six-month grace period to complete the training, but grace periods vary by state. New producers must complete the four-credit training course.

To avoid delays when submitting new annuity applications, be sure to check your state requirements in our NAIC Suitability by State chart — and complete the required training. These states recently adopted the Best Interest Standard this year:*

  • Alabama
  • Colorado
  • Connecticut
  • Kentucky
  • Maine
  • Maryland
  • Mississippi
  • New Mexico
  • North Dakota
  • Pennsylvania
  • South Carolina
  • Wisconsin

 

More About Producer Advisories
Please review this recent compliance alert: Indiana Rule 760 IAC 1-72-1+, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Utah Rule R590-230, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Vermont Regulation I-2023-01, Suitability of Individual Annuity Sales Recommendations.
Have clients in another state or looking to expand your book of business? We’re implementing a new cross-border sales policy. Check out the ins-and-outs and do’s-and-don’ts of the new policy and forms before you get down to business.
It’s time to send out the 2023 IRS Form 5498 for IRA Contributions. Be sure to notify your clients who should expect them and find out the dates we’re sending them out.
Many clients count on receiving their annuity payments on specific dates so they can pay bills and meet day-to-day living costs. Electronic Funds Transfer is the best way to ensure payments on time, every time.
Please review this recent compliance alert: New Hampshire INS 305, Suitability of Individual Annuity Sales Recommendations.