NAIC Best interest standards Update

AGENT TRAINING

While many of you know that the DOL Rule did not go forward in 2016, many changes are now taking effect. Along with DOL, the NAIC has been revising its standards in each state to include similar language to the DOL ruling into every day business. What does that mean for you? Should you be worried?  NO!  UMS is Always There for You and we will be with you every step of the way.  Have a question you don't see an answer to, please contact us and we will walk you through your specific circumstances.  Below you will find agent training requirements and state by state requirements to be aware of.  

You can also check out the NAFA Best Interest Best Practices Toolkit.  

AGENT TRAINING: TWO FORMS OF TRAINING
  • Carrier Annuity Product Training - Required, All Agents in All States.

  • NAIC General Annuity Continuing Education Training - Subject to the State of Solicitation.

CARRIER ANNUITY PRODUCT TRAINING
  • Product Training must be completed before soliciting carrier annuity business.

  • Annuity applications received without completed Product Training will often not be accepted.

  • If applying for agent contract for annuity products, you must complete Product Training before appointment is final.

  • Most Annuity Product Training is supported by RegED.

  • To view the RegED “User Guide – Annuity Training Platform", Click Here

  • For RegED Technical Support, call 1-800-334-8322, Option 2.

  • Upon RegED login, if you do not see your carrier's Annuity Product Training,” contact us. 

  • To begin Annuity Product Training, click the link below – you will be directed to the RegEd website.

NAIC General Annuity Continuing Education Training
  • If either the Original or Revised version of the NAIC Annuity Suitability regulation applies in the state where the sale takes place, you must also complete NAIC General Annuity Continuing Education Training; see chart below.

  • Additionally:

    • If you have already completed the original NAIC General Annuity Continuing Education Training  and if the Revised Annuity Suitability regulation (2020 version) applies in the state where the sale takes place, you must either complete a new one hour, one-time training CE OR an updated four-hour training CE; see chart below.

    • If you are a newly-licensed agent and the state where the sale takes place has enacted the Revised Annuity Suitability regulation (2020 version), you must complete a four hour, one-time training CE.

  • General Annuity Training CE must be completed with a state-approved training vendor.

  • Click on your state to link to your state-approved vendor.

  • New Business applications received without completed training will not be accepted.

  • Whether this training is already completed or you’re taking it now, you must provide a certificate of completion for NAIC General Annuity Continuing Education Training to carrier before soliciting business.

NAIC General Annuity Continuing Education Training by State

Annuity Suitability Training Requirements (Original) 

  

Revised Suitability Training Requirements (2020 Version) 

General Annuity Training 

General Annuity Training 

Designed for insurance financial professional use.

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