Best Interest Deadlines – Arizona and Iowa are almost due!

As you may already know, the NAIC updated its suitability model to include a Best Interest Standard that applies to any sale or recommendation of an annuity. Producers now have a care, conflict of interest, disclosure, and documentation obligation that will apply to all annuity carriers they do business with.

The states listed below have adopted the updated model and thus have new NAIC training requirements for the sale or recommendation of any annuity. There is a 6 month grace period for compliance.

Producers who have completed the current Annuity 4-hour training are required to complete a 1-hour supplemental training no later than the deadline as listed below.  

  • New York – Effective Date 08/01/2019
    • Deadline Passed (01/01/2020)
  • Arizona – Effective Date: 12/31/2020
    • Training Deadline: 06/30/2021
  • Iowa – Effective Date: 01/01/2021
    • Training Deadline: 07/01/2021
  • Ohio – Effective Date: 02/14/2021
    • Training Deadline: 08/14/2021
  • Rhode Island – Effective Date: 04/01/2021
    • Training Deadline: 10/01/2021
  • Nebraska Effective Date: 04/06/2021
    • Training Deadline: 10/06/2021
  • Michigan Effective Date: 06/29/2021
    • Training Deadline: 12/29/2021
  • Idaho Effective Date: 07/01/2021
    • Training Deadline: 01/01/2022
  • Arkansas Effective Date: 07/08/2021
    • Training Deadline: 01/08/2022
  • Delaware Effective Date: 08/01/2021
    • Training Deadline: 02/01/2022
  • Montana Effective Date: 10/01/2021
    • Training Deadline: 04/01/2022
  • North Dakota Effective Date: 01/01/2022
    • Training Deadline: 07/01/2022
  • Pending States – Alabama, Connecticut, Kentucky, Maine, Texas, Virginia

Producers who obtain a life insurance license on or after the Effective Date of the coinciding state, must complete the new one-time 4 hour course before selling annuities. This will also apply to producers who had previously taken the 4-hour training, but do not complete the 1-hour supplemental training within the grace period.

Both training courses are offered on RegEd. For additional details, click to view RegEd’s Annuity Best Interest Standard FAQ.

To get help with new illustrations or for more information, call 801-568-2626 or email us at [email protected]

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