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 thanthe 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.
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