Michigan, Idaho and Nebraska adopt new Best Interest Suitability Regulation
- June 16, 2021
- Announcement, Annuity
Michigan, Idaho and Nebraska have adopted the National Association of Insurance Commissioners (NAIC) revisions to the Suitability in Annuity Transactions Model Regulation as follows:
- Michigan
- Effective June 29, 2021
- If you were licensed in Michigan and completed model law training before June 29, 2021, you must complete the 1-hour best interest supplemental training course or the new 4-hour training course on or prior to December 29, 2021.
- For those licensed on or after June 29, 2021, the new 4-hour training course will be required before selling annuities.
- Idaho
- Effective July 1, 2021
- If you were licensed in Idaho and completed model law training before July 1, 2021, you must complete the 1-hour best interest supplemental training course or the new 4-hour training course on or prior to December 31, 2021.
- For those licensed on or after July 1, 2021, the new 4-hour training course will be required before selling annuities.
- Nebraska
- Effective January 1, 2022 (training requirements begin July 1, 2021)
- If you were licensed in Nebraska and completed model law training before July 1, 2021, you must complete the 1-hour best interest supplemental training course or the new 4-hour training course on or prior to December 31, 2021.
- For those licensed on or after July 1, 2021, the new 4-hour training course will be required before selling annuities.
Training requirements can be completed on RegEd.
For more information or to get help with new illustrations, call 801-568-2626 or email us at [email protected]
- June 16, 2021
- Brad Neves
- Announcement, Annuity
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