Michigan, Idaho and Nebraska adopt new Best Interest Suitability Regulation

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 annuityquotes@nfgbrokerage.com