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
Looking for Something?
NFG Brokerage
We are a National Brokerage General Agency helping our Distribution Partners achieve great results.
Request a free quote
Our Team is ready to help. Click the button below and be sure to include the details of your quote...we will be back with you As Soon As Possible.
More from our blog
See all posts
New business interest rates for some OneAmerica Care Solutions products are changing…
At Symetra, would like to be part of a bigger solution—one that…
In accordance with illustration regulations, each year at this time, indexed universal…
Effective March 11, 2024, QoL Flex Term is repriced in all states…
Effective March 11, 2024, Select-a-Term (SAT) is repriced in all states, excluding…
New business interest rates for some OneAmerica Care Solutions products are changing…
Interest rates effective Feb. 15New business interest rates for some OneAmerica Care…
SwiftTerm maintains its top competitive positioning for coverage of $500,000 to $3…