Montana adopts new Best Interest Suitability Regulation

Effective October 1, 2021:

Montana has adopted the National Association of Insurance Commissioners (NAIC) revisions to the Suitability in Annuity Transactions Model Regulation. The revisions impose new requirements on both producers and insurers. Most notably, producers are required to act in the best interest of the consumer when recommending an annuity purchase by meeting Best Interest Obligations defined by the regulation.

Here’s what you’ll need to do to meet your Best Interest Obligations for Montana. We will continue to update you as additional states adopt the new regulation and approve training courses.

Required training

As part of the Best Interest Standards, Montana has implemented the following regulatory training requirements:  

• If you were licensed in Montana and completed model law training before October 1, 2021, you must complete the 1-hour best interest supplemental training course or the new 4-hour training course on or prior to April 1, 2022.
• For those licensed on or after October 1, 2021, the new 4-hour training course will be required before selling annuities.

Training is available through the RegEd platform.

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