Ohio recently adopted the National Association of Insurance Commissioners (NAIC) revisions to the Suitability in Annuity Transactions Model Regulation (#275) effective February 14, 2021. However, Ohio’s updated regulation also provides for a six-month period from the effective date for the industry to come into compliance with the new requirements (August 14, 2021).
These revisions will impose new requirements on both producers and insurers. Producers are required to act in the best interest of the consumer when recommending an annuity purchase by meeting Best Interest Obligations defined within the regulation.
Here’s what you’ll need to do to meet your Best Interest Obligations for Ohio.
As part of the Best Interest Standards, Ohio has implemented the following regulatory training requirements:
If you were licensed in Ohio and completed model law training before February 14, 2021, you must complete the 1-hour best interest supplemental training course or the new 4-hour training course on or prior to August 14, 2021.
For those licensed on or after February 14, 2021, the new 4-hour training course will be required before selling annuities.
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