Texas and Virginia adopt new Best Interest Suitability Regulation

Texas and Virginia have adopted the National Association of Insurance Commissioners (NAIC) revisions to the Suitability in Annuity Transactions Model Regulation (#275) effective September 1, 2021.

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

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