As states adopt the new NAIC Model Regulation 275, a new annuity standard of care rule becomes effective. This new “best interest” standard, which replaces the old suitability standard, impacts the sales process requiring producers to use new point-of-sale form requirements, producer disclosures, and documentation obligations.
New Required NAIC Best Interest Training
All producers will be required to complete a new training course related to compliance with the new model. Depending on whether the producer has already completed the 4-credit annuity training course in the past, he or she must also complete either (1) a new 1-credit hour training course or (2) a newly revised 4-credit course which incorporates the new model.
The state-by-state grid that outlines the date these changes take effective.
View Full State-by-State Grid for all NAIC regulations
Links to Providers:
updated 07.01.24
