Annuity Training

Annuity Training Platform Rules and Regulations

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NEW NAIC Model Regulation 275 (Best Interest) 

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. Training courses are available through external training platforms such as RegEd, SuccessCE, QuestCE, LIMRA or WebCE.

Per the rule, carriers will NIGO business if the training is not completed within the states required timeline in each state where the new model has been adopted. Also note some carriers have added additional forms when submitting business. 

The state-by-state grid that outlines the date these changes take effective.


Links to Providers: 

 

updated 05.25.22 

BEST INTEREST
State by State Adoption

 
States with an adopted new annuity standard of care rule requirement Effective date of rule* Training required by date
Alabama 1/1/2022 7/1/2022
Arizona 12/31/2020 7/1/2021
Arkansas 7/8/2021 1/1/2022
Connecticut 3/1/2022 9/1/2022
Delaware 8/1/2021 2/1/2022
Idaho 7/1/2021 1/1/2022
Iowa 12/31/2020 7/1/2021
Kentucky 1/4/2022 7/1/2022
Maine 1/1/2022 7/1/2022
Maryland 10/8/2022 4/8/2023
Michigan 6/29/2021 12/29/2021
Minnesota 1/1/2023 7/1/2023
Mississippi 1/1/2022 7/1/2022
Montana 10/1/2021 4/1/2022
Nebraska 1/1/2022 1/1/2022
New Mexico 10/01/2022 4/1/2023 
North Dakota 1/1/2022 7/1/2022
Ohio 8/14/2021 8/14/2021
Pennsylvania 06/20/2022 12/20/2022
Rhode Island 4/1/2021 10/1/2021
South Carolina 5/27/2022 11/27/2022
South Dakota 1/1/2023 7/1/2023
Texas 9/1/2021 1/1/2022
Virginia 9/1/2021 3/1/2022
Wisconsin 10/1/2022

4/1/2023

 


 

 

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