Bell & Associates | Life Insurance Specialists
The NAIC has adopted a significantly revised “Suitability in Annuity Transactions Model.” Once a state adopts this new Model, producers in that state will be required to fulfill two different training requirements prior to solicitation of an annuity:
1) A one-time state-level four (4) hour continuing education course on annuities.
Producers selling annuity products will be required to complete a one-time general annuity training course approved by the state department of insurance for the state he or she is licensed or doing business in. You may be required to provide proof of completion to annuity providers when you submit your first piece of business after the enforcement date is effective in your state. Below is a link to a listing of state-approved continuing education courses:
NAIC Suitability Requirements By State - May 2012
2) Product specific training provided by the insurance carrier prior to soliciting the sale of a particular annuity product.
These product specific training courses are very different for each carrier. Below is a link to a listing of each carrier's specific annuity training course:
NAIC Suitability Requirements By Carrier - January 2012
*NOTE: For agents in a hierarchy, ANYONE in the hierarchy must have the above training completed to submit new business and to receive subsequent commissions. It is recommended that producers contact their carrier(s) to confirm that a course on NAIC Suitability in Annuity Transactions Model Regulation satisfies the carrier requirement for each state. Bell & Associates makes every attempt to keep these requirements up to date and accurate. Before writing any new annuity business, please check with our contracting or marketing office at 800-308-2355 to verify that all NAIC requirements have been fulfilled.
800.308.BELL
NAIC Suitability Requirements
NAIC Suitability RequirementsThe NAIC has adopted a significantly revised “Suitability in Annuity Transactions Model.” Once a state adopts this new Model, producers in that state will be required to fulfill two different training requirements prior to solicitation of an annuity:
1) A one-time state-level four (4) hour continuing education course on annuities.
Producers selling annuity products will be required to complete a one-time general annuity training course approved by the state department of insurance for the state he or she is licensed or doing business in. You may be required to provide proof of completion to annuity providers when you submit your first piece of business after the enforcement date is effective in your state. Below is a link to a listing of state-approved continuing education courses:
NAIC Suitability Requirements By State - May 2012
2) Product specific training provided by the insurance carrier prior to soliciting the sale of a particular annuity product.
These product specific training courses are very different for each carrier. Below is a link to a listing of each carrier's specific annuity training course:
NAIC Suitability Requirements By Carrier - January 2012
*NOTE: For agents in a hierarchy, ANYONE in the hierarchy must have the above training completed to submit new business and to receive subsequent commissions. It is recommended that producers contact their carrier(s) to confirm that a course on NAIC Suitability in Annuity Transactions Model Regulation satisfies the carrier requirement for each state. Bell & Associates makes every attempt to keep these requirements up to date and accurate. Before writing any new annuity business, please check with our contracting or marketing office at 800-308-2355 to verify that all NAIC requirements have been fulfilled.
Available Files
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Archived - NAIC Suitability Documents |