The California Department of Insurance regulations require licensed agents to complete approved annuity training. Licensed agents must complete 8 hours of initial training before selling any annuities. After completing the initial 8 hours, agents are required to take an additional 4 hours of approved annuity training within every subsequent 2 year renewal period in order to sell annuities.
The Department of Insurance holds insurance carriers responsible for ensuring that agents complete the training in the required time period. Representatives from the department of Insurance have confirmed that our failure to do so would result in both the Company and the agent being subject to penalties and possible court actions.
In order to keep California licensed agents in compliance, we ask that you complete the training for each renewal period prior to soliciting annuity applications during that renewal period. Unfortunately, many carriers will not be able to accept business on the assumption that the training will be completed by the end of the renewal period.
For example: An agent completed 4 hours of required training in December of 2009 and the agents license renewal takes place on April 1, 2010. Training taken in December 2009 counts toward the 4/1/2008 through 3/31/2010 renewal period. The agent needs to take another 4 hours to satisfy the 4/1/2010 through 3/31/2012 renewal period. We require that you fulfill the 4 hour training requirement for this new renewal period before submitting annuity business.
A list of approved courses and providers is available through the California Department of Insurance website. http://www.insurance.ca.gov/
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NoticeAnnuityTrainingClarificationsMar2010.pdf
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