Newswire: Kansas adopts revised NAIC Model Regulation – Updated training requirements

Kansas adopts revised NAIC Suitability Model Regulation

The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. Kansas now joins a growing number of states that have adopted the Regulation.

Revisions to the Model Regulation include:

Insurance producers and companies must act with a heightened standard of care in the solicitation and sale of annuities.
Producers must act in the “best interest” of their customers.
The best-interest standard is met by satisfying four distinct levels of obligation:
- Care
- Disclosure
- Conflict of interest
- Documentation
Insurers must establish and maintain a system of supervision to assure that the insurance needs and financial objectives of customers are effectively met at the time of the sale.

Click here for more details.

How to comply with the revised Model Regulation in Kansas

To solicit and sell annuities in Kansas, producers must comply with regulations adopted by the Kansas Insurance Department. Producers doing business in Kansas are now required to complete General Annuity Training continuing education (C.E.)

The revisions to the Model Regulation require completion of EITHER a 1-hour General Annuity Training C.E. course available to producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training C.E. for those who have not taken it previously. General Annuity Training C.E. must be completed with a training vendor approved by the Kansas Insurance Department.

General Annuity Training C.E.

Access to approved vendors, training dates, times and fees are available on the Kansas Insurance Department website – click here.
You must fulfill your General Annuity Training requirement and provide a certificate of completion to EquiTrust prior to soliciting or selling. Send by FAX to 515-226-5102, or email: [email protected].
For information about General Annuity Training vendors, visit Agents.EquiTrust.com. In the upper right corner, click Agent Training. Or, click here.

Carrier Product Training – No additional or new requirement

To complete EquiTrust Annuity Product Training, visit Agents.EquiTrust.com, then click Agent Training in the upper right corner. Or, click here. You may view your personal training history upon login to the Agent Gateway.

Avoid potential business delays

Applications received without completion of EquiTrust carrier-specific product training and state-required General Annuity Training C.E. will not be accepted.

Kansas training completion deadlines

Original General Annuity Training

Newly State Licensed 06/01/2013

Currently State Licensed 12/01/2013

2020 Update General Annuity Training

Newly State Licensed 01/01/2024

Currently State Licensed 07/01/2024

Training requirements by state

To see the most current status for each state’s adoption, as well as deadlines for completing C.E. training for both newly licensed and currently licensed agents, visit Agents.EquiTrust.com, then click Agent Training in the upper right corner. Or, click here. You will be notified as additional states adopt the new training requirements.

866.598.3694 • [email protected] • Agents.EquiTrust.com

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