Oregon 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. Oregon 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.
Please note, there may be Oregon state-specific updates to EquiTrust suitability/disclosure forms. These changes will be determined by the Director of the Oregon Department of Consumer and Business Services and provided to EquiTrust, at which time we will implement modifications to the forms. Our intention is to make these updates prior to the NAIC effective date of Jan. 1, 2024, depending on timing of notification from the state.
How to comply with the revised Model Regulation in Oregon
To solicit and sell annuities in Oregon, producers must comply with regulations adopted by the Oregon Department of Consumer and Business Services. Producers doing business in Oregon 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 Oregon Department of Consumer and Business Services.
General Annuity Training C.E.
- Access to approved vendors, training dates, times and fees are available on the Oregon Department of Consumer and Business Services – 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.
Oregon training completion deadlines
