UTAH AND WASHINGTON ADOPT REVISED NAIC SUITABILITY MODEL REGULATION
The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. Utah and Washington now join 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 Utah and Washington
To solicit and sell annuities in Utah and Washington, producers must comply with regulations adopted by their state insurance departments. Producers doing business in Utah and Washington 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 applicable state insurance department.
General Annuity Continuing Education
- Access to approved vendors, training dates, times and fees are available for each state as follows:
- 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 Licensing & Training. Or, click here.
Carrier Product Training – No additional or new requirement
To complete EquiTrust Annuity Product Training, visit Agents.EquiTrust.com, then click Licensing & 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.
Training completion deadlines
