July 2011
The Year Of Suitability — Are You On Track With Training?
2011 on the Chinese calendar is the year of the rabbit. For the annuity world, 2011 has become the year of suitability. And like a rabbit, changes in state annuity suitability laws are keeping many of us hopping.
Complete Your Training Now!
If states you do business in enact the model suitability regulation, you'll be required to complete productâspecific training before you can sell annuity products on or after the effective date of the regulation. As a broker, you need to take company-specific product training before you take an application. If you complete an annuity application prior to completing the required product training, the application will have to be returned as non-compliant.
To initiate the training, go to our website, look in the Related Information box and select State-Required Training. The Standard is doing our best to make this process as smooth as possible. If you have any questions please call your marketing organization or our annuity sales desk at 800.378.4578.
The list below shows states that have, or soon will be adopting, the NAIC Suitability in Annuity Transactions Model Regulation. The NAIC anticipates that most states will adopt this model regulation.
| State | Effective Date |
|---|---|
| Iowa | 1/1/2011 |
| Colorado | 4/1/2011 |
| Wisconsin | 5/1/2011 |
| Rhode Island | 6/1/2011 |
| Washington, D.C. | 6/24/2011 |
| Oregon | 7/1/2011 |
| Ohio | 7/1/2011 |
| North Dakota | 8/1/2011 |
Thank you for jumping on any training you're required to complete, ASAP.
Rich Lane
Director, Sales & Marketing
Help Us Prevent "Dirty" Apps — For Faster Policy Turnaround
We're not talking about an app for your phone. For the Annuity Administration team, a "dirty" application is one with incomplete or missing information that prevents us from issuing a policy upon receipt of the premium. To ensure your clients receive their policies promptly, and help us shorten turnaround times, please be aware of and avoid the common issues described below.
Producer Advisories
Please review these recent compliance alerts.
North Dakota — Suitability of Annuity Sales
Pennsylvania — Use of Professional Designations in Sales to Seniors
Nevada — Use of Professional Designations and Senior-Specific Certifications
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