Stay Up to Date on Best Interest Training

November 7, 2022

Many states are adopting the 2020 Best Interest Standard for suitability in annuity transactions. Under this model, current and new producers must complete training to remain compliant. As states adopt the model, we notify producers in our producer advisories.

Current producers have two options:

  • Complete a new four-credit training course, approved by the Department of Insurance, that includes the Best Interest Standard.
  • Complete a one-hour supplementary training course specific to the Best Interest Standard.

Most states give existing producers a six-month grace period to complete the training, but grace periods vary by state. New producers must complete the four-credit training course.

To avoid delays when submitting new annuity applications, be sure to check your state requirements in our NAIC Suitability by State chart — and complete the required training. These states recently adopted the Best Interest Standard this year:*

  • Alabama
  • Colorado
  • Connecticut
  • Kentucky
  • Maine
  • Maryland
  • Mississippi
  • New Mexico
  • North Dakota
  • Pennsylvania
  • South Carolina
  • Wisconsin

 

More About Producer Advisories
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We’re sending out IRS Form 1099-R in January. We’ll also post them on the Annuity Portal at that time. Take a second to mark your calendars and remind your clients.
Please review this recent compliance alert: Florida House Bill 1185, Suitability of Individual Annuity Sales Recommendations.