UIECE.com Early close 7/4 at 12pm PST. Closed 7/5-7/7.  
space
800-735-1155
space
shadow
View My Account spacer Register spacer Find Courses spacer Customer Service spacer Help & FAQ spacer Contact Us spacer Annuity Suitability Requirements    
shadow
   
 

State Annuity Suitability Requirements

Go to: Alaska  |  Arizona  |  California  |  Colorado  |  Connecticut  |  Delaware  |  District of Columbia  |  Georgia |  Hawaii  |  Idaho  |  Illinois  |  Indiana  |  Iowa  |  Kansas  | Kentucky  |  Louisiana  |  Maine  |  Massachusetts  |  Maryland  |  Michigan  |  Minnesota  |  Mississippi  |  Missouri  |  Montana  |  Nebraska  |  New Hampshire  |  New Jersey  |  New York  |  North Dakota  |  Ohio  |  Oklahoma  |  Oregon  |  Pennsylvania  |  Rhode Island  |  South Carolina |  South Dakota  |  Tennessee  |  Texas  |  Utah  | Virgina  |   Washington  |  West Virginia  |  Wisconsin |  Wyoming

 

Alaska Annuity Suitability Requirement:

Insurer/Company Product Training (3 AAC 26.778(a))

For producers licensed prior to October 16, 2011 - A person licensed for life authority as of October 16, 2011 has until January 16, 2012 to complete the product specific training requirements. A producer that has already completed product specific training requirements after January 1, 2011 would meet Alaska's training requirements under this section.

For producers licensed on or after October 16, 2011 - New licensees will be required to complete the training program before they solicit or sale an annuity product.

General Annuity Training (One-time 4 hour training requirement) (3 AAC 26.778(b))

For producers licensed for life authority prior to October 16, 2011 who solicit or sale an annuity product - A person licensed for life authority that solicits or sells an annuity product as of October 16, 2011 has until April 16, 2012 to complete the one-time 4 hour general annuity training requirement.

For producers licensed for life authority on or after October 16, 2011 who solicit or sale an annuity product - A person licensed on or after October 16, 2011 for life authority will be required to complete the training program before they solicit or sale an annuity product.

A producer meets Alaska's general annuity training requirements under 3 AAC 23.778(b) if the producer has satisfied substantially similar training requirements of another state.

View Alaska Annuity Courses

 

Arizona Annuity Suitability Requirement:

ANNUITY SUITABILITY:  Arizona has passed HB2160 amending AZ Revised Statutes, Title 20, Chapter 6, Article 1.3, § 20-1243 which was approved by the governor on May 1, 2017. The amendments will go into effect January 1, 2018, requiring producers who wish to sell annuity products to complete an annuity suitability training course. Before selling, soliciting or negotiating an annuity, an insurance producer with a life insurance line of authority must complete a one-time four credit-hour training course approved by the Arizona Department of Insurance and provided by an Arizona approved continuing education provider. Annuity training courses may be conducted and completed by classroom or self-study methods. Satisfactory completion of the training requirements of another state that are substantially similar to the amended provisions (§ 20-1243.07) will satisfy the training requirements in Arizona.

View Arizona Annuity Courses

 

California Annuity Suitability Requirement:

Life-only agents who solicit individuals for the sale of Annuities must complete an initial 8-hour specifically designated Annuity training course prior to soliciting individual consumers; thereafter, complete a 4-hour specifically designated Annuity training course every two year license term.

Section 1749.8(b) states in part “Every life agent who sells annuities shall satisfactorily complete four hours of training prior to each license renewal. Completion of the eight-hour annuity training required by subdivision (a) does not satisfy the four-hour annuity training required by this subdivision.”  This came into effect on January 1, 2014.

The eight-hour annuity training course will not satisfy the four-hour annuity training requirement. (Section 1749.8 (b) of the California Insurance Code (CDI))

View California Annuity Courses

 

Colorado Annuity Suitability Requirement:

Section 6 of the Colorado Insurance Producer Training requirements states: An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer’s standards for product training.

Colorado agents must complete a one-time four (4) credit hour training course that has been approved by the Colorado Insurance Division and provided by an approved continuing education provider (we are such a provider).  Agents who are currently licensed to sell annuity products must complete the four hour training requirement within six months after the effective date of June 1, 2011.  Those who obtain a new license may not sell annuity products until the annuity training requirement has been completed.

View Colorado Annuity Courses

 

Connecticut Annuity Suitability Requirement:

Connecticut's Suitability in Annuity training requirement is effective 2/18/2012. Producers licensed as of the effective date must complete a one-time 4-hour annuity training course by 8/18/2012, while producers and brokers licensed after that date must complete the course before representing annuities. Producers must also be in compliance with the represented carrier's product training requirements.

View Connecticut Annuity Courses

 

Delaware Annuity Suitability Requirement:

5.0 Insurance Producer Training

5.1 An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer’s standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this subsection.

5.2 An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the Department of Insurance and provided by the Department of Insurance-approved education provider.

View Delaware Annuity Courses

 

District of Columbia Annuity Suitability Requirement:

8404.1 An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer’s standards for product training.  An insurance producer may rely on the insurer-to provide product-specific training standards and materials to comply with this section.

8404.2 An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the Department.

8404.3 Insurance producers who hold a life insurance line of authority on the effective date (6/24/2011)  of this chapter and who desire to sell annuities shall complete the requirements of this section within six (6) months after the effective date of this chapter.  Individuals who obtain a life insurance line of authority on or after the effective date of this chapter may not engage in the sale of annuities until the annuity training course required under this subsection has been completed.

8404.4 The minimum length of the training required under this subsection shall be sufficient to qualify for at least four (4) CE credits, but may be longer.

View Washington D.C. Annuity Courses

 

Georgia Annuity Suitability Requirement:

Effective March 1, 2016, producers who sell or wish to sell, solicit or negotiate annuities must complete a one-time 4 credit course approved by the Department and provided by a department approved education provider. Producers who hold a life license and desire to sell annuities are required to complete the one-time 4 credit training program within six months of the effective date (3/1/16) of this requirement. Producers who obtain a life license on or after March 1, 2016, may not engage in the sale of annuities until the annuity training course has been completed. Producers may complete the one-time 4 credit requirement through either classroom or self-study methods. The satisfaction of the training requirements of another state that are substantially similar to this requirement shall be deemed to satisfy the requirement in Georgia.

View Georgia Annuity Courses

 

Hawaii Annuity Suitability Requirement:

 An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.  Training must be completed by 1/31/2012.

View Hawaii Annuity Courses

 

Idaho Annuity Suitability Requirement:

 Idaho licensed producers who currently hold a life line of authority and sell annuities but have not completed at least one four-hour CE credit training course approved by the Department must complete the required CE course within six (6) months of the effective date (4-4-2013) of this rule (18.01.09.016.02.b) – that is no later than October 4, 2013.

View Idaho Annuity Courses

 

Illinois Annuity Suitability Requirement:

An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.  Training must be completed by 7/1/2012.

View Illinois Annuity Courses

 

Indiana Annuity Suitability Requirement:

An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.  Training must be completed by 7/1/2012.

View Indiana Annuity Courses

 

Iowa Annuity Suitability Requirement:

Effective January 1, 2011 Iowa Administrative Rule 191-15.72 requires all Insurance Producers selling or soliciting Annuity Products in the State of Iowa to obtain four (4) continuing education credits by an APPROVED vendor offering an Annuity Products Course. This is a one-time requirement and is not a condition of license renewal.

View Iowa Annuity Courses

 

Kansas Annuity Suitability Requirement:

Effective July 1st 2013, newly licensed Kansas brokers and producers must complete a four-hour state-approved annuity course before representing annuity products. Those licensed prior to that date have until January 1, 2014 to complete a course.

View Kansas Annuity Courses

 

Kentucky Annuity Suitability Requirement:

Effective January 1, 2012, Kentucky requires all producers who hold a resident or non-resident license in the state of Kentucky to complete the following training requirements prior to soliciting or selling annuity products:

  • Annuity Suitability Training – you must complete a one-time 4-hour Kentucky approved course prior to soliciting or selling annuity products.

View Kentucky Annuity Courses

 

Louisiana Annuity Suitability Requirement:

Effective 8/15/2012 producers must complete a one-time four (4) hour training course no later than 1/1/2013.  A producer who becomes newly licensed for a life insurance line of authority on or after 8/15/2012 must comply with the training requirements before selling an annuity product.  A producer who satisfied a similar annuity training requirement for another state will be considered to have satisfied Louisiana's requirement.

View Louisiana Annuity Courses

 

Maine Annuity Suitability Requirement:

Effective November 1, 2015 producers and brokers must complete an annuity course approved by Bureau of Insurance of at least four hours in length and meet carrier producer training requirements. Producers licensed prior to the effective date have until May 1, 2016 to complete training. Completing a course in another state with similar requirements will satisfy the Maine requirement.

View Maine Annuity Courses

 

Maryland Annuity Suitability Requirement:

Effective 11/1/2011 insurance producers who sell, solicit or negotiate an annuity product must complete an approved one-time four (4) credit hour training course by May 1, 2012. This four hour requirement is part of (not in addition to) your 24 hour requirement per two year licensing period. Newly licensed life agents on or after November 1, 2011, have to complete the training before they can sell annuities. No follow-up training is required.

View Maryland Annuity Courses

 

Massachusetts Annuity Suitability Requirement:

The Massachusetts Division of Insurance, Chapter 211 CMR 96.00, Consumer Protection and Suitability in Annuity Transactions, has been amended effective July 1, 2016. The amendments relate to annuity products and producer training requirements. Currently licensed life insurance producers that desire to sell annuity products must receive a one-time training course for four (4) CE credits approved by the Division of Insurance and provided by an approved education provider. The training must be completed by December 31, 2016. Individuals who obtain a life insurance line of authority on or after July 1, 2016, may not engage in the sale of annuities until the required annuity training course has been completed. The satisfaction of training requirements of another state that are substantially similar to the provisions of 211 CMR 96.06 will satisfy the training requirements for Massachusetts. An insurer must verify that an insurance producer has completed the annuity training course before allowing the producer to sell an annuity product for that insurer. A provider of an annuity training course must register as a continuing education provider with the Massachusetts Division of Insurance.

View Massachusetts Annuity Courses

 

Michigan Annuity Suitability Requirement:

Effective June 1, 2013 producers and brokers must complete an annuity course approved by the commissioner of at least four (4) hours in length and meet carrier producer training requirements. Completing a course in another state with requirements that "the commissioner determines to be substantially similar to this section satisfies the training requirements" for Michigan.

View Michigan Annuity Courses

 

Minnesota Annuity Suitability Requirement:

Effective June 1, 2013, reuirement for insurance producers holding a life insurance line of athority to complete a one-time intital four-credit annuity suitability training course. See the Annuity Suitability FAQ here: http://mn.gov/commerce/insurance/producers-adjusters/resident/lachpc.jsp.

View Minnesota Annuity Courses

 

Mississippi Annuity Suitability Requirement:

Effective  September 1, 2013 producers and brokers must complete a one-time annuity course approved by the commissioner of at least four (4) hours in length and meet carrier producer training requirements. Completing a course in another state with similar requirements will satisfy the Mississippi requirement. http://www.mid.ms.gov/regulations/20131reg.pdf.

View Mississippi Annuity Courses

 

Missouri Annuity Suitability Requirement:

On February 15, 2017, Missouri adopted proposed Suitability in Annuity Transactions rules (20 CSR 400-5.900) that will become effective March 30, 2017. An insurance producer who engages in the sale of annuity products is required to complete a one-time four-credit training course approved by the director and provided by a director-approved education provider. Insurance producers who hold a life insurance line of authority on the effective date of the rule and who desire to sell annuities must complete the required training within six (6) months after the effective date (September 30, 2017). Individuals who obtain a life insurance line of authority on or after March 30, 2017, may not engage in the sale of annuities until the annuity training course has been completed. The satisfaction of the training requirements of another state that are substantially similar to the provisions of the Missouri rule shall be deemed to satisfy the training requirements in Missouri.

View Missouri Annuity Courses

 

Montana Annuity Suitability Requirement:

TITLE 33. INSURANCE AND INSURANCE COMPANIES

CHAPTER 20. LIFE INSURANCE

Part 8. Suitability in Annuity Transactions

33-20-807. Annuity education. (1) An insurance producer may not solicit the sale of an annuity product unless (a) the insurance producer has adequate knowledge of the product to recommend the annuity; and (b) the insurance producer is in compliance with the insurer's standards for product training.

(2) The training required under this section must include, at a minimum, information on the following topics (a) the types of annuities and various classifications of annuities; (b) identification of the parties to an annuity; (c) how product-specific annuity contract features affect consumers; (d) the application of income taxation of qualified and nonqualified annuities; (e) the primary uses of annuities; and (f) appropriate sales practices, replacement, and disclosure requirements.

(3) Training required under this section may not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products.

(4) An insurer shall verify that an insurance producer has completed the training under this section before allowing the producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this section by obtaining certificates of completion of the training course or obtaining reports provided by a database system satisfactory to the commissioner.

Montana did not create a course category for the annuity requirement.  Agents should only complete the course titled Annuity Suitability Training to meet this MT requirement.

View Montana Annuity Courses

 

Nebraska Annuity Suitability Requirement:

An insurance producer who holds a life insurance line of authority on the July 19, 2012 operative date of LB 887, who desires to solicit the sale of annuity products shall complete, within six months after July 19, 2012, a one-time four-credit training course approved by the Nebraska Department of Insurance and provided by a Nebraska-approved continuing education provider.

An insurance producer who obtains a life insurance line of authority on or after the July 19, 2012 operative date of LB 887, who desires to solicit the sale of annuity products, shall complete a one-time four-credit training course approved by the Nebraska Department of Insurance and provided by a Nebraska-approved continuing education provider prior to soliciting the sale of an annuity products. http://www.doi.ne.gov/license/AnnuitySuitabilityTrainingCourses.pdf

View Nebraska Annuity Courses

 

New Hampshire Annuity Suitability Requirement:

Effective 1/1/2015 producers and brokers in the New Hampshire must complete a one-time 4 credit hour training course specifically on suitability. Both resident and non-resident producers may complete a course in another state that has implemented a training requirement based upon the 2010 Suitability in Annuities Regulation.

View New Hampshire Annuity Courses

 

New Jersey Annuity Suitability Requirement:

Effective 2/4/2013 producers and brokers must complete a one-time four (4) hour suitability course in annuities training course approved by the Department and meet carrier product-training requirements. Both resident and non-resident producers may meet "the training requirements of another state that are substantially similar" to New Jersey's.

View New Jersey Annuity Courses

 

New York Annuity Suitability Requirement:

Regulation 187 (Part 224 of Title 11 of the Official Compilation of the State of New York) requires insurers set forth standards and procedures for recommendations to consumers with respect to annuity contracts so that the insurance needs and financial objectives of the consumers are appropriately addressed. This part applies to any recommendation to purchase or replace an annuity contract made on or after June 30, 2011.These standards and procedures are substantially similar to the NAIC Suitability in Annuity Transactions Model Regulation.

Section 224.4 (g) & (h) holds the insurance company responsible for ensuring that every producer recommending its annuity products is adequately trained to make the recommendation, however, the regulation does not require the completion of specific training classes.

https://www.dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf

View New York Annuity Courses

 

North Dakota Annuity Suitability Requirement:

Effective 8/1/2011 insurance producers who sell, solicit or negotiate an annuity product must complete an approved one-time four (4) credit hour training course by August 1, 2012. This four hour requirement is part of (not in addition to) your 24 hour requirement per two year licensing period. Newly licensed life agents on or after August 1, 2011, have to complete the training before they can sell, solicit or negotiate annuities. No follow-up training is required.

View North Dakota Annuity Courses

 

Ohio Annuity Suitability Requirement:

Effective February 13, 2011 Ohio insurance agents who hold a life insurance or variable annuity line of authority shall complete a one-time four (4) credit hour training course within six (6) month after the effective date of Ohio Administrative Code (OAC) 3901-6-13.  This rule states that insurance agents shall not sell, solicit or negotiate the sale of an annuity product unless the insurance agent has adequate knowledge of the product to recommend the annuity and the insurance agent is in compliance with the insurer's standards for product training.

View Ohio Annuity Courses

 

Oklahoma Annuity Suitability Requirement:

Oklahoma requires agents who sell, solicit or negotiate annuity products complete a one-time four (4) hours annuity course.

http://www.ok.gov/oid/documents/Annuity%20requirement%20clarification%20bulletin%20060310.pdf

View Oklahoma Annuity Courses

 

Oregon Annuity Suitability Requirement:

Any insurance producer who engages in the sale of annuity products must complete a one-time four credit training course provided by a continuing education provider registered with the department.  http://www.insurance.oregon.gov/producer/procedures/continuing-education_procedures.html#producers

Annuity training courses may be conducted and completed by classroom or self-study methods in accordance with ORS 744.072 and OAR 836-071-0180 to 836-071-0250.

View Oregon Annuity Courses

 

Pennsylvania Annuity Suitability Requirement:

ANNUITY SUITABILITY REQUIREMENT:  Effective December 26, 2018 the Pennsylvania Insurance Department has implemented new procedures regarding annuity suitability transactions, pursuant to Act 48 of 2018.  This new law requires any licensed producer with the authority to sell annuities in Pennsylvania to complete at least four continuing education credit an approved annuity training course.

https://www.insurance.pa.gov/Licensees/Documents/Annuity%20Suitability%20FAQ%20-%20Producers.pdf

View Pennsylvania Annuity Courses

 

Rhode Island Annuity Suitability Requirement:

An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.  Training must be completed by 12/1/2011.

 http://www.dbr.state.ri.us/documents/divisions/insurance/licensing/insurance_producer/Annuity_Suitability_Training_Courses.pdf.

View Rhode Island Annuity Courses

 

South Carolina Annuity Suitability Requirement:

Effective 9/25/2011 insurance producers who sell, solicit or negotiate an annuity product must complete a one-time training requirement consisting of four (4) hours within six months of the effective date of this regulation.

View South Carolina Annuity Courses

 

South Dakota Annuity Suitability Requirement:

An insurance producer who engages in the sale of annuity products shall complete a one-time four credit training course approved by the director and provided by a director-approved education provider.  Any insurance producer who holds a life insurance line of authority on the effective date of this Act and who desires to sell annuities shall complete the requirements of this section within six months after the effective date of this Act (effective date is 7/1/2011).

View South Dakota Annuity Courses

 

Tennessee Annuity Suitability Requirement:

The Tennessee Commissioner of Commerce and Insurance adopted revisions to Chapter 0780-01-86, Suitability in Annuity Transactions, effective November 1, 2015, to establish requirements for any person seeking to recommend, sell, exchange, or replace annuities in the State of Tennessee. These rules also require insurance producers to complete training prior to selling annuities and further require insurers, general agents, independent agencies, and insurance producers keep records of information upon which annuity recommendations and transactions were based.

View Tennessee Annuity Courses

 

Texas Annuity Suitability Requirement:

Any resident agent licensed before September 01, 2011, the effective date of House Bill (HB) 2277, who wishes to sell an annuity product in Texas but has not taken the annuity certification course before that effective date, must take either the certification course or the one-time training course as described in the Texas Insurance Code (TIC) §1115.056 as amended by HB 2277 before selling annuities. The older certification course may be taken until March 01, 2012. Beginning March 1, 2012, all licensees who wish to perform the acts of an agent with regards to annuities, must take the one-time training course.

View Texas Annuity Courses

 

Utah Annuity Suitability Requirement:

R590-230-6. Producer Training. A producer may not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training.

View Utah Annuity Courses

 

Virginia Annuity Suitability Requirement:

Virginia Suitability in Annuity Transactions Rules Revised - The Virginia Bureau of Insurance issued an administrative letter dated March 1, 2017, providing details regarding the Bureau?s revision of rules governing Suitability in Annuity Transactions. The new rules take effect April 1, 2017. Provisions contained in the NAIC Suitability in Annuity Transactions Model Regulation have been incorporated into the revised rules. Among the revisions is a new definition for suitability information, additional requirements for providing information to consumers regarding the annuity, and a five year recordkeeping retention requirement. The revised rules also require agents to complete a one-time Virginia approved four-credit continuing education course on annuity products. Agents licensed to sell annuities must complete the required training on or before January 1, 2018. Agents who obtain a license to sell annuities on or after January 1, 2018, must complete the required training prior to engaging in the sale of annuities in Virginia. Non-residents are exempt if they have already completed substantially similar training in their home state. To view a list of approved providers, courses and course offerings visit http://www.sircon.com/virginia beginning April 1, 2017.

View Virginia Annuity Courses

 

Washington Annuity Suitability Requirement:

Producers with a life insurance line of authority who wish to continue to transact annuity products in Washington must complete a one-time 4 hour annuity suitability course within 6 months of 6/29/2012. All new producers must complete the course before transacting annuity products in Washington.

View Washington Annuity Courses

 

West Virginia Annuity Suitability Requirement:

Effective July 1, 2011, all active, veteran producers that sell, solicit or negotiate annuities must complete a one-time Annuity training course of no less than four (4) hours prior to December 31, 2011.  In addition, if a producer is newly licensed they must complete the one-time training immediately, prior to selling annuity products.

Resident producers can have their Annuity training course hours count towards their 24 hour continuing education (CE) requirement by selecting courses that are APPROVED and CATEGORIZED for Annuity credit by West Virginia’s CE plan administrator, Prometric.

View West Virginia Annuity Courses

 

Wisconsin Annuity Suitability Requirement:

Effective May 1, 2011 insurance producers who sell annuity products in Wisconsin must complete a WI approved one-time four (4) credit hour training course by November 1, 2011. This four hour requirement is part of (not in addition to) your 24 hour requirement per two year licensing period. This training is required of both resident and nonresident agents. Non-residents who satisfy the training requirement of another state that are similar to Wisconsin's law will be deemed compliant for Wisconsin's requirement. Newly licensed life agents on or after May 1, 2011, have to complete the training before they can sell annuities. No follow-up training is required.

View Wisconsin Annuity Courses

 

Wyoming Annuity Suitability Requirement:

An insurance producer who engages in the sale of life insurance or annuity products shall complete a one-time four (4) credit training course approved by the DOI & provided by a DOI approved education provider.  Training Effective Date - 9/26/2014.

View Wyoming Annuity Courses

 

Share This Site With Friends or Colleagues...

Happy UIECE.com User

Already have an account? Please login below:

Forgot your password?

Need to register a new account?

Username:
Password:
 
 
 
 
About Us | Privacy Policy | Corporate Login
Copyright © 2019, United Insurance Educators, Inc. All Rights Reserved.
shadow
shadow
shadow
shadow