Wisconsin Requirements
Provider Number: 21254
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24 hours are due every 2 years based on the agent's birth month. Three (3) of the 24 credit hours must also be in Wisconsin approved Ethics.
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Agents selling long-term care policies must complete 8 hours initially and 4 hours every 24-months thereafter.
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Agents selling annuity products must complete a one-time 4 hour annuity training course.
Agents can check their CE status by going to www.statebasedsystems.com
2015 Changes: http://www.statebasedsystems.com/WIAnnouncement.htm
The Wisconsin Department of Insurance has switched to State Based Systems (SBS) to handle their CE program. This means that after 11/23/2015, we no longer notify www.sircon.com of your CE course completions. After 12/14/2015, we began submitting CE credits to SBS. Wisconsin has allowed SBS to charge $1 per credit hour to submit CE credits to them. This fee was added at checkout 11/23/2015. Once we notify SBS of your CE course completions, it will take them 24 to 48 hours to update the NIPR site for renewal.
Mandatory Training Requirements—Annuity Best Interest
Effective, October 1, 2022, the Wisconsin Best Interest Law (2021 Wis. Act 260) requires an insurance intermediary to complete an updated training that includes the best interest standard. The new law requires that when recommending the sale of an annuity, insurance intermediaries act in the best interest of the consumer and not place their own financial interests ahead of those of a consumer.
Intermediaries that completed an approved annuity suitability training course prior to October 1, 2022, must complete either a one-time, 4-hour annuity training best interest course or a one-time, 1-hour refresher annuity training best interest course within six months of the effective date of the Act. The course must be approved under the course group of Annuity Training—Best Interest. The deadline for intermediaries to complete this training is April 1, 2023.
Individuals newly licensed with the life authority after October 1, 2022 must complete a 4-hour annuity training best interest course and the insurer-specific annuity product training before soliciting the sale of any annuity product. The training is required for both resident and nonresident intermediaries and it applies to both individual and group annuity sales.
An intermediary who satisfies the training requirement of another state that is substantially similar to Wisconsin's law will be deemed compliant with Wisconsin's requirement. The course must include, but need not be limited to:
- The types of annuities and various classifications of annuities.
- Identification of the parties to an annuity.
- How product-specific annuity contract features affect consumers.
- The application of income taxation of qualified and non-qualified annuities.
- The primary uses of annuities.
- Appropriate sales practices and replacement and disclosure requirements.
Insurer Responsibility
Each insurer must verify that the intermediary has completed the required training. Insurers are also required to establish standards for intermediary product training and to provide product-specific training and training material that explains the company's annuity product to its intermediaries prior to soliciting the company's product.
ANNUITY: 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. 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. https://oci.wi.gov/Pages/Agents/ContinuingEducation.aspx#Annuity
MONITOR: Wisconsin regulations (Ins 28.08.3) state: "An approved proctor is an impartial, disinterested third party or currently licensed agent with no family or financial relationship to the student. Membership in a professional association/organization does not constitute a financial relationship."
TESTING: Agents have five chances to pass a test. If you fail five times, the system will lock you out of that particular test; you would then need to select a different course title. A score of 70% or more is required to pass.
QUESTIONS: Licensing questions
Agent Licensing
(608) 266-8699
Toll-free: (800) 236-8517
ociagentlicensing@wisconsin.gov (preferred)
CERTIFICATE OF COMPLETION: Once payment has been received, agents will be able to print the certificate of completion by clicking on View my Account.
Thank you,
United Insurance Educators, Inc.
