2011 Texas Annuity Training Course (Suitability in Annuity Transactions)

2011 Texas Annuity Training Course (Suitability in Annuity Transactions)
To order, please call (800) 345-5669 or (727) 853 - 0575
Meets Annuity Requirement
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On March 28, 2010, the National Association of Insurance Commissioners (NAIC), the voluntary organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. Territories, adopted and published its 2010 Suitability in Annuity Transactions Model Regulation (Model Regulation) which adopts new standards and procedures for suitable annuity recommendations and to require insurers to establish a system to supervise recommendations so that the insurance needs and financial objectives of consumers are appropriately addressed.

Specifically, Section 7B of the Model Regulation, requires a one-time, minimum four credit hour general annuity training course offered by an insurance-department approved education provider and approved by an insurance department in accordance with applicable insurance education training laws or regulations. Additionally, under Section 7A of the Model Regulation, insurance producers will also need to complete product-specific training through the insurance carriers whose products they sell. (Note that Oklahoma has not mandated product specific training).

As of January 1, 2011, Iowa, Oklahoma, Wisconsin and Colorado have adopted the new Model Regulations and training requirements. In addition, the District of Columbia, Michigan, New Jersey, New York, Ohio, Oregon, Rhode Island, and West Virginia have pending legislation and are in the process of adopting the regulations. All states must come into compliance with The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Public Law Number 111-203, 111th Cong., 2d sess. (July 21, 2010) which requires all states to meet the requirements of the 2010 NAIC Model Regulation by 2013.
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