MONTHLY OVERVIEW: Updates, Recaps and Department News
November 2020 NAIC Revises Suitability Model Regulation
Adopted by Arizona, Iowa & Rhode Island; More States to Follow
The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275. Since finalized in February 2020, three states have adopted the Regulation: Arizona, Iowa and Rhode Island. More states are in the process of adopting now. We will update you as other states adopt.
Revisions to the Model Regulation include:
Click here for more detail
How to Comply with the Revised Model Regulation To solicit and sell annuities, producers must comply with regulations adopted by the state in which they write business. The previous version of the Model Regulation required Carrier Product-Specific Training as well as a 4-hour General Annuity Suitability CE.
As states adopt the Revised Regulation, producers doing business in those states will be required to complete additional General Annuity Training CE.
The revisions to the Model Regulation require completion of EITHER a 1-hour General Annuity Training CE course available by producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the state of sale.
General Annuity Continuing Education (CE) –
Training Requirements By State
Revised Forms – Effective Now in All States/Required 1/1/21 As announced previously, EquiTrust updated the Financial Needs Analysis (FNA) and Disclosure and Comparison of Annuity Contracts forms to comply with the revisions to the Model Regulation.
For more information about form revisions, click here.
Sales Idea Recap Sales Ideas! Sent to You in October Issues of SALES WEEK:
Introduce Your Clients to Products AND the Company
News Briefs Administration RMD Year-End Reminder Clients who wish to request, return or waive a 2020 RMD must submit appropriate forms or funds by 12/15/2020.
866.598.3694 Agents.EquiTrust.com Products underwritten and issued by EquiTrust Life Insurance Company, West Des Moines, Iowa. Products distributed by EquiTrust Insurance Marketing Services; in California doing business as EQT Insurance Marketing Services. IC20-ECN-1130 FOR PRODUCER USE ONLY EquiTrust 7100 Westown Pkwy Suite 200 |