Insurance producers who want to sell annuities on or after March 1, 2022, must take Annuity Best Interest (Annuity BI) certification courses offered by approved providers. Updated training courses will include adopted NAIC’s 2020 Model Law #275 best-interest standards, which among other changes, outline the requirement for producers to act in the best interest of the consumer at the time the annuity recommendation is made.New Delhi Investment

The topics that must be covered by the training course are set out in section 38a432a-8(b)(3) of the Regulation and shall include information on:

Connecticut resident producers who are already licensed and certified to sell annuity products in the state of Connecticut prior to March 1, 2022 have a 6-month grace period to complete an additional 1-hour of Annuity Best Interest training. The training course must be completed no later than August 31, 2022. Resident producers will be able to earn insurance continuing education towards their license renewal. Producers eligible to complete the 1-hour Annuity Best Interest course can also elect to take the 4-hour Annuity Best Interest certification training course if they desire.

Connecticut resident producers who become licensed on or after March 1, 2022, must complete a one-time 4-hour Annuity Best Interest certification training course prior to selling, soliciting, or negotiating annuity business in the state of Connecticut.

Connecticut non-Resident producers who are already licensed and certified to sell annuity products in the state of Connecticut prior to March 1, 2022 have a 6-month grace period to complete an additional 1-hour of Annuity Best Interest training. The training course must be completed no later than August 31, 2022.

Non-resident producers who are completed within the 6-month grace period by August 31, 2022.

After August 31, 2022, any producer who has not completed the 1-hour best interest training course would then need to complete a CT 4-hour annuity best interest training courseAgra Stock. Completion of a substantially similar 1-hour best interest training course in another non-resident licensed state that is still within it’s 6-month grace period is also a viable option for a producer.

Non-resident producers eligible to complete the 1-hour Annuity Best Interest course can also elect to take the 4-hour Annuity Best Interest certification training course if they desire. Connecticut will be accepting reciprocal training when similar Annuity Best Interest training is completed in another stateJaipur Wealth Management. This extends to training completed prior to March 1, 2022 when that training was completed to meet the Annuity Best Interest training requirements of another state.

Non-Resident producers who become licensed on or after March 1, 2022, must complete a one-time 4-hour Annuity Best Interest certification training course prior to selling, soliciting, or negotiating annuity business in the state of Connecticut.

All producers who engage in the sale of annuities in the state of Connecticut, including those registered with FINRA, must complete the training required by the revised model.

Producers who already took an Annuity Suitability program and who are currently certified to sell annuities in Connecticut need to complete either:

1-Hour Annuity Best Interest course between March 1, 2022 – August 31, 2022Simla Investment

4-Hour Annuity Best Interest course after March 1, 2022 and before the sale, solicitation or negotiation of an annuity product in Connecticut.Hyderabad Stocks

A producer who has NOT completed the Annuity Suitability training requirements under the prior version of the model must complete the required training after March 1, 2022 and before the sale, solicitation or negotiation of an annuity product in Connecticut.

A producer who fails to satisfy the training requirements is not permitted to recommend or sell annuities. A producer who recommends or sells annuities without completing the required training may face enforcement action by the insurance department.

Yes, courses must be approved by the Connecticut insurance department under course category of “Best Interest 1” or “Best Interest 4”. These courses are approved for insurance continuing education towards your license renewal and it is the education providers responsibility to post these credits to your transcript. InsuranceStudy will have both courses available in our catalog at Courses will not be available until March 1, 2022 when the rule takes effect.