PRODUCER ANNUITY SUITABILITY TRAINING REQUIREMENTS BY STATE As of September 11, 2017

Similar documents
Comparative Revenues and Revenue Forecasts Prepared By: Bureau of Legislative Research Fiscal Services Division State of Arkansas

The Lincoln National Life Insurance Company Term Portfolio

Older consumers and student loan debt by state

2016 Workers compensation premium index rates

TCJA and the States Responding to SALT Limits

Age of Insured Discount

Florida 1/1/2016 Workers Compensation Rate Filing

Long-Term Care Education Requirements Prior to Selling

Cost and Coverage Implications of the ACA Medicaid Expansion: National and State by State Analysis

Taxing Investment Income in the States New Hampshire Fiscal Policy Institute 2 nd Annual Budget and Policy Conference Concord, NH January 23, 2015

The Acquisition of Regions Insurance Group. April 6, 2018

Local Anesthesia Administration by Dental Hygienists State Chart

Property Tax Relief in New England

Long-Term Care Education Requirements Prior to Selling

State Trust Fund Solvency

State Treatment of Social Security Treatment of Pension Income Other Income Tax Breaks Property Tax Breaks

2018 National Electric Rate Study

ehealth, Inc Fall Cost Report for Individual and Family Policyholders

Charles Gullickson (Penn Treaty/ANIC Task Force Chair), Richard Klipstein (NOLHGA)

Eye on the South Carolina Housing Market presented at 2008 HBA of South Carolina State Convention August 1, 2008

Uniform Consent to Service of Process

Unemployment Insurance Benefit Adequacy: How many? How much? How Long?

SIGNIFICANT PROVISIONS OF STATE UNEMPLOYMENT INSURANCE LAWS JANUARY 2008

Tax Breaks for Elderly Taxpayers in the States in 2016

Fiduciary Tax Returns

Insured Deposit Program. Updated 03/31/2017

Percent of Employees Waiving Coverage 27.0% 30.6% 29.1% 23.4% 24.9%

Insured Deposit Program Updated 10/17/2016

2018 ADDENDUM INSTRUCTIONS

SCHIP: Let the Discussions Begin

Massachusetts Budget and Policy Center

OneAmerica Annuity Product Training

Who s Above the Social Security Payroll Tax Cap? BY NICOLE WOO, JANELLE JONES, AND JOHN SCHMITT*

PLEASE NOTE: Required American Equity specific Product Training must be completed PRIOR to soliciting an Application to A

Medicare Alert: Temporary Member Access

State of the Automotive Finance Market

The State Tax Implications of Federal Tax Reform Legislation

2016 GEHA. dental. FEDVIP Plans. let life happen. gehadental.com

2017 Supplemental Tax Information

Aviva Announcing Changes to Products and Annuity Rates

PRODUCTS CURRENTLY AVAILABLE FOR SALE. Marquis SP

Please print using blue or black ink. Please keep a copy for your records and send completed form to the following address.

Just The Facts: On The Ground SIF Utilization

Tax Freedom Day 2018 is April 19th

Report to Congressional Defense Committees

RLI TRANSPORTATION A Division of RLI Insurance Company 2970 Clairmont Road, Suite 1000 Atlanta, GA Phone: Fax:

Charts with Analysis: Tax Tax Type: Sales and Use Tax Topic: Cash for Clunkers Payments

ACORD Forms Updated in AMS R1

Oregon: Where Taxes Are Low, Fees Are High and Revenue Is Slightly Below Average

Introduction to the Individual LTC Standards of the Interstate Insurance Product Regulation Commission (IIPRC) March 2011

Schedule of Commissions

MEMORANDUM. SUBJECT: Benchmarks for the Second Half of 2008 & 12 Months Ending 12/31/08

Yolanda K. Kodrzycki New England Public Policy Center Federal Reserve Bank of Boston

Obamacare in Pictures

STATE TAX WITHHOLDING GUIDELINES

States and Medicaid Provider Taxes or Fees

Streamlined Sales Tax Governing Board and Business Advisory Council Update

Corporate Income Tax and Policy Considerations

Rate Changes 12/1/18-12/31/18 (Excludes MA, MN, and WI)

Tax Freedom Day 2019 is April 16th

NOTICE OF FEDERAL AND STATE TAX INFORMATION FOR PSA PLAN PAYMENTS YOUR ROLLOVER OPTIONS

Zions Bank Economic Overview

Current Trends in the Medicaid RFP Procurement Landscape

Alternative Paths to Medicaid Expansion

Federal Tax Reform Impact on 2019 Legislative Sessions: GILTI

Indexed Annuities. Bonus Gold 10% Premium Bonus on all 1st year Premiums. Penalty-Free Withdrawals. Minimum Rates. Schedule(s) Premium

COMPARISON OF ABA MODEL RULE FOR REGISTRATION OF IN-HOUSE COUNSEL WITH STATE VERSIONS

Indexed Universal Life Caps

INTEREST RATES - January 16, 2018 to February 15, 2018

36 Million Without Health Insurance in 2014; Decreases in Uninsurance Between 2013 and 2014 Varied by State

INTEREST RATES - September 16, 2018 to October 16, 2018

DOWNLOAD OR READ : DEVELOPMENT OF THE INCOME SMOOTHING LITERATURE VOL 4 A FOCUS ON THE UNITED STATES PDF EBOOK EPUB MOBI

STATE MOTOR FUEL TAX INCREASES:

Obamacare in Pictures. Visualizing the Effects of the Patient Protection and Affordable Care Act

Updated Figures for Tracking and Stress Testing U.S. Household Leverage. Andreas Fuster, Benedict Guttman Kenney, and Andrew Haughwout 1

Updated Figures for Tracking and Stress-Testing U.S. Household Leverage. Andreas Fuster, Benedict Guttman-Kenney, and Andrew Haughwout 1

Real Gross Domestic Product

Introducing LiveHealth Online

NCSL Midwest States Fiscal Leaders Forum. March 10, 2017

POC State Guide. All State Reference Guide

Presented by: Matt Turkstra

Indexed Annuities. 7% Premium Bonus 7 on all 1st year Premiums for IncomeShield 10. IncomeShield Series. Penalty-Free Withdrawals.

The Entry, Performance, and Viability of De Novo Banks

Overpayments: How Do I Handle? Overpayments Happen! How Overpayments Happen API Fund for Payroll Education, Inc.

Black Knight Mortgage Monitor

Domestic violence funding reduced from $1,253,000 to $1,000,000. $53,000 to fund elder law hotline eliminated.

Texas Economic Outlook: Cruising in Third Gear

IMPROVING COLLEGE ACCESS

Patient Protection and. Affordable Care Act: The Impact on Employers

Alaska Transportation Finance Study Alaska Municipal League

Application Trade Credit Insurance Multi Buyer

WELLCARE WINS BID IN EVERY REGION FOR 2007 AND INTRODUCES CLASSIC PLAN WITH LOWER PLAN PREMIUMS

< Executive Summary > Ready Mixed Concrete Industry Data Report Edition

Request for Disbursement Vermont State Teachers Retirement System 403(b) Plan

Medicaid in an Era of Change: Findings from the Annual Kaiser 50 State Medicaid Budget Survey

STATE MOTOR FUEL TAX INCREASES:

Taxing Food for Home Consumption

Food, Nutrition, Consumer Services

American Memorial Contract

The Economics of Homelessness

Transcription:

PRODUCER ANNUITY SUITABILITY TRAINING REQUIREMENTS BY STATE As of September 11, 2017 This document provides a summary of the annuity training requirements that agents are required to complete for each state where the agent will be appointed by Guggenheim Life and Annuity Company, d/b/a Guggenheim Life and Annuity Insurance Company in California. Many states have adopted the NAIC Model Regulation for Suitability in Annuity Transactions. For states that have adopted the NAIC Model Regulation, producers should adhere to the requirements listed for the NAIC Model, as well as any additional requirements noted for the individual state. For states that have adopted the NAIC Model Regulation, unless otherwise noted, the completion of another state s annuity training requirements that are substantially similar to the state s requirements will satisfy the annuity training requirement. 1 1 This document only addresses annuity-specific training requirements. It does not provide general continuing education requirements.

NAIC Model In states that have adopted the NAIC Suitability in Annuity Transactions Model Regulation, a producer who engages in the sale of annuity products must complete a one-time, four-credit training course that has been approved by the state s department of insurance and is provided by a continuing education provider that has been approved by or is registered with the department of insurance in the state. Unless otherwise specifically noted below, this training must be completed prior to selling, soliciting, or negotiating annuities in the state. The Model Regulation requires that the annuity training must be at least four credit-hours and include the following topics: 1. The types of and various classifications of annuities; 2. Identification of the parties to an annuity; 3. How fixed, variable, and indexed annuity contract provisions affect the consumer; 4. The application of income taxation of qualified and non-qualified annuities; 5. The primary uses of an annuity; and 6. Appropriate sales practices, replacement, and disclosure requirements. The training must not present marketing information about a particular insurer s products. AL This state has adopted the NAIC Model Regulation. AK This state has adopted the NAIC Model Regulation. AZ This state has not adopted an annuity training requirement at this time. N/A AR Any producer that markets annuity products must receive at least four hours of annual training that addresses suitability requirements for the State of Arkansas and the mechanics of annuity products. However, the Arkansas Insurance Department has indicated that it is not enforcing this requirement due to resources at this time. N/A

CA Producers must complete a one-time eight credit-hour training course provided by a commissioner-approved education provider prior to transacting annuities. Producers must also complete a four credit-hour annuity training course prior to license renewal every two years. No CO This state has adopted the NAIC Model Regulation. CT This state has adopted the NAIC Model Regulation. DE This state has adopted the NAIC Model Regulation effective 6/1/2017. Producers who already held a life insurance line of authority on 6/1/2017 have six months, until 12/1/2017, to complete the course. Producers who obtained a life insurance line of authority after 6/1/2017 must complete the required course prior to soliciting or selling annuities. DC D.C. has adopted the NAIC Model Regulation. FL A five-hour update course must be completed every two years, which is specific to the license held by the licensee and is developed and offered by providers approved by the department. Applies to CE compliance cycles ending 10/31/2014. No GA This state has adopted the NAIC Model Regulation. HI This state has adopted the NAIC Model Regulation. ID This state has adopted the NAIC Model Regulation. IL This state has adopted the NAIC Model Regulation. IN This state has adopted the NAIC Model Regulation.

IA This state has adopted the NAIC Model Regulation. KS This state has adopted the NAIC Model Regulation. KY This state has adopted the NAIC Model Regulation. LA This state has adopted the NAIC Model Regulation. ME This state has adopted the NAIC Model Regulation. MD This state has adopted the NAIC Model Regulation. MA This state has adopted the NAIC Model Regulation. MI This state has adopted the NAIC Model Regulation. MN This state has adopted the NAIC Model Regulation. MS This state has adopted the NAIC Model Regulation. MO This state has adopted the NAIC Model Regulation effective 3/30/2017. MT Insurance producers who already held a life insurance line of authority on 3/30/17 have six months from the effective date, until 9/30/17, to complete the training program. Producers who obtained a life insurance line of authority following 3/30/2017 must complete the required training prior to soliciting or selling annuities. Montana has adopted some parts of the NAIC Model Regulation, effective 1/1/2018. While Montana does not explicitly require a four credit-hour training course, best practice is to complete a course that satisfies the NAIC Model Regulation requirements. No

NE This state has adopted the NAIC Model Regulation. NV This state has not adopted an annuity training requirement at this time. N/A NH This state has adopted the NAIC Model Regulation. NJ This state has adopted the NAIC Model Regulation. NM This state has not adopted an annuity training requirement at this time. N/A NC North Carolina has not adopted an annuity training requirement at this time. However, North Carolina recently passed legislation requiring the North Carolina Department of Insurance to adopt regulations substantially similar to the Model Regulation. Therefore, while not yet required, best practice is to complete training that satisfies the NAIC Model Regulation in anticipation of North Carolina implementing these requirements. N/A ND This state has adopted the NAIC Model Regulation. OH This state has adopted the NAIC Model Regulation. OK This state has adopted the NAIC Model Regulation. OR This state has adopted the NAIC Model Regulation. PA This state has not adopted an annuity training requirement at this time. N/A RI This state has adopted the NAIC Model Regulation. SC This state has adopted the NAIC Model Regulation. SD This state has adopted the NAIC Model Regulation.

TN This state has adopted the NAIC Model Regulation. TX This state has adopted the NAIC Model Regulation. In addition to the one-time training required by the Model, each agent must complete four hours of continuing education that specifically relates to annuities every year. CE exemptions based on 20 years of continuous licensing do not apply to this training requirement. UT This state has not adopted an annuity training requirement at this time. N/A VT This state is considering adopting the NAIC Model Regulation, but has not formally proposed a regulation for adoption at this time. N/A VA This state has adopted the NAIC Model Regulation. WA This state has adopted the NAIC Model Regulation. WV This state has adopted the NAIC Model Regulation. WI This state has adopted the NAIC Model Regulation. WY This state has adopted the NAIC Model Regulation.