The NAIC has implemented a substantially updated version of its Suitability in Annuity Transactions Model. After a state adopts this revised model, producers operating in that state must complete two distinct training requirements before they may solicit annuity business. It’s important to note that some carriers now mandate completion of their product-specific training in all states, regardless of a particular state's adoption of the new model.

Producers must complete a one-time, state-approved four (4)-hour continuing education course on annuities in any state where they are licensed or conducting business.

- California: Eight (8) hours initially, followed by four (4) hours every two years
- Iowa: Four (4) hours focused specifically on indexed annuity products
- Texas: Eight (8) hours every two years.

Additionally, product-specific training offered by the insurance carrier is required before a producer may solicit the sale of any particular annuity product. This training must be completed prior to the application date. If the producer completes the training on or after the date the application is signed, the carrier will require a new application to be submitted.

Certain states now require producers to act in the best interest of the consumer when recommending annuity products. As a result, the training requirement has been broadened to reflect this enhanced standard of conduct. Producers who completed a state-approved annuity training course before the effective date must complete either a new one-time 4-hour course or a supplemental one-time 1-hour course by their state’s specified deadline. Producers who obtain a life/annuity license on or after the effective date must take the new one-time 4-hour course prior to selling annuities.

Certain states now require producers to act in the best interest of the consumer when recommending annuity products. As a result, the training requirement has been broadened to reflect this enhanced standard of conduct. Producers who completed a state-approved annuity training course before the effective date must complete either a new one-time 4-hour course or a supplemental one-time 1-hour course by their state’s specified deadline. Producers who obtain a life/annuity license on or after the effective date must take the new one-time 4-hour course prior to selling annuities.

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‍Because carrier requirements vary, it is strongly recommended that producers complete the full 4-hour Best Interest course rather than the 1-hour option in situations such as:
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‍When an agent is obtaining a new license in a state that previously required Best Interest training.
(For state-specific questions, please reach out to TrentZ@BGAinsurance.com)

For additional details and to review your state’s guidelines, please visit the RegEd Training Platform by clicking here.

Below are the instructions for completing the required training:
To enroll in the 4-hour annuity suitability/Best Interest course, please follow these steps.