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Annuity Suitability Course Update August 2022

Maryland, New Mexico and Wisconsin Departments of Insurance have adopted the Best Interest Standard training requirement from the new NAIC Annuity Suitability Model Regulation. Continue reading for additional information.

What does this mean for producers who sell individual annuity products?

-     Newly licensed producers must receive four hours of training on the BI Standard

-     Current licensed producers who previously completed Annuity Suitability Certification training will have to complete updated training on the BI Standard. Producers may complete either an additional 1 hour of Annuity BI Training, or a 4-hour Annuity BI certification course. ExamFX will only offer the 4 hour course.

The ExamFX Annuity Suitability Training course will be discontinued on August 31, 2022. 

On September 1, ExamFX will activate the new Annuity Suitability and BI Standard Training course, which is approved to satisfy the new training requirement.