NAIC and Product Training
In 2010, the Harkin Amendment was passed, defeating SEC Rule 151A and declaring fixed indexed annuities to be insurance products instead of securities. With the passing of this legislation it imposed a greater oversight on the suitability of the annuity sales at the carrier level. There are two parts of training to the NAIC Suitability in Annuity Transaction Model Regulation as follows:
4 Hour Annuity Suitability CE Class
To determine if your state has adopted the NAIC Model Regulation. If you are required to take the Suitability class we offer various vendors to complete this training course online - http://www.webce.com/ and www.successce.com.
Carrier Level Product training
Please note there are many carriers that require product training for all producers, all states. Some co’s require it only for the NAIC Model Regulation states – please visit the carrier’s website for training information.
Important - if you do not complete the required training by the specified completion dates of your state, any new business you send to the carrier will be rejected from the carrier, mailed back to you and all new paperwork will need to be obtained that is signed and dated after your training date.
By Jack Marrion
April 1, 2013
"FINRAand the Securities and Exchange Commission (SEC) recorded more 15,000 customer complaints in 2012 - index annuities had 54.
It hasn't always been this way. The annual study conducted by Advantage Compendium shows that complaints against index annuities leaped in the middle of the last decade as index annuity sales more than doubled. The responses to the increase were new suitability standards and agent training. The result has been markedly fewer complaints even though index annuity sales continue to grow."
Life Health Pro
By Michael K. Stanley
April 12, 2013
Those nearing retirement are looking for investment vehicles that protect their savings while providing a steady income that is somewhat insulated from market volatility.
A recent study from the Allianz Life Insurance Company of North America (Allianz) suggests that despite record highs for the Dow and an overall stable market, consumers have been jaded by the recession and desire uncorrelated investments.
Life Inc. on Today
By Herb Weisbaum
April 12, 2013
You work all your life and dream of the day when you can ease back a bit and enjoy the fruits of your hard labor. But unless you plan for your retirement, that dream could turn into a financial nightmare.
During a TODAY Money web chat on Wednesday, Tobie Stanger, a senior editor at Consumer Reports Money Adviser answered a variety of questions about retirement. She said it's never too early to start planning your retirement.
Life Health Pro
By Arthur Postal
April 8, 2013
An estimated 1,000 life insurance agents will be advising their legislative representatives on the importance of maintaining strong incentives for people to save as part of the National Association of Insurance and Financial Advisers annual conference being held in Washington, D.C.
On Monday, Gov. Dirk Kempthorne, president and CEO of the American Council of Life Insurers, told them, "You are interwoven in American history. When you spread the message about the great life insurance industry, you are spreading the great tale of American history," as part of an issues briefing. Sen. Ron Johnson, R-Wis., also spoke.
Join NAFA this June at our Annuity Leadership Forum for our Fly-In on Wednesday June 12, 2013. Click below to register!
Continuing Education Resources
Success CE provides you the ability to search by state the required training courses. The CE classes can be taken online and all reporting to the state is taken care of by Success CE. Please go to this link for training CE Training by State
WebCE is a leading insurance continuing education provider in North America. Their nationwide Catalog includes the largest selection of state-specific self-study insurance courses, including annuity suitability training, long-term care partnership training, ethics, law, and many more.
Federal law requires insurance agents and brokers to complete Anti-Money Laundering Training (AML). The LIMRA training course is the most recognized by insurance carriers for AML training.
|Success CE provides you the ability to search by state the required training courses. The CE classes can be taken online and all reporting to the state is taken care of by Success CE. Please go to this link for training CE Training by State|
|WebCE is a leading insurance continuing education provider in North America. Their nationwide Catalog includes the largest selection of state-specific self-study insurance courses, including annuity suitability training, long-term care partnership training, ethics, law, and many more.|
|LIMRA AML Training|
|Federal law requires insurance agents and brokers to complete Anti-Money Laundering Training (AML). The LIMRA training course is the most recognized by insurance carriers for AML training.|