New NAIC Annuity Suitability Model Regulation and Its Impact on Carriers and Distributors

The National Association of Insurance Commissioners recently introduced new model regulations for insurance carriers and distributors of fixed deferred and immediate annuities. Find out what the regulations mean and which states have implemented the regulations so far.

The National Association of Insurance Commissioners (NAIC) introduced model regulation related to annuity suitability as well as required training for insurance carriers and distributors of fixed deferred and immediate annuities.

Many states have already begun implementing new regulations based on the NAIC model (see table below). Here is an overview of the model regulation changes.

 

States That Have Adopted The

NAIC Suitability Model

State

Legislation Effective Date (Company specific training required)

Effective Date for current state licensees

(CE state certificate training required)

Effective Date for new state licenses

(CE state certificate training required)

Alabama

1/1/2012

1/1/2012

1/1/2012

Alaska

10/16/2011

1/16/2012

1/1/2012

California

1/1/2012

1/1/2012

1/1/2012

Colorado

4/1/2011

10/1/2011

4/1/2011

Connecticut

2/18/2012

2/18/2012

2/18/2012

District of Columbia

6/24/2011

12/24/2011

6/24/2011

Hawaii

1/1/2012

1/31/2012

1/31/2012

Illinois

9/26/2011

7/1/2012

7/1/2012

Indiana

7/1/2011

7/1/2012

1/1/2012

Iowa

1/1/2011

5/1/2011

5/1/2011

Kentucky

1/1/2011

1/1/2012

1/1/2012

Louisiana

8/15/2012

1/1/2013

8/15/2012

Maryland

11/1/2011

5/1/2012

11/1/2011

Nebraska

7/19/2012

1/1/2013

7/19/2012

North Dakota

8/1/2011

8/1/2012

8/1/2011

Ohio

7/1/2011

1/1/2012

7/1/2011

Oregon

7/1/2011

1/1/2012

7/1/2011

Rhode Island

6/1/2011

12/1/2011

6/1/2011

South Carolina

9/25/2011

3/25/2012

9/25/2011

South Dakota

7/1/2012

1/1/2013

7/1/2012

Texas

9/1/2011

3/1/2012

3/1/2012

Utah

3/26/2012

5/26/2012

5/26/2012

Washington

3/29/2012

9/29/2012

3/29/2012

West Virginia

7/1/2011

12/31/2011

7/1/2011

Wisconsin

5/1/2011

11/1/2011

5/1/2011

Company Specific Training Links

American General

American National

Genworth

Training

Attestation

Great American

ING

Lincoln National

Penn

Click on Producers Place a the top of the page

The Standard

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Web CE

Quest CE

Kaplan

Success CE

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