General FAQs regarding the NAIC Model Regulation
When will all 50 States adopt the NAIC Annuity Suitability Model Regulation?
The Financial Reform Act requires individual states to comply with the 2010 NAIC Suitability in Annuity Transactions Model Regulation (NAIC 2010) by June 16, 2013.
Is there a difference between an NAIC Annuity Requirement and a non-NAIC Annuity Requirement?
Certain states have adopted an Annuity Suitability Requirement outside of the NAIC Recommendation. For example, California has had a 4-Hour Annuity Training Requirement since 2004 and currently it is unknown if the state will adopt the NAIC Recommendation.
It is important to specifically check each state’s requirement to see if that state has adopted the NAIC Annuity Requirement or simply a general Annuity Training Requirement.
Is Quest CE an approved Provider for NAIC Annuity Training?
The NAIC has not mandated that Carriers provide their Producers with Annuity Training through any specific vendor. There are many vendors preparing a solution for the new NAIC recommendation. Quest CE is a nationally approved provider of Insurance and Professional Designation Continuing Education which allows us to quickly file and receive course approval for each State Specific Annuity Requirement. Quest CE is currently the only NAIC Annuity Training Provider to offer Reciprocity Functionality with our solution.
What is the Reciprocity Functionality?
Several States have included a clause in their State Specific Annuity Requirement specifying that “Completion of annuity training courses approved in another state that are substantially similar to our requirements can satisfy the annuity training requirement.” Our proprietary system has built in intelligence designed to recognize which states share reciprocity. When your agents are selecting their state annuity requirements, our system will alert them to the states that share reciprocity. From this point they simply have to select from a check box which other states they wish to receive credit for and the process is complete.
Who should I contact for more information about Quest CE’s NAIC Annuity Training Solution?
Call 877.593.3366 or e-mail info@questce.com.
