Maryland has outlined their Annuity Suitability Training requirements that go into effect 11/01/2011.
The training requirements are as follows:
B. An insurance producer who engages in the sale of annuity products shall complete a one-time, four-credit training course approved by the Administration and provided by an Administration-approved continuing education provider.
(1) Insurance producers who hold a license as an insurance producer for life insurance on the effective date of this regulation and who desire to sell annuities shall complete the requirements of this regulation within 6 months after the effective date of this regulation.
(2) Individuals who obtain a license as an insurance producer for life insurance on or after the effective date of this regulation may not engage in the sale of annuities until the annuity training course required under this regulation has been completed.
D. The minimum length of the training required under this regulation shall be sufficient to qualify for at least four continuing education credits but may be longer.
J. The satisfaction of the training requirements of another state that are substantially similar to the provisions of this regulation shall be deemed to satisfy the training requirements of this regulation in this State, at the discretion of the Commissioner.
If you would like to read the full text for the legislation you can do so at http://www.dsd.state.md.us/comar/SubtitleSearch.aspx?search=31.09.12.
Quest CE has currently filed a course to meet the new requirement and will make an announcement as soon as the course is approved for 4-hours of credit.
