North Dakota 4-hour Annuity Suitability Training Requirement

North Dakota’s Legislative Assembly passed HB 1160 and it was signed into law on April 19th, 2011.  All producers selling Annuity products will be required to take a one-time 4-hour Annuity Suitability Training course before August 1, 2012.  Below is a link to the bill.

http://www.nd.gov/sos/lr/scannedbills/1160.djvu

This requirement is not a CE requirement but a training requirement.   It is not something the Department will track. The Insurer shall verify that an insurance producer has completed the annuity training so each producer who takes the required course must keep a copy of their course completion to provide as proof.  If the provider who offers the course also files it with our Department for continuing education credit, the producer would satisfy the Training requirement and be allowed to use the credits toward their biennial continuing education requirement.

The satisfaction of the training requirements of another state which are substantially similar to the provisions of the training requirement in North Dakota are deemed to satisfy the training requirements in this state.

If you have any questions please visit North Dakota’s Insurance Department for contact information.

Quest CE has filed a course to meet the new 4-hour Training Requirement. Visit www.questce.com for updates on course approval.