MILWAUKEE – December 1, 2020 – Quest CE is pleased to announce the addition of two state-specific 1-hour, best interest courses to its NAIC annuity suitability training platform. The new training options come in response to the NAIC’s revised Suitability in Annuity Transactions Model Regulation, which has increased customer protections by requiring producers to act in the “best interest” of their consumers when making annuity recommendations.
The 1-hour course, currently available in Arizona and Iowa, will satisfy the state requirement for licensed producers who have previously completed a 4-hour annuity suitability training course. The additional course will specifically provide training on the new best interest standards of conduct. Producers currently approved to sell annuities will need to take the best interest training course prior to July 1, 2020.
For producers new to selling annuities, an updated 4-hour annuity suitability course will be required, come January 1, 2021. Quest CE is in the process of developing and receiving approval for updated 4-hour annuity best interest courses for Arizona and Iowa.*
Similar to industry regulators and individual state rules, the new standard requires producers to act in the best interest of the consumer. “Best interest” means that a producer must act in the best interest of the consumer without placing the producer’s financial interest ahead of the consumer’s interest when making annuity purchasing recommendations. Additionally, insurance companies have a responsibility to supervise their agents to ensure their compliance with the rule while maintaining compensation systems that will not undermine the best interest of clients.
Quest CE will be following the progression of the NAIC Best Interest Rule, along with any other standards individual states adopt. We encourage you to follow along.
To learn more about the NAIC’s suitability update, click here.
*Update 1/1/2021: Quest CE has released approved 4-hour annuity best interest courses in Arizona and Iowa. As of January 1, 2021, Arizona and Iowa require producers to act in the best interest of the consumer when recommending an annuity. Producers who have already completed the original training requirement before January 1, 2021 must complete either a new one-time 4-hour course or an additional one-time 1-hour course before July 1, 2021. Producers who obtain a life insurance license on or after the effective date must complete the new one-time 4-hour course before selling annuities.
About Quest CE
For over thirty years, Quest CE has been the premier provider of compliance training and tracking solutions to the financial services industry. In addition to offering on-demand insurance and designation continuing education, Quest CE provides a complete spectrum of proprietary technology solutions for managing compliance risk exposures.
Serving more than 1,000 leading insurance carriers, broker-dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses that of our competitors. Quest CE is the single source solution for organizations’ training and compliance needs. For more information on Quest CE, visit www.questce.com.