As of this writing (5/9/2023), below is a list of states that have adopted the “Best Interest Standard” rule. What that means is, additional training for the financial professional!!! If you are planning on writing annuities, you need to take a course by the “Training Enforcement Date” that is in the third column below.
This additional training is only an hour in most states, assuming you have taken the original 4-hour annuity suitability course prior to the “Model Reg Effective Date”. If you have not been licensed or have not taken the original suitability course prior to the Model Reg Effective Date, then you will need to take a 4-hour Best Interest Course.
What if you do not complete the training prior to the Training Enforcement Date?
- Any annuity business you do after that date will be “Not in Good Order”.
- You will have to take the 4-hour Best Interest Course.
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