NEWSWIRE

NEVADA ADOPTS REVISED NAIC SUITABILITY MODEL REGULATION

The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. Nevada now joins a growing number of states that have adopted the Regulation. 

Revisions to the Model Regulation include:

• Insurance producers and companies must act with a heightened standard of care in the solicitation and sale of annuities. 
• Producers must act in the “best interest” of their customers. 
• The best-interest standard is met by satisfying four distinct levels of obligation:
  • Care
  • Disclosure
  • Conflict of interest
  • Documentation 
• Insurers must establish and maintain a system of supervision to assure that the insurance needs and financial objectives of customers are effectively met at the time of the sale.  

Click here for more details.

How to comply with the revised Model Regulation

To solicit and sell annuities in Nevada, producers must comply with regulations adopted by the Nevada Division of Insurance. Producers doing business in Nevada are now required to complete General Annuity Training continuing education (C.E.).

The revisions to the Model Regulation require completion of EITHER a 1-hour General Annuity Training C.E. course available to producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training C.E. for those who have not taken it previously. General Annuity Training C.E. must be completed with a training vendor approved by the Nevada Division of Insurance. 

General Annuity Training C.E.

• Access to approved vendors, training dates, times and fees are available on the Nevada Division of Insurance website.
• You must fulfill your General Annuity Training requirement and provide a certificate of completion to EquiTrust prior to soliciting or selling. Send by FAX to 515-226-5102, or email: Agent.Administration@EquiTrust.com.
• For information about General Annuity Training vendors, visit Agents.EquiTrust.com. In the upper right corner, click Licensing & Training. Or, click here.

Carrier Product Training – No additional or new requirement 

To complete EquiTrust Annuity Product Training, visit Agents.EquiTrust.com, then click Licensing & Training in the upper right corner. Or, click here. You may view your personal training history upon login to Agents.EquiTrust.com. 

Avoid potential business delays

Applications received without completion of EquiTrust carrier-specific product training and state-required General Annuity Training C.E. will not be accepted.

Nevada training completion deadlines

866-598-3694  |   Sales.Support@EquiTrust.com   |  Agents.EquiTrust.com

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