NEWS WIRE

NEW JERSEY 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. New Jersey 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 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. 

How to comply with the revised Model Regulation

To solicit and sell annuities in New Jersey, producers must comply with regulations adopted by the New Jersey Department of Banking and Insurance. Producers doing business in New Jersey 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 New Jersey Department of Banking and Insurance. 

General Annuity Training C.E.

• Access to approved vendors, training dates, times and fees are available on the New Jersey Department of Banking and 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 the Licensing & Training page at Agents.EquiTrust.com.

Carrier Product Training – No additional or new requirement 

Visit the Licensing & Training page at Agents.EquiTrust.com to complete EquiTrust Annuity Product Training. You may also log in to view your personal training history.

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.

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.

New Jersey training completion deadlines

Original General Annuity Training

Newly State Licensed: 8/4/2013

Currently State Licensed: 8/4/2013

2020 Update General Annuity Training

Newly State Licensed: 4/21/2025

Currently State Licensed: 10/21/25

Training requirements by state

Visit Agents.EquiTrust.com to see the most current status for each state’s adoption, as well as deadlines for completing C.E. training for both newly licensed and currently licensed agents. You will be notified as additional states adopt the new training requirements.

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

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