Insurance Continuing Education Press Releases
For Immediate Release
New York Renews NAIC Model Regulations and Product Specific Training Requirement
2/14/2013 -- Newport Beach, CA – New York has reapproved the NAIC Model Regulations for Suitability in Annuity Transactions course and its annuity requirements, namely the requirement that producers complete a product specific training course that is provided by the insurer.
According to New York Department of Insurance, insurers must provide product specific training (PST) and materials to producers to explain all of the “material features” of those products. The insurer must establish their own standards for product specific training, and a producer may not sell or solicit the sale of annuities unless they have complied with their insurer’s PST standards. These regulations took effect on June 30, 2011, and the provisions of this rule apply to both resident and non-resident producers.
“No matter what state an agent is licensed in, or what that state’s annuity and product specific training requirements are, SuccessCE makes it easy for agents to get the courses they need to keep doing business,” says Shelley Bell of Success CE’s Institutional Sales Group.
New York has not yet adopted the requirement for a one-time 4-hour NAIC Annuity Suitability training course (the Insurance CE component of the training), and is one of the only states to pass these regulations without including the requirement for an Annuity Suitability 4-hour course.
Annuity requirements vary from state to state and can become complicated for producers to figure out which courses they must take. In order to keep track of this dynamic process and the rapid state-by-state development of annuity training requirements, Success CE offers a free comprehensive resource that tracks all annuity training requirements nationwide. This can be accessed at the Annuity Training Requirement Map.
Success CE can track and satisfy all annuity suitability requirements and provide verification for insurance carriers and distribution channels.
“Our affiliate website program allows tracking and verification of producer completion of NAIC Annuity Suitability Model Training courses, Product Specific Training, or any CE course, through our Success Management System (SMS),” states J. William Cooley, President/CEO.
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For Immediate Release