Insurance Continuing Education Press Releases
For Immediate Release
Utah Adopts NAIC Model Regulations, Announces Product Specific Training Requirement
4/1/2012 -- Newport Beach, CA -- Utah has adopted parts of the NAIC Model Regulations for Suitability in Annuity Transactions, namely the requirement that producers complete a product specific training course that is provided by the insurer.
According to Section R590-230 of the Utah Insurance Rules, insurers must provide product specific training (or 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. The new regulations take effect on March 26, 2012, and the commissioner will begin enforcing the changes on May 26th. The provisions of this rule apply to both resident and non-resident producers.
Utah 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 while Utah is the 25th state to adopt NAIC Suitability in Annuity Transactions Model Regulations, it is only the 2nd state to pass these regulations without including the requirement for an Annuity Suitability 4-hour course.
As more states pass their own interpretations of the Model Regulations, it becomes increasingly 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 http://www.successce.com/PSTAnnuityTrainingRequirements.aspx
“At Success CE, we continue to be the first company out of the gate in providing not only the 4-hour Annuity Suitability course, but all state-specific continuing education courses,” states Shelley Bell of Success CE’s Institutional Sales Group.
Success CE can provide, deliver, and track all annuity suitability requirements and provide verification for insurance carriers and distribution channels.
“We are committed to maintaining our position as a proactive and reliable resource for producers, carriers, and the various distribution channels to meet these evolving annuity training requirements. 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.
About the Success Family of CE Companies
The Success Family of CE Companies is a nationwide approved provider of "state of the art" Life and Health Insurance Continuing Education
courses, CFP Continuing Education, Pre-Licensing Study Courses for Insurance and FINRA licenses, Property
and Casualty Insurance Continuing Education, CPA Continuing Education,
CIMA Continuing Education, CLU/ChFC (PACE) Continuing Education and Legal (MCLE)
Property and Casualty Insurance Continuing Education,
Claims Adjusters Continuing Education, Securities (Firm Element) Continuing Education,
Insurance prelicensing, and Securities (FINRA) prelicensing are also available online.
The Success Family consists of these leading brands, Success CE, www.SuccessCE.com, Success Live
CE (formerly ClienTell CE) www.SuccessLiveCE.com
Affordable CE www.affordableCE.com,
First Choice CE www.FirstchoiceCE.com,