Arizona Annuity Suitability Training Announcement from Department of Insurance

December 6, 2017: The Licensing Section of the Arizona Department of Insurance issued the following reminder to all insurers and producers selling, soliciting, or negotiating annuity contracts in their state:

"Pursuant to Arizona House Bill 2160 (Laws 2017, Chapter 226), on or after January 1, 2018, an insurer must verify that an individual who holds a life insurance producer license has completed a four-hour annuity training course before allowing the insurance producer to sell, solicit, or negotiate an annuity on the insurer's behalf.

While only Arizona-resident insurance producers are subject to Arizona's insurance continuing education requirements, both resident and non-resident life insurance producers must complete the four-hour training course in order for an insurer to permit the producer to transact annuities.  Insurers are responsible for verifying that an insurance producer has completed the required training before allowing the producer to sell an annuity product for that insurer.

Producers do not need to submit information to the Department of Insurance, but should retain all course completion certificates so they can provide verification to their insurers.

An insurance producer can get Arizona insurance continuing education credit hours and meet the four-hour training requirement by completing Arizona-approved continuing education courses.

...{A.D. Banker offers Annuity training courses via Live Webinar and Online}

Any course that shows 4 or more hours of annuity credit will satisfy the training requirement.

Please Note, you can also meet the four-hour training requirement by completing four or more hours of annuity training in order to fulfill another state's annuity training requirement.

If you have any questions regarding this training requirement, please contact the Licensing Section at licensing@azinsurance.gov or 602.364.4457.

Sincerely,

Licensing Section 

Arizona Department of Insurance

 

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