October 3, 2011
Friday, September 30th, 2011
California:
The state of California has passed annuity suitability legislation, based on the regulatory framework of the NAIC Suitability in Annuity Transactions Model Rule, requiring an insurance producer who is otherwise entitled to engage in the sale of annuity products to complete a one-time eight credit-hour annuity training course approved by the commissioner and provided by a commissioner-approved education provider, prior to commencing the transaction of annuities. In addition to the one-time training requirement , every producer who engages in the sale of annuity products shall satisfactorily complete four continuing education credits prior to license renewal every two years.