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EPR Archived News |
Quest CE Introduces the 2010 NAIC Suitability Regulation Solution
Released on: November 05, 2010, 2:18 pm Quest Continuing Education Solutions (Quest CE) is proud to announce the solution to the 2010 NAIC Suitability in Annuity Transactions Model Regulation. Quest’s simple two-tiered approach will provide an “All-In-One” Solution for Insurers, Distributors and Producers that fall under the NAIC’s new regulation.
Quest’s 4-hour annuity course in Iowa has been approved by the state and meets the Iowa Administrative Rule 191-15.72 for a one-time, four (4) hour annuity training course requirement. In addition, this course is approved for resident CE credit. Per the new NAIC Suitability Regulation, Quest will also provide insurer-product specific training in their Industry Leading Learning Management System, Renaissance. NAIC Suitability Regulation Training through Quest allows for automated encrypted data and completion feeds. Feeds can be sent on a daily basis or as often as the program administrator desires. Quest’s system also allows for participants in the program to be bulk loaded into the training platform. Ensure your programs compliance with Quest so beginning January 1, 2011 your producers are able to sell your annuities in Iowa. The NAIC Suitability Regulation Training platform will provide:
Quest’s NAIC Suitability Regulation Training Solution is available now and ready for demonstration or implementation. Contact Quest at 877-593-3366 or e-mail Quest at sales@questce.com to speak with one of our dedicated Sales Team Members about guaranteeing your 2010 NAIC Suitability Regulation Training today. Background Passage of NAIC 2010 means that fixed annuity producers will have to follow similar rigorous suitability standards as those imposed upon variable annuity producers, which is regulated by FINRA. Producers selling variable annuities are required to be licensed as registered representatives through a FINRA registered broker-dealer. NAIC 2010 clarifies that the insurer is responsible for compliance with suitability requirements, including the methods their producers use to market annuity products. The producer must have "reasonable grounds" to believe that the annuity
recommendation is suitable based on 12 areas of "suitability information"
Producer Training Requirements Under the Model Regulation In addition, Section 7B requires a one time, minimum 4 (four) credit hour general annuity training course offered by an insurance-department approved education provider and approved by an insurance department in accordance with applicable insurance education training laws or regulations. For this mandated course, the provider may not train in sales or marketing techniques or product specific information. Section 7B(3) outlines the minimum required topics for this program of instruction, which can be offered in the classroom or via an insurance department approved self study method. If a producer is licensed with a life insurance line of authority prior to the effective date of the regulation, there is a six month grace period to comply with the training requirements; producers who obtain the life authority on or after the effective date of the regulation must complete the training prior to the sale of an annuity product. If a producer receives substantially similar training in another jurisdiction, it would satisfy an insurance department’s training requirements. Prior to allowing a producer to sell its annuity products, insurers shall verify the producer has completed the mandated training. Because the amendments clearly require insurers to verify completion of training prior to the producer selling annuities on behalf of the insurer, the amendments should not be interpreted to affect producer licensing reciprocity or non-resident producer licensing processes. About Quest With a client retention rate of 95.17% and a growth rate of over 400% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 180 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held firm which allows us to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations training and compliance needs, saving you both time and money. Contact Details: Quest CE
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