As communicated on 6/13/2013, the state of Minnesota has
adopted new rules in regard to annuity sales. The new
Minnesota law requires producers to have a reasonable
basis to believe that a recommendation is suitable based
on, among other things, a client’s financial situation and
needs. The law provides a detailed list of suitability
information that a producer must consider in order to form
a “reasonable basis” for a recommendation. Minnesota’s new
law related to suitability information deviated from the
NAIC Suitability Model in a number of ways. In order to
capture these deviations, we have created a Minnesota
version of the Suitability Form.
Product Suitability Form change
A new MN version of the form is now available on our
website, [NB3051-MN, (R-9/2013)].Please use this new form
effective immediately for all Minnesota sales.Effective
10/16/2013, we will no longer accept the old version of
the form [NB3051 (R-12/2010)].
Important reminders
Fixed annuity product training
Effective 5/1/2013, fixed and fixed index annuity (FIA)
product training must be completed prior to soliciting
such business.
If you have not already completed your Allianz product
training, you can use our Training Tracker to quickly view
your training status by state(s) and easily determine
which training you need to complete.
Simply complete the appropriate training module for the
product(s) you wish to sell.
One-time, four-hour general annuity training requirement
Producers who wish to sell annuities in the state of
Minnesota must complete a one-time, four-hour general
annuity training course. The training requirement will
become effective 7/1/2014.
For questions or assistance with your next case, call the
FASTeam at
800.950.7372.
