The NAIC has adopted new model Best Interest (BI) Annuity Suitability Regulations. Alabama, Arizona and Iowa are implementing the requirements now and others are expected to be fast followers (AR, KY, MI, NV, OH, RI).
Effective January 1st for Everyone: GILICO’s new Annuity Suitability and Producer Relationship Disclosure forms must be completed for all annuity cases. The forms will be posted to the App Builder on the presales site by the end of December.
For AL, AZ & IA agents (with more states to follow in the upcoming months):
• If newly licensed 1/1/21 or after, you will be required to take a new 4 hour training course incorporating the BI standards.
• If licensed before 1/1/21, you will have the option to take a special 1 hour BI update course, which must be taken by 7/1/21 (otherwise the new 4 hour course would be required).