powerpoint presentation · the cefli virtual summit meeting consists of five sessions: – session...

2020 NAIC Suitability in Annuity Transactions Model Regulation

Session 3: Training Tactics and Tribulations

2020CEFLI

VIRTUAL

SUMMIT

MEETING

All sessions address aspects of the 2020 NAIC Suitability in Annuity

Transactions Model Regulation.

Session content (presentation and the recorded webinar) can be found on

CEFLI's website (www.CEFLI.org).

The CEFLI Virtual Summit Meeting consists of five sessions:

– Session 1: Emerging & Dynamic Sales Standards

– Session 2: Diving into Disclosures

– Session 3: Training Tactics and Tribulations

– Session 4: Insurer New Business Processes

– Session 5: Oversight & Supervision

• Belinda Howard

Assistant Director Annuity Compliance

Principal Life Insurance Company

Presenters

• Carla Strauch (Moderator)

VP, Compliance & Ethics

CEFLI

• Dustin Warren

Product Manager – Education

RegEd

1. Insurer Annuity Product Training

2. State Required Annuity Training/CE

3. Insurer Internal Communications (e.g. process

changes, forms changes, etc.)

4. Final Thoughts

Agenda

• Insurer Annuity Product Training

Insurer Annuity Product

Training

• No material change in requirements

Something to consider:

Will the new “best interest” standard change an

insurer’s view related to company product training

requirements?

Insurer Annuity Product

Training

Another thing to consider:

Are there ways to streamline the delivery and

tracking of a company’s annuity product training?

Insurer Annuity Product

Training

• Insurer’s Responsibility [Section 7.B.(11)]:

State Required Training/CE

• Overview of current requirements (2010 Model)

– 4-Hour Training Requirement

– One-time Completion (except in CA and TX)

– State Reciprocity

– Required Completion Prior to Selling an Annuity

• Overview of new requirements (2020 Model)

– 4-Hour Training Requirement

– One-time Completion (future state adoptions will determine any exceptions)

– State Reciprocity

– Required Completion Prior to Selling an Annuity

However…

State Required Training/CE

• 2020 Model Requirement Provides Options:

– A new 4-hour training course; or

– A new 1-hour training course to supplement completion of the

prior 4-hour training course: (State variation)

State Required Training/CE

• 4-Hour State Required Annuity Course

– Current: RegEd Course 390 (or state variations)

– Future: RegEd Course 490 (future state variations

TBD)

State Required Training/CE

• 1-Hour State Required Annuity Course

– Current: Not applicable.

– Future: RegEd Course 491 (future state variations

TBD)

State Required Training/CE

• 1-Hour State Required Annuity Course

State Required Training/CE

State Required Training/CE

Insurer Internal

Communications

Communications to Producers

Communications within the Insurance Company

Insurer Internal

Communications

Communications to Producers

Insurer Internal

Communications

Communications within the Insurance Company

Final Thoughts

All sessions address aspects of the 2020 NAIC Suitability in Annuity

Transactions Model Regulation.

Session content (presentation and the recorded webinar) can be found on

CEFLI's website (www.CEFLI.org).

The CEFLI Virtual Summit Meeting consists of five sessions:

– Session 1: Emerging & Dynamic Sales Standards

– Session 2: Diving into Disclosures

– Session 3: Training Tactics and Tribulations

– Session 4: Insurer New Business Processes

– Session 5: Oversight & Supervision

© CEFLI 2013. All Rights Reserved. July 30, 2013 • 21

Compliance & Ethics Forum for Life Insurers

www.cefli.org © 2020 CEFLI

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