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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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