August 18, 2022
New Mexico Agents Take Note!
Annuity Training Requirements and Suitability Updates - Effective October 1
Protecting consumers’ best interest: What the updates mean for you and your clients…
The National Association of Insurance Commissioners (NAIC) adopted revisions to its long-standing Suitability in Annuity Transactions Model Regulation so that it more closely aligns with the SEC’s Best Interest Regulation.
Several states have begun the process of adopting the NAIC’s revisions into their existing Suitability in Annuity Transactions Regulation. Effective October 1, 2022, New Mexico will begin operations under these revisions and we anticipate that several more states will follow soon after.
As part of these revisions, producers are required to complete a state training prior to soliciting applications. It is important to note that the Company’s suitability rules and requirements are not changing.
- What does this mean?
- How will this affect my annuity new business?
- What are the required trainings?
To navigate these questions and for more information:
