NH Annuity Best Interest Training Effective February 16th, 2024

Due to the effective date of the new rule, the NH insurance department provided a grace period for compliance.

The New Hampshire Insurance Department adopted the NAIC revised Model 275 for Suitability in Annuity Transactions. This regulation requires producers and insurers to implement a process, ensuring compliance with the regulation, by acting in the consumer’s best interest when recommending annuity insurance policies issued in New Hampshire.

NLG requests agents complete the training requirements due 02/16/2024 as follows: 

• Life insurance producers, licensed on or after 02/16/2024, must complete an annuity training course which meets the requirements of the newly adopted INS 305 prior to selling any annuity products or prior to 04/09/2024.
• Life insurance producers, licensed prior to 02/16/2024 and who completed annuity training prior to 01/01/2024, have until 08/16/2024 to complete an annuity training course which meets the requirements of the newly adopted INS 305. In contrast, life insurance producers, licensed prior to 02/16/2024 and who completed an annuity training course which meets the requirements of the newly adopted INS 305 on or after 01/01/2024, will be deemed by the Department to be compliant with the rule’s new training requirements.

For additional information you can visit the New Hampshire Insurance Department website and/or Annuities Training Platform – RegEd.com.

For questions please reach out to Contracting@nationallife.com.