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NAIC New Best Interest Standard for AL, AZ, AR, CT, DE, IA, ID, KY, ME, MI, MT, NE, ND, OH, RI, TX, & VA

Posted by BSMG on 4 Aug 2021

Arizona, Arkansas, & Iowa Regulation:

Agents who have already completed a four-hour NAIC training course prior to January 1, 2021, must complete one of the following by July 1, 2021:

  • A new four-credit training course; or
  • A one-credit training that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to January 1, 2021, must do so prior to signing and dating a client application on or after January 1, 2021.

Connecticut Regulation:

Agents who have already completed a four-hour NAIC training course prior to March 1, 2022, must complete one of the following by September 1, 2022:

  • A new four-credit training course; or
  • A one-credit training that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to March 1, 2022 must do so prior to signing and dating a client application on or after March 1, 2022.

Delaware Regulation:

Agents who have already completed a four-hour NAIC training course prior to August 1, 2021, must complete one of the following by February 1, 2022:

  • A new four-credit training course; or
  • A one-credit training that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to August 1, 2021, must do so prior to signing and dating a client application on or after August 1, 2021.

Idaho Regulation:

Agents who have already completed a four-hour NAIC training course prior to July 1, 2021, must complete one of the following by January 1, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to July 1, 2021, must do so prior to signing and dating a client application on or after July 1, 2021.

Alabama, Maine, & North Dakota Regulation:

Agents who have already completed a four-hour NAIC training course prior to January 1, 2022 must complete one of the following by July 1, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to January 1, 2022 must do so prior to signing and dating a client application on or after January 1, 2022.

Kentucky Regulation - Goes into effect January 1, 2022

Agents who have already completed a four-hour NAIC training course prior to January 1, 2022 must satisfy one of the requirements below:

A new 4-hour annuity training course approved by the state insurance department after January 1, 2022; or
An additional one-time 1-hour credit training course approved by the state insurance department on sales practices under the new NAIC regulation
Agents who have already completed a four-hour NAIC training course prior to January 1, 2022 taking the 1-hour credit training must take the 1-hour course prior to July 1, 2022. If the 1-hour training is not satisfied by the July 1, 2022 deadline, they will be required to take a four-credit training course prior to signing and dating a client application on or after July 1, 2022.

Agents who have not completed a four-hour NAIC training prior to January 1, 2022 must do so prior to signing and dating a client application on or after January 1, 2022.

Michigan Regulation:

Agents who have already completed a four-hour NAIC training course prior to June 29, 2021, must complete one of the following by December 29, 2021:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to June 29, 2021, must do so prior to signing and dating a client application on or after June 29, 2021.

Montana Regulation:

Agents who have already completed a four-hour NAIC training course prior to October 1, 2021 must complete one of the following by April 1, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to October 1, 2021 must do so prior to signing and dating a client application on or after October 1, 2021.

Nebraska Regulation

Agents who have already completed a four-hour NAIC training course prior to July 1, 2021, must complete one of the following by January 1, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to July 1, 2021, must do so prior to signing and dating a client application on or after July 1, 2021.

Ohio Regulation:

Agents who have already completed a four-hour NAIC training course prior to February 14, 2021, must complete one of the following by August 14th, 2021:

  • A new four-credit training course; or
  • A one-credit training that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to February 14, 2021, must do so prior to signing and dating a client application on or after February 14, 2021.

Rhode Island Regulation:

Agents who have already completed a four-hour NAIC training course prior to April 1, 2021, must complete one of the following by October 1, 2021:

  • A new four-credit training course; or
  • A one-credit training that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to April 1, 2021, must do so prior to signing and dating a client application on or after April 1, 2021.

Texas Regulation:

Agents who have already completed a four-hour NAIC training course prior to September 1, 2021 must complete one of the following by January 1, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to September 1, 2021 must do so prior to signing and dating a client application on or after September 1, 2021.

Virginia Regulation:

Agents who have already completed a four-hour NAIC training course prior to September 2, 2021 must complete one of the following by March 2, 2022:

  • A new four-credit training course; or
  • A one-credit training course that covers the new standards and requirements.

Agents who have not completed a four-hour NAIC training prior to September 2, 2021 must do so prior to signing and dating a client application on or after September 2, 2021.

Training CE Requirement:

You may take the training through any number of vendors, but BSMG has an affiliation with WebCE that will provide agents with a slight discount if they take training through the following affiliate link: 

WebCE Discount

*Please note, you must have a WebCE account to order and complete a course

For questions related to the new standard, please contact LC@bsmg.net.

Topics: Annuities, Fiduciary, Insurance Industry News, Fixed Index Annuities, Retirement Income, Annuity, Retirement Reform, NAIC, Best Interest Standard