Montana – New Annuity Training Requirements

Effective October 1, 2021, the Montana Legislature passed Senate Bill 363, amending the Montana Suitability in Annuity Transactions Act, retaining all existing training provisions while adding certain requirements to them. This did not eliminate the requirement that producers who solicit the sale of an annuity product must be knowledgeable and take annuity training.

New requirement that a producer who engages in the sale of annuity products:

  • Must complete a one-time, 4-credit training course;
  • Producers with an existing license and who had taken a similar training course under the prior model act (from 2017) to take an alternative one-time, 1-credit course

Existing licensees will have a six-month grace period to complete the training requirements. New licensees, however, are prohibited from engaging in the sale of annuities until the required training course is completed.