AR Suitability Training Update

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Important Arkansas update: Dates for required suitability training have changed 

As announced on January 14, 2021, the Arkansas Insurance Department (DOI) has revised Rule 82, adopting the National Association of Insurance Commissioners’ (NAIC) revised Suitability in Annuity Transactions Model Regulation (#275).  In connection with this action, the DOI also issued a bulletin providing a six-month period from the December 29, 2020 effective date to comply with Rule 82.

On May 5, 2021, the DOI issued Bulletin 7-2021 further clarifying the effective dates for training requirements under revised Rule 82.

Revised training requirement

Bulletin 7-2021 states that all changes to revised Rule 82 are effective July 8, 2021 except for the new continuing education requirements, which are effective January 1, 2022.  Under the new requirements all Arkansas producers must complete a one-time, 4-hour training course approved by the DOI and designed to educate producers on, among other items, the primary uses of annuities, appropriate sales practices, and replacement and disclosure requirements.  After January 1, 2022, producers may not solicit or sell annuities until they complete the new 4-hour training. 

Training is available through the RegEd platform. Once completed, RegEd will notify Athene that you have satisfied your requirement. While Athene will accept training through other platforms, you will need to provide Athene with proof of completion.

Additional Suitability Form – Appendix A

As previously announced, revised Arkansas Rule 82 also requires the use of an Insurance Agent [Producer] Disclosure for Annuities form, often referred to as Appendix A. For your convenience, we’ve created a version of Appendix A (22712, Ver. 12/20) for you to use.

For those that use Athene suitability forms, Athene has required a version of this form (Athene’s form or another version that matches the regulation’s prescribed form) to accompany all applications submitted in Arkansas since January 23, 2021.

This form must be signed by both the producer and customer. Applications with outdated or missing forms that do not fall within the guidelines above will be considered “not in good order.” Be sure to use up-to-date materials when offering Athene annuities. 

Still have questions?

For additional information, and to get a better understanding of Athene’s considerations during the suitability review process, please familiarize yourself with our revised producer guidelines and helpful tips:

Thank you for your business. At Athene, we’re committed to help take you to the next level.