Attention Arkansas, Michigan and Rhode Island: Best Interest is Here!

Arkansas, Michigan, and Rhode Island have updated the requirements around best interest and suitability in annuity transactions. A new training will be required to be able to submit applications for any annuity products, including annuities funding whole life. The changes for Arkansas and Michigan went into effect Dec. 29, 2020, and for Rhode Island, the changes will take effect until April 1, 2021. Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available. Note: States previously approved include Arizona and Iowa.

New Best Interest Annuity Suitability Policies and Procedures Producers’ Guide for Arkansas, Michigan and Rhode Island
 

A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation. These changes go in effect Dec. 29, for Arkansas and Michigan and April 1, for Rhode Island. The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements. Review the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide. All other states will continue using the original producers’ guide. Note: States previously approved include Arizona and Iowa.