Attention Hawaii, Minnesota, and South Carolina: Best Interest is Here!
Hawaii, Minnesota, and South Carolina have updated the requirements around best interest and suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life. The changes for Hawaii and Minnesota will go into effect Jan. 1, 2023, and South Carolina will go into effect Nov. 27, 2022. Producers selling any annuity products, including Asset Care annuity funding whole life in Hawaii, Minnesota, and South Carolina, must take these new training courses to sell these products. 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.
Existing producers in South Carolina have until May 27, 2023, producers in Hawaii and Minnesota have until July 1, 2023, to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.
“Where and When” state chart
Find state adoptions, training requirements and deadlines around Best Interest and suitability in annuity transactions, on our state chart. The chart is updated on a rolling basis.
New Best Interest Producer Guide and Forms
In states that have adopted the Best Interest changes, producers are required to use these:
- NAIC Best Interest Annuity Suitability Policies and Procedures Producers’ Guide, all other states will continue using the prior version of the guide.
- Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733 (BI), all other states will continue using the original questionnaire, I-22733, except where state variations apply.
- Producer Compensation Disclosure for Annuities, I-34191, is required at the time of submitting an annuity application in states that have approved Best Interest.
In eApp, original forms can be submitted until updated ones are made available