Attention Idaho Producers: Best Interest Training is Now Available
As we previously announced, Idaho has updated the requirements around Best Interest and suitability in annuity transactions, effective July 1, 2021. New training is required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life.
Training now available through OneAmerica
Producers who have previously taken the four-hour state generic annuity suitability course have the option of taking either the one-hour catch-up training course on annuity best interest, or they can take the newly created four-hour course on annuity best interest suitability by January 1, 2022.
However, new and existing producers who have not completed the original four-hour course on state generic annuity suitability are now required to complete the new four-hour annuity best interest suitability training course prior to the solicitation of the annuity. Producers selling any annuity products, including Asset Care annuity funding whole life, must take this course to sell these products.
This course can now be taken using your usual training platform or on https://www.oneamerica.com/slproducttraining. When training is taken on the NAIC site, through the provided link, the course completion box is checked, and the completion date is immediately added to the site. No certificate upload is required. If the training is taken using another platform, a certificate must be uploaded to show where and when the course was completed.
Note: The additional training requirements pertain only to the state generic annuity suitability training. The carrier product training has not changed.
Reminder: New forms required to submit annuity apps in Idaho
New Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733 (BI)
The Best Interest Consumer Suitability Due Diligence Questionnaire (I-22733 (BI)) will replace Consumer Suitability Due Diligence Questionnaire (I-22733) in Idaho effective immediately. This updated questionnaire is also required in the other states that have approved the new Best Interest changes.
Note: All other states that have not approved Best Interest still require the original questionnaire (I-22733) except where state variations apply.
Producer Compensation Disclosure for Annuities, I-34191
A new producer compensation disclosure for annuities form (I-34191) is required at the time of submitting an annuity application in Idaho effective immediately. This updated disclosure form is also required in the other states that have approved the new Best Interest changes.
New producers guide required
A new version of the Best Interest Annuity Suitability Policies and Procedures Producers Guide is available and should be used by producers in Idaho and other states that have adopted the new Best Interest changes. The prior version of the Producers Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements.
View all state requirements with new chart
As additional states adopt the new requirements around Best Interest and suitability in annuity transactions, you can find up to date information about each state’s training requirements with our “Where and When” chart. The chart is updated on a rolling basis to show the requirements and deadlines for your state.