Virginia – Best Interest Training Now Available!
Virginia has 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 Virginia went into effect Sept. 1, 2021. Producers selling any annuity products must take these new training courses 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. Existing producers have until March 1, 2022, to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.
NEW Best Interest state updates
Additional states have adopted the new requirements around Best Interest and suitability in annuity transactions. Review the details about which states have recently adopted the requirements and when the changes are effective.
Best Interest Producers’ Guide
For states that have adopted the new requirements, producers should use the Best Interest Annuity Suitability Policies and Procedures Producers’ Guide. All other states will continue using the prior version of the guide.
Forms required
For states that have approved the new requirements, the Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733 (BI) now replaces the Consumer Suitability Due Diligence Questionnaire, I-22733. All other states that have not approved Best Interest still require the original questionnaire, I-22733, except where state variations apply. Additionally, a new 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.
Check the “Where and When” chart for updates on your state
As states adopt the new requirements around Best Interest and Suitability in annuity transactions, we are updating our “Where and When” state chart with the new requirements and deadlines.