ONLINE ANNUITY TRAINING COURSES

ONLINE ANNUITY SUITABILITY TRAINING COURSES

WebCE offers the most complete annuity training catalog for annuity agents and annuity brokers, each designed by industry experts to ensure you have a comprehensive knowledge with the latest industry updates and changes. Firms and agencies can take advantage of corporate annuity training solutions which include discounted rates and can be customized to include other workplace training including insurance CE, Firm Element, AML training, and more.


WebCE's annuity suitability training includes all required courses needed to maintain an annuity certification or annuity license, including our 4-hour annuity training courses. This includes courses covered the NAIC's updated Best Interest standards under its revised 2020 Suitability in Annuity Transactions Model Regulation.


Course Catalog  Corporate Solutions  NAIC Model Regulation State Adoptions

Take annuity training courses online from your own home!

CORPORATE ANNUITY TRAINING SOLUTIONS & CUSTOM PROGRAMS

Your company is unique, and your company training and corporate education programs should be too. At WebCE, we develop custom corporate education solutions uniquely designed to meet your company's needs, including annuity training.


To enhance your company's annuity training program, WebCE also offers completely up-to-date education courses for a variety of license types and designations including courses for insurance agents and producers, financial planners, CPAs, tax preparers, Enrolled Agents, and more. Hundreds of companies make our professional education courses available to their employees through discount programs, voucher programs, or invoiced programs. With our online learning portals, your company's management will also have access to real-time reports, online invitations, renewal reminders, and more.


As a WebCE partner, your company can also save significant amounts of money using our corporate discount programs. On average, our corporate clients save 20% by taking advantage of volume discounts through our invoicing programs or voucher programs.


To learn more about WebCE's corporate annuity training solutions, use the form on the left to contact our corporate sales team, or click the link below to visit our Corporate Sales page.


WebCE Corporate Programs

NAIC ANNUITY SUITABILITY TRAINING, NAIC TRAINING COURSES

In , the National Association of Insurance Commissioners (NAIC) approved an extensive update to its long-standing Suitability in Annuity Transactions Model Regulation. The result is a revised, consumer-focused set of standards and practices that elevate a consumer’s best interest as the core component of any and all annuity recommendations and sales.


The biggest change the model brings about is an upgrade in practice standards and requirements from ensuring the suitability of an annuity recommendation or sale to ensuring that an annuity recommendation or sale meets the consumer’s best interest. While this requirement to the client's best interest is more encompassing than the prior suitability standard, but is not a fiduciary standard.

NAIC MODEL REGULATION STATES

STATE ADOPTIONS OF REVISED SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION

The NAIC's revised Suitability in Annuity Transactions Model Regulation and new Best Interest standard is being adopted on a state-by-state basis, and states are not required to adopt the revision. However, if your state does not adopt the updated model regulation, this may lead to additional annuity training requirements.


The map to the right shows each state's adoption status of the updated model regulation (the “NAIC Model Regulation States”). State's that have been highlighted green on the map have officially adopted the revised Suitability in Annuity Transactions Model Regulation and Best Interest training standard, while the yellow states are considering adopting the new model regulation in the near future.


Map last updated .

 

Map of states adopting Annuity Transactions Model Regulation
 

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New York Court Overturns State’s Annuity Best Interest Regulation (Regulation 187)

by Anne Shropshire, CLU | May 20, 2021
New York Supreme Court Overturns State's Annuity Best Interest Regulation (Regulation 187)

New York’s suitability and best interest regulation for life insurance and annuity sales has been struck down by the state’s Supreme Court Appellate Division as “unconstitutionally vague,” a setback for the New York Department of Financial Services (DFS).

The court issued its ruling on in favor of plaintiffs.

Background of New York Regulation 187

In

On

Industry Response to New York Regulation 187

As it turned out, the response to the amended Regulation 187 by the insurance industry was not positive. Claiming that the regulation was arbitrary, capricious, and outside DFS’ authority to create, a number of insurance industry organizations (including the Big I of New York) filed a petition in to have the revision declared invalid and void.

This challenge was denied by the trial court, and the Regulation 187 revisions went into effect: in for annuity transactions and in for life insurance transaction.

On , Justice Henry Zwack ruled that the New York DFS was within its authority to issue the best standard revisions to Regulation 187. The plaintiffs were granted an appeal, which they won on , when Regulation 187 was struck down in the Appellate Division of the New York State Supreme Court.

Ruling Against New York Regulation 187

However, the plaintiffs that backed the repudiated petition were not defeated; they appealed the decision. On , the Appellate Division of the New York State Supreme Court ruled in their favor and overturned the state’s best interest standard as set forward in the amended Regulation 187.

Among other things, the Court held:

Here, while the consumer protection goals underlying promulgation of the amendment are laudable, as written, the amendment fails to provide sufficient concrete, practical guidance for producers to know whether their conduct, on a day-to-day basis, comports with the amendment's corresponding requirements for making recommendations and compiling and evaluating the relevant suitability information of the consumer.

The full text of the court opinion, written by Justice John C. Egan, Jr., can be found here.

What’s Next for Regulation 187 and Annuity Best Interest in New York?

This is not necessarily the end of the road for Regulation 187. The New York Department of Financial Services can still file an appeal to the New York Court of Appeals, the state’s highest court. DFS can also request a stay on the Appellate Division’s decision pending an appeal.

Online New York Annuity Courses

WebCE offers a comprehensive online course catalog for annuity and life insurance producers in New York, with dozens of courses designed to make you an annuity expert. A few of our annuity-specific courses available for producers in New York include:

To order these or other life insurance/annuity continuing education or professional education courses, click the button below, or you can call our world-class support team at 877-408-9308 to order courses or with any of your questions.

New York Life & Health/Annuity Course Catalog