State required training for insurance producers that sell annuity products

Initial Training
Hours: 4
Frequency: One-time training must be complete prior to selling annuity products.

Additional Information

State required training for insurance producers that sell long-term care products.

Initial Training
Hours: 8
Frequency: One-time training must be complete prior to selling LTC products.

Ongoing Training
Hours: 4
Frequency: Ongoing training must be completed every 24-months, following the initial training requirement.

Additional Information

State required training for insurance producers that sell flood insurance products

One-time Training
Hours: 3
Frequency: One-time training must be complete prior to selling flood products.

Additional Information

As clarified by FinCEN’s final rulings, the USA PATRIOT Act stipulates that financial services companies involved in the sale of covered products maintain an ongoing training program for all associates who are involved in any sale and administration of covered products. Please consult your firm on how to report WebCE courses for this training.

Additional Information

Minnesota Statute 60A.954 states insurers must come up with an antifraud plan that would prevent insurance fraud, including internal fraud involving the insurer's officers, employees, or agents; fraud resulting from misrepresentations on applications for insurance; and claims fraud. Please consult your firm on how to report WebCE courses for this training.

Additional Information

The license renewal date is the last day of the licensee's birth month.

Agents must have their CE credit hours posted prior to their expiration date and prior to applying to renew their insurance license(s). Providers have 10 days to report your CE completion, so please plan accordingly to avoid a lapse in licensure.

Excess CE credit hours may not be carried over to the next 2-year license term.

Courses cannot be repeated more than once in a 2 year license term.

Classroom or online self-study.

Self-Study Requirements: Students must read the course material and answer end-of-chapter review questions prior to taking a closed-book final exam.
IMPORTANT NOTICE: The Minnesota Department of Commerce requires all online continuing education courses not to allow access to the final exam until the student’s time in the course equals the number of approved credit hours for the course. (For more details click here.) The course must be stopped if the student has been inactive for more than 10 minutes and a student may not spend more than 8 hours on continuing education in one day. For example, any course that is worth 9-16 CE hours will take a minimum of 2 days to complete. Any course that is worth 17-24 CE hours will take a minimum of 3 days to complete. The 8-hour restriction resets at midnight every day.

The final exam is closed book, and no outside information may be used to complete the exam. If the final exam is not passed on the first attempt, students have an unlimited number of retakes.

Exam Requirements: Self-Study online exams are closed-book and do not require a monitor.

Self-Study Final Exam: 70%

WebCE provides online, printable certificates in Minnesota. Certificates of completion are available to print online immediately after the final exam is passed. Certificates should not be sent to the Minnesota Department of Commerce unless requested. Producers are required to maintain the original certificate of completion in his or her files for a minimum of 4 years.

Instant Reporting: Insurance CE credits are immediately reported to Sircon upon course completion.

Non-residents who satisfy the training requirements of another state that are similar to Minnesota's law will be deemed compliant for Minnesota's annuity training requirement.

• Before selling, soliciting, or negotiating LTC insurance products in Minnesota, nonresident producers must complete an initial 8-hour NAIC LTC training course and a Minnesota-specific course or supplement.
• For non-residents who have completed the initial 8-hour LTC Partnership course in another state, they must take a 2-hour LTC training course, specific to Minnesota.
• After completing the 8-hour initial training requirement, nonresident producers must complete 4 hours of NAIC LTC training every 24-month period following the completion of the initial training and every 24-months thereafter.

The following individuals are exempt from CE requirements:

• Individuals who hold a full-lines license but use it to sell only credit life, credit accident and health, and/or credit property (Must request exemption form from the Department of Commerce.)
• Non-resident producers whose home state has a reciprocal agreement with Minnesota. A non-resident whose home state does not have a reciprocal agreement with Minnesota may apply hours earned in his or her home state or another CE state to Minnesota’s CE requirement.
• Non-resident adjusters who are licensed and in good standing in their home states.