The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February 2020. North Carolina now joins a growing number of states which have adopted the Regulation.
Revisions to the Model Regulation include:
- Insurance producers and companies must act with a heightened standard of care in the solicitation and sale of annuities.
- Producers must act in the “best interest” of their customers.
- The best-interest standard is met by satisfying four distinct levels of obligation:
- Care
- Disclosure
- Conflict of interest
- Documentation
- Insurers must establish and maintain a system of supervision to assure that the insurance needs and financial objectives of customers are effectively met at the time of the sale.
Click here for more detail
How to Comply with the Revised Model Regulation in North Carolina
To solicit and sell annuities in North Carolina, producers must comply with regulations adopted by the North Carolina Department of Insurance. Producers doing business in North Carolina are now required to complete General Annuity Training CE.
The revisions to the Model Regulation require completion of EITHER a 1-hour General Annuity Training CE course available to producers who have taken the previous NAIC Annuity Suitability training, OR a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the North Carolina Department of Insurance.
General Annuity Continuing Education (CE)
- Access to approved vendors, training dates, times and fees are available on the North Carolina Department of Insurance website – click here.
- You must fulfill your General Annuity Training requirement and provide a certificate of completion to EquiTrust prior to soliciting or selling. Send by FAX to 515-226-5102, or email: [email protected].
- For information about General Annuity Training vendors, click here.
Carrier Product Training – No additional or new requirement
To complete EquiTrust Annuity Product Training, click here. You may view your personal training history upon login to the Agent Gateway website.
Avoid Potential Business Delays
Applications received without completion of EquiTrust carrier-specific product training and state-required General Annuity Training CE will not be accepted.
North Carolina Training Completion Deadlines
| Original General Annuity | Training | 2020 Update General Annuity Training |
| Newly State Licensed | No Req. | Newly State Licensed – 1/1/23 |
| Currently State Licensed | No Req. | Currently State Licensed – 7/1/23 |
Training Requirements By State
To see the most current status for each state’s adoption deadlines for completing CE training for both newly licensed and currently licensed agents, click here. You will be notified as additional states adopt the new training requirements.