Arkansas and Michigan have 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 Arkansas and Michigan went into effect Dec. 29, 2020. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Arkansas and Michigan, must take these new training courses to sell these products. Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available. Existing producers have until June 29, 2021, 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 Annuity Suitability Policies and Procedures Producers’ Guide for Arkansas and Michigan
A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation. These changes went into effect Dec. 29, for Arkansas and Michigan. The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements. Review the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide here. All other states will continue using the original producers’ guide. Note: States previously approved include Arizona and Iowa