The legislation amending the Annuity Consumer Protections Act was signed by the governor and enacted on March 12, 2021. The provisions, including mandated training, will become effective 7/1/2021.
Idaho currently has a mandated one-time 4-hour Annuity Suitability CE/training requirement. Effective July 1, 2021, the existing Annuity Suitability training will be replaced by a one-time 4-hour Annuity Suitability Best Interest training. Those who have already taken the 4-hour Annuity Suitability training will have 6 months from July 1st to complete a 1-hour course to supplement this training, in order to meet Best Interest standards. All others will be required to take the 4-hour Annuity Suitability Best Interest training from that date forward or as soon as available. This training is required for anyone carrying the Life line-of-authority. Carriers will be responsible for validating the training is in place before allowing sales. In addition to Providers giving, you a certificate of completion, the Sircon system and Sircon CE Transcripts will also provide validation of training, once achieved.
To read the bill please click here.
To read the bulletin regarding annuity disclosures and filings please click here.
The requirement is effective July 1, 2021, however as soon as Idaho is able to approve Annuity Suitability Best Interest courses, we will replace the current Annuity Suitability training courses. This training will also be a one-time, 4-hour training.
All resident producers who engage in the sale, solicitation, or negotiation of annuities products, and those nonresidents who have not completed the training in another state.
In the first 6 months past the effective date of July 1, 2021, (up to 2/1/2022) for those who have already taken the 4-hour Annuity Suitability course, Idaho will allow the producer to take a 1-hour Annuity Suitability Best Interest Annuity course to supplement that training in order to meet the new requirement. All others will be required to take the new 4-hour Annuity Suitability Best Interest Annuity course.
Idaho will, as with the Annuity Suitability, accept a non-resident’s Best Interest CE credits in their home state, provided the Best Interest standard or something greater is in place in their home state. This mandated training will be permanently reflected on the CE Transcript of residents, as provided by Sircon.
We anticipate having the Best Interest Annuity course category in May and will announce that actual availability to our course providers.
While it is available, the 1-hour course supplement could be applied in this scenario to meet Idaho Department of Insurance standards if they can prove they met the annuity suitability standards of their home state with a certificate of completion.
Yes, as soon as available, the current Annuity Suitability courses will be replaced with Annuity Suitability Best Interest courses and we encourage you to take the updated course.
Yes, based on meeting the Best Interest standard, providers may resubmit courses in the Annuity Suitability Best Interest category.
Have more questions?
Contact the Licensing Team