The legislation amending the Annuity Consumer Protections Act was signed by the governor and enacted on March 12, 2021. The provisions, including mandated training, became effective on 7/1/2021.
Idaho mandates one-time 4-hour Annuity Suitability Best Interest training 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 was effective July 1, 2021.
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.
All licensees are required to take the new 4-hour Annuity Suitability Best Interest Annuity course, regardless of previous training in Annuity Suitability.
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.
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