Maryland adopted the NAIC Suitability in Annuity Transactions Model Regulation effective November 1, 2011. The Model requires a one-time, four-credit training course for resident and nonresident insurance producers who hold a life insurance license and sell annuity products.
The course must be provided by a Maryland-approved continuing education provider and completed within six months of the November 1, 2011, effective date.
Resident and nonresident individuals who obtain a Maryland life insurance license on or after November 1, 2011 may not engage in the sale of annuities until the annuity training course has been completed.
The annuity training requirement is not a continuing education (CE) requirement. However, resident producers may apply the credits toward their overall CE requirements as long as the course is in compliance with the rules and guidelines established for the annuity training requirement.
Insurers may ask its producers to provide a certificate of completion of the training course in order to satisfy the insurer’s responsibility to comply with this regulation.
Questions about this requirement may be directed to the Maryland Producer Licensing Section at 410-468-2411 or 1-888-204-6198.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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