Important Annuity Update
Attention PIPAC agents,
Iowa recently adopted the Annuity Suitability Best Interest Requirements from the NAIC's revised Suitability in Annuity Transactions Model Regulation (#275).
- Producers licensed in Iowa before January 1, 2021, who already completed a 4-hour course prior to the state’s adoption of the best interest standards must – before July 1, 2021 – complete either:
- An additional 1-hour course that includes the best interest standards and disclosure requirements or
- A new 4-hour course, approved by the Iowa Department of Insurance after January 1, 2021, covering all previous training topics plus the best interest standards and disclosure requirements
Please note: This will cause a change to the suitability form. Before writing new business, please confirm you have the updated form. If you need assistance obtaining the form, please contact the life department at 866-452-3670.