New Mexico
New Mexico Adds Annuity Training Requirement
Producers who transact annuity products must now complete a one time, four hour CE credit annuity training course to comply with the insurer's requirements.
Due Date:
- 4/1/2022 if already licensed on 10/1/22
- Prior to selling annuities if the producer was licensed on or after 10/1/22
- If annuity training was complete by 10/1/22 must complete a 4-credit training course, or a one time, 1-credit training course by 4/1/23.
Training Must Cover:
- Types of annuities and classifications
- Identification of the parties to an annuity
- How product specific annuity contract features affect customers
- The application of income taxation of qualified and non-qualified annuities
- Primary use of annuities
- Standards of conduct, sales practices, replacement, and disclosure requirements
Training Must NOT Cover:
- Marketing information
- Sales techniques
- Specific insurer product information
Course Verification
A certificate or reports from a reliable source must be provided. The insurer is responsible for this verification.
- 4/1/2022 if already licensed on 10/1/22
- Prior to selling annuities if the producer was licensed on or after 10/1/22
- If annuity training was complete by 10/1/22 must complete a 4-credit training course, or a one time, 1-credit training course by 4/1/23.
Training Must Cover:
- Types of annuities and classifications
- Identification of the parties to an annuity
- How product specific annuity contract features affect customers
- The application of income taxation of qualified and non-qualified annuities
- Primary use of annuities
- Standards of conduct, sales practices, replacement, and disclosure requirements
Training Must NOT Cover:
- Marketing information
- Sales techniques
- Specific insurer product information
Course Verification
A certificate or reports from a reliable source must be provided. The insurer is responsible for this verification.
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