Effective January 1, 2023, Florida is adding an annuity training requirement for Residents. Specific training requirements apply to agents who transact annuity products.      a.   An agent must have adequate annuity product knowledge and comply with the insurer's standards for product training.  Agents may rely on insurer-provided product-specific training standards and materials to comply with this paragraph.      b.   In addition to the insurer-provided product-specific training, agents must complete a one-time 4-hour training course.           I.   The training course is separate from the CE requirements in FL ST § 626.2815.  The course may be eligible for CE credit if the course provider submits and receives approval from the Department.          II.   Agents who hold a life line of authority and who sell annuities must complete the course: (1)   by 7/1/2024, if already licensed on 1/1/2024;                      or  (2)   prior to selling annuities, if the producer was licensed after 1/1/2024. III.   The training must cover: (1)   the types of annuities and various classifications; (2)   identification of the parties to an annuity; (3)   how product-specific annuity contract features affect consumers; (4)   the application of income taxation of qualified and non-qualified annuities; (5)   the primary uses of annuities; and (6)   appropriate standard of conduct, sales practices, replacement, and disclosure requirements. IV.   Additional topics may be offered in conjunction with the required topics. V.   The training course may not cover: (1)   marketing information; (2)   sales techniques; or (3)   specific information about a particular insurer's products. VI.   An agent who has completed an annuity training course before 1/1/2024, must, by 7/1/2024, complete either: (1)   a new 4-hour training course; or (2)   an additional 1-hour training course on appropriate sales practices, replacement, and disclosure requirements. VII.   Training may be completed by classroom or self-study methods. VIII.   Satisfaction of substantially similar requirements in another state will satisfy FL ST § 627.4554(6). IX.   Satisfaction of the training requirement components of a course with components substantially similar to FL ST § 627.4554(6) provisions will satisfy this statute's training requirements. X.   An insurer must verify that an agent has completed training before allowing the agent to sell annuity products.

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