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.
AgentSync Actions
Our compliance experts are constantly searching for and analyzing industry updates.
Their findings are then recorded in the Regulatory Updates section of the Compliance
Library to explain how the update impacts the insurance industry. If a change
impacts an
AgentSync product, this will be highlighted to inform you that the product is being
updated to ensure you remain in compliance.