28 Tex. Admin. Code § 19.1028 - Annuity Certification Course
(a) An
individual who obtains a current resident agent license issued by the
department on or after April 1, 2010, or renews a resident agent license on or
after April 1, 2010, may not sell, solicit, or negotiate a contract for an
annuity or represent an insurer in relation to an annuity in this state until
they have completed the annuity certification course as specified in this
section.
(b) Licensees that may
qualify for the exemption provided under §
19.1004(b) or (c)
of this subchapter (relating to Licensee Exemption from and Extension of Time
for Continuing Education) are not exempt from the provisions of this
section.
(c) This subsection
establishes the standards for an annuity certification course. The course
shall:
(1) be submitted to the department for
approval in compliance with §
19.1007 of this subchapter
(relating to Course Certification Submission Applications, Course Expirations,
and Resubmissions);
(2) be at least
four hours in length; and
(3) cover
each of the subjects described in subsection (g) of this section.
(d) Licensees may count an annuity
certification course toward completion of the continuing education requirements
prescribed in §
19.1003 of this subchapter
(relating to Licensee Requirements). If a licensee chooses to use an annuity
certification course to satisfy a portion of the continuing education
requirements prescribed in §
19.1003 of this subchapter, the
licensee shall comply with §
19.1013 of this subchapter
(relating to Licensee Record Maintenance).
(e) A licensee shall maintain proof of
completion of an annuity certification course for a period of four years from
the date of completion of the course. Upon request, the licensee shall provide
proof of completion of the annuity certification course to the
department.
(f) A provider issued
completion certificate for an annuity certification course must comply with the
requirements of §
19.1011 of this subchapter
(relating to Requirements for Successful Completion of Continuing Education
Courses).
(g) Course subjects for
an annuity certification course outline must include each of the following
topics:
(1) the requirements of the Insurance
Code Chapters 1114 and 1115, and the requirements of Chapter 3, Subchapter NN
of this title (relating to Consumer Notices for Life Insurance Policy and
Annuity Contract Replacements);
(2)
the prohibitions specified in the Insurance Code §§
541.051 -
541.061;
(3) recognition of indicators that a
prospective insured may lack the short-term memory or judgment to knowingly
purchase an annuity; and
(4)
practices relating to annuities that are prohibited by the Penal Code Chapter
35.
(h) Course subjects
for an annuity certification course outline may include additional topics
addressing statutes enacted and rules adopted subsequent to the effective date
of this section, provided that the statutes or rules relate specifically to
annuities.
Notes
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