Utah Admin. Code R590-230-5 - Producer Training
(1) A producer may
not solicit the sale of an annuity product unless the producer has adequate
knowledge of the product to recommend the annuity and the producer is in
compliance with the insurer's standards for product training.
(2)
(a)
(i) A producer who engages in the sale of
annuity products on or after July 1, 2024, shall complete a one-time approved
four credit training course.
(ii) A
producer who holds a life insurance line of authority before July 1, 2024, and
who desires to sell an annuity shall complete the requirements of this
subsection by July 1, 2025.
(iii) A
producer that obtains a life insurance line of authority on or after July 1,
2024, may not engage in the sale of an annuity until the required annuity
training is completed.
(iv) A
producer who completed an approved training course under Subsections (2)(b),
(2)(c), and (2)(d) between January 1, 2024 and July 1, 2024, is considered to
have met the training requirements under this Subsection (2)(a).
(b) The minimum length of the
training under this Subsection (2) shall be sufficient to qualify for at least
four continuing education credits but may be longer.
(c) The training shall include information on
the following topics:
(i) the types of
annuities and various classifications of annuities;
(ii) identification of the parties to an
annuity;
(iii) how product specific
annuity contract features affect consumers;
(iv) the application of income taxation of
qualified and non-qualified annuities;
(v) the primary uses of annuities;
and
(vi) appropriate standards of
conduct, sales practices, replacement, and disclosure requirements.
(d)
(i) A provider of a course complying with
this section shall cover all topics listed in the prescribed outline and may
not present any marketing information or provide training on sales techniques
or provide specific information about a particular insurer's
products.
(ii) Additional topics
may be offered in conjunction with and in addition to the required
outline.
(e) A provider
of an annuity course complying with this section shall register as a continuing
education provider and comply with Section
31A-23a-202 and Rule
R590-142.
(f) A producer who,
before July 1, 2024, completed an annuity training course that does not meet
the standards under Subsections (2)(b), (2)(c), and (2)(d) shall, by July 1,
2025, complete either:
(i) a new four credit
approved annuity training course on appropriate sales practices, replacement,
and disclosure requirements under the amended provisions of this rule;
or
(ii) an additional one-time
single credit approved annuity training course on appropriate sales practices,
replacement, and disclosure requirements under the amended provisions of this
rule.
(g) An annuity
training course may be conducted and completed by classroom or self-study
methods.
(h) Satisfying the
training requirements of another state that are substantially similar to the
requirements of this subsection shall satisfy the training
requirements.
(i) Satisfying the
components of the training requirements of any course or courses with
components substantially similar to the requirements of this subsection shall
satisfy the training requirements.
(j)
(i) An
insurer shall verify that a producer has completed the required annuity
training course before allowing the producer to sell an annuity product for
that insurer.
(ii) An insurer may
satisfy its responsibility under this Subsection (2)(j) by obtaining
certificates of completion of the training course or obtaining reports provided
by database systems or vendors, or from a reasonably reliable commercial
database vendor that has a reporting arrangement with approved insurance
education providers.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.