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Continuing education firm RegEd and the Insured Retirement Institute (IRI) announced Tuesday that four major carriers have joined their industry-wide platform to satisfy the NAIC annuity suitability requirements. The platform launched on Nov. 22, 2010, and is supported by some of the industry's largest distributors.
The new carriers include Allianz Life Insurance Company of North America, Prudential Financial, Security Benefit Life Insurance Co. and Transamerica Life Insurance Co. The organizations say there are “currently numerous other carriers in the contract writing phase.”
Financial advisors may join the platform at any time to complete state-mandated courses. Iowa advisors were able to complete their requirements by the Jan. 1, 2011 deadline and have their completion data reported to the above participating carriers.
"Having these major players sign up indicates a true turning point in the success of our industry-wide solution," IRI President and CEO Cathy Weatherford said in a statement. "We have the most painless solution available, ensuring advisors comply with the new rules and insurers continue to sell their products. IRI's membership has been highly engaged in the development process and we are confident this platform best directly addresses their requirements for an efficient, timely and compliant solution."
"Interest in our solution has been overwhelming. We are encouraged by this early adoption by such large carriers. These charter members will form our Annuity Client Advisory Board which will convene in January. The Board will play a key role in our next phase of enhancements for the shared platform," added John Schobel, CEO of RegEd.