Iowa Sends Annuity Producers to School

The new continuing education requirement is different than the existing continuing education requirement for indexed insurance products, Voss says.

For Iowa producers, only courses from one vendor can satisfy the requirements. For producers from other states, satisfying comparable training requirements in another state will satisfy the new Iowa requirements, according to the text of the administrative rule.

The one-time annuity products course must include information about annuity basics, such as “how fixed, variable and indexed annuity contract provisions affect consumers” and “the application of income taxation of qualified and nonqualified annuities.”

The course also must cover “appropriate sales practices” and “replacement and disclosure requirements.”