The Iowa Insurance Division says all agents and brokers selling or soliciting annuity products in the state must complete 4 extra continuing education credits.
Iowa Insurance Commissioner Susan Voss has notified annuity producers of the new continuing education mandate in Iowa Bulletin 10-02.
Voss addressed the bulletin both to annuity producers and to the insurers that write the annuities.
Starting Jan. 1, 2011, a new Iowa administrative rule will require “all insurance producers selling or soliciting annuity products in the state of Iowa to obtain four continuing education credits by an APPROVED vendor offering an annuity products course,” Voss writes in the bulletin. “This is a one-time requirement and is not a condition of license renewal.”
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.”