NAIC Suitability Model Regulation and Revised Model Regulation Requirements

Security Benefit follows the NAIC Suitability in Annuity Transactions Model Regulation, both the version adopted by the NAIC in 2010 (the "Model Regulation") and the version adopted by the NAIC in 2020 (the "Revised Model Regulation"). Use the chart below to determine what training you must complete before selling a Security Benefit annuity product.

The Model Regulation requires all Insurance Producers selling or soliciting annuity products to obtain an additional four (4) general continuing education (CE) credits from an APPROVED vendor offering an Annuity Products Course. 

The Revised Model Regulation, which implements a best interest standard of conduct, requires an additional 1-hour course for producers who have already taken the original 4-hour course. New producers must take the new 4-hour general annuities course as shown below.

In addition, the Regulation and Revised Model Regulation require that all Insurance Producers complete product-specific training before soliciting an annuity application.

In response to NAIC Suitability Model Regulation and Revised Model Regulation Requirements, Security Benefit works with RegEd to deliver online product-specific training.

For Fixed Index Annuities, RegEd must be completed regardless of state.

See the chart below for states, the effective date of the Model Regulation or Revised Model Regulation and state specific requirements.

Model Regulation and Revised Model Regulation Details:

  • Any producer selling one of our annuities is required to complete a general 4-hour CE course if they sell or solicit annuities in a state that has adopted the Model. If a state has adopted the Revised Model Regulation, the producer must either complete a 1-hour supplemental course (available for a limited time) or complete the new 4-hour course that incorporates the best interest aspects of the Revised Model Regulation. New producers must take the new 4-hour course. 
  • They must also complete carrier-specific, product-specific training (i.e., training that relates to the specific product of the carrier) before soliciting an annuity application for a product.
  • If your state has adopted the Model Regulation, or the Revised Model Regulation, or otherwise requires general annuities training, and you have taken the required training from a company other than RegEd, please send a copy of your certificate from the training provider to:

    Security Benefit
    P.O. Box 750487
    Topeka, KS 66675-0497
StateEffective Date / State Specific Notes
Alabama

January 1, 2017

All Producers must complete the required training before soliciting an annuity application.

January 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2022) for existing producers to complete the new 1-hour supplemental training.

Alaska

October 16, 2011

All Producers must complete the required training before soliciting an annuity application.

November 23, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a grace period (until July 15, 2023) for existing producers to complete the new 1-hour supplemental training.

Arkansas

July 8, 2021 

All Producers must complete the required training before soliciting an annuity application. There is a grace period (until 1/1/2022) for producers to complete the new course.

Arizona

January 1, 2018

All Producers must complete the required training before soliciting an annuity application.

December 31, 2020 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application.  There is a 6-month grace period (until 6/30/2021) for existing producers to complete the new 1-hour supplemental training. 

California

January 1, 2012

An 8-hour initial CE training course is required. A 4-hour CE training course is required every 2 years thereafter.

Colorado

April 1, 2011

All Producers must complete the required training before soliciting an annuity application.

November 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until May 23, 2023) for existing producers to complete the new 1-hour supplemental training.

Connecticut

February 18, 2012

All Producers must complete the required training before soliciting an annuity application.

March 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 9/1/2022) for existing producers to complete the new 1-hour supplemental training.

Delaware

June 1, 2017

All Producers must complete the required training before soliciting an annuity application.

August 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 2/1/2022) for existing producers to complete the new 1-hour supplemental training. 

District of
Columbia (DC)

June 24, 2011

All Producers must complete the required training before soliciting an annuity application.

Florida

October 1, 2013

A 3-hour initial CE training course is required. A 3-hour CE training course is required every 2 years thereafter.

January 1, 2024

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2024) for existing producers to comply with the new training.

Georgia

March 1, 2016

All Producers must complete the required training before soliciting an annuity application.

August 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until February 1, 2024) for existing producers to complete the new 1-hour supplemental training.

Hawaii

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

January 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2023) for existing producers to complete the new 1-hour supplemental training.

Idaho

April 4, 2013

All Producers must complete the required training before soliciting an annuity application.

July 1, 2021     

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a grace period (until 2/1/2022) for existing producers to complete the new 1-hour supplemental training.

Illinois

September 26, 2011

All Producers must complete the required training before soliciting an annuity application.

August 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until February 1, 2024) for existing producers to complete the new 1-hour supplemental training.

Indiana

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Iowa

January 1, 2011

All Producers must complete the required training before soliciting an annuity application.

January 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2021) for existing producers to complete the new 1-hour supplemental training.

Kansas

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

January 1, 2024

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2024) for existing producers to comply with the new training.

Kentucky

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

January 4, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/4/2022) for existing producers to complete the new 1-hour supplemental training.

Louisiana

August 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Maine

January 1, 2017

All Producers must complete the required training before soliciting an annuity application.

January 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2022) for existing producers to complete the new 1-hour supplemental training.

Maryland

November 1, 2011

All Producers must complete the required training before soliciting an annuity application.

October 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 4/8/2022) for existing producers to complete the new 1-hour supplemental training.

Massachusetts

July 1, 2016

All Producers must complete the required training before soliciting an annuity application.

June 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. Producers who have already completed the original training must complete the 1-hour or the new 4-hour course by 6/1/23.

Michigan

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

June 29, 2021     

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 12/29/2021) for existing producers to complete the new 1-hour supplemental training. 

Minnesota

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

January 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2023) for existing producers to complete the new 1-hour supplemental training.

Mississippi

September 1, 2013

All Producers must complete the required training before soliciting an annuity application.

January 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2022) for existing producers to complete the new 1-hour supplemental training.

Missouri

March 30, 2017

All Producers must complete the required training before soliciting an annuity application.

Montana

January 1, 2018

All Producers must complete the required training before soliciting an annuity application.

 

October 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 4/1/2022) for existing producers to complete the new 1-hour supplemental training. 

Nebraska

July 19, 2012

All Producers must complete the required training before soliciting an annuity application.

July 1, 2021     

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 12/31/2021) for existing producers to complete the new 1-hour supplemental training. 

New Hampshire

January 1, 2015

All Producers must complete the required training before soliciting an annuity application.

February 16, 2024

Producers who completed a 4-hour annuity suitability course prior to January 1, 2024, have until August 16, 2024, to complete either: A new 4-hour course that incorporates the best interest amendments to the regulation, or an additional 1-hour course on the best interest amendments to the regulation. 

After August 16, 2024, the 1-hour course will no longer be available, and Producers will be required to take the new 4-hour course.  

Producers who receive their license after February 16, 2024, will be required to complete the new 4-hour course immediately.

Individual product training is currently required and will continue to be required after January 1, 2024.

New Jersey

February 4, 2013

All Producers must complete the required training before soliciting an annuity application.

New Mexico

October 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 4/1/2022) for existing producers to complete the new 1-hour supplemental training.

New York

June 30, 2011

A 4-hour CE training course is not required. Producers must complete the 2-part product training only.

North Carolina

January 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2023) for existing producers to complete the new 1-hour supplemental training.

North Dakota

January 1, 2017

All Producers must complete the required training before soliciting an annuity application.

January 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2022) for existing producers to complete the new 1-hour supplemental training.

Ohio

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

February 14, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until August 13, 2021) for existing producers to complete the new 1-hour supplemental training.

Oklahoma

July 14, 2010

All Producers must complete the required training before soliciting an annuity application.

September 1, 2023 

Existing Producers who have completed an annuity training course before November 1, 2023, and who have sold annuities prior to September 1, 2023, will have until April 30, 2024, to complete either (1) a new 4-hour course that incorporates best interest amendments to the regulation, or (2) an additional 1-hour course on the best interest amendments. 

Producers who are insurance licensed as of September 1, 2023, but have not sold annuities prior to September 1, 2023, must complete the new 4-hour annuity suitability course prior to February 29, 2024.

Producers who obtain an insurance license on or after September 1, 2023, must take the new 4-hour annuity suitability course. 

Oregon

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

January 1, 2024

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2024) for existing producers to comply with the new training.

Pennsylvania

December 26, 2018

All Producers must complete the required training before soliciting an annuity application.

June 20, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until December 20, 2022) for existing producers to complete the new 1-hour supplemental training.

Rhode Island

June 1, 2011

All Producers must complete the required training before soliciting an annuity application.

April 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until September 30, 2021) for existing producers to complete the new 1-hour supplemental training.

South Carolina

September 25, 2011

All Producers must complete the required training before soliciting an annuity application.

November 27, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until May 27, 2023) for existing producers to complete the new 1-hour supplemental training.

South Dakota

July 1, 2012

All Producers must complete the required training before soliciting an annuity application.

January 1, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2023) for existing producers to complete the new 1-hour supplemental training.

Tennessee

November 1, 2015

All Producers must complete the required training before soliciting an annuity application.

January 1, 2024

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2024) for existing producers to complete the new 1-hour supplemental training.

Texas

September 1, 2011

A 4-hour initial CE training course is required. An 8-hour CE training course is required every 2 years thereafter for resident producers only.

September 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. Training must be completed prior to 1/1/2022.

Utah

March 26, 2012

A 4-hour CE training course is not required. Producers must complete the 2 part product training only.

Virginia

April 1, 2017

All Producers must complete the required training before soliciting an annuity application.

September 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until March 1, 2022) for existing producers to complete the new 1-hour supplemental training.

Washington

March 29, 2012

All Producers must complete the required training before soliciting an annuity application.

January 1, 2024

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until July 1, 2024) for existing producers to complete the new 1-hour supplemental training.

West Virginia

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

June 8, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 12/8/2023) for existing producers to complete the new 1-hour supplemental training.

Wisconsin

May 1, 2011

All Producers must complete the required training before soliciting an annuity application.

October 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 4/1/2022) for existing producers to complete the new 1-hour supplemental training.

Wyoming

September 26, 2014

All Producers must complete the required training before soliciting an annuity application.

July 5, 2023

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until January 5, 2024) for existing producers to complete the new 1-hour supplemental training.

SB-10015-34  |  2023/05/30