Recent Changes to 3 AAC 23.208 , 3 AAC 26.770, 3 AAC 26.775, 3 AAC 26.778, for Continuing Education Requirements and Disclosures for Annuity Transactions

Department of Commerce, Community, and Economic Development DIVISION OF INSURANCE 550 West Seventh Avenue, Suite 1560 Anchorage, AK 99501-3567 Main: 907.269.7900 Fax: 907.269.7910 BULLETIN B 22-07 TO: ALL INSURERS, RESIDENT AND NONRESIDENT LICENSEES AUTHORIZED TO TRANSACT INSURANCE IN THE STATE OF ALASKA AND OTHER INTERESTED PARTIES RE: RECENT CHANGES TO 3 AAC 23.208(9), 3 AAC 26.770, 3 AAC 26.775, 3 AAC 26.778, FOR CONTINUING EDUCATION REQUIREMENTS AND DISCLOSURES FOR ANNUITY TRANSACTIONS The division recently promulgated regulations to update continuing education requirements and disclosures for annuity products in compliance with national standards. As this was adopted from NAIC Model Regulation #275, twenty-seven states have implemented the new training requirements. This bulletin provides clarity on the effective dates for compliance. The regulations will become effective November 23, 2022. Continuing education providers have from November 23, 2022, to January 15, 2023, to update the courses to comply with the new training requirements. The division has created a course group called “Annuity Training – Best Interest” in SBS. All providers must submit updated courses to this new course group. January 15, 2023 will mark the start of provider compliance with the new continuing education requirements. Courses that do not meet the requirements will be discontinued from the rosters on January 15, 2023. The window between January 15, 2023, and July 15, 2023, is to provide producers with six months to comply with the new training requirements. If a producer is already in compliance with the new requirements, they do not need to re-take their courses. The effective date for providing the new disclosure forms as required by 3 AAC 26.775 is July 15, 2023. Producers who have not complied with the previous training requirement will have until July 15, 2023 to comply with the new training. Producers that have already completed a four-hour annuity training under the old regulations must complete either an additional one-hour course or a four-hour annuity training course. If you have questions regarding this bulletin please contact Kayla Erickson, Licensing Supervisor, at kayla.erickson@alaska.gov. Dated November ___, 2022 ___________________________ Lori Wing-Heier Director 15