Updates to Chapter 64: Regulation governing suitability and annuity transactions

THE STATE OF WYOMING Mark Gordon Department of Insurance Jeffrey P. Rude Governor Commissioner 106 E. 6th Ave. ▪ Cheyenne, Wyoming 82002 Administration (307) 777-7401 ▪ Fax (307) 777-2446 ▪ http://doi.wyo.gov/ ▪ Licensing (307) 777-7319 ▪ Consumer Affairs (307) 777-7402 MEMORANDUM TO: INSURERS, PRODUCERS, AND CE PROVIDERS DEALING WITH ANNUITIES FROM: BECKY MCFARLAND, STAFF ATTORNEY RE: UPDATES TO CHAPTER 64: REGULATION GOVERNING SUITABILITY AND ANNUITY TRANSACTIONS DATE: APRIL 7, 2023 _________________________________________________________________________________ The Wyoming Department of Insurance recently updated its Chapter 64 Regulation Governing Suitability and Annuity Transactions. Section 9 of Chapter 64 indicates that the regulation will become effective ninety (90) days after filing with the Secretary of State. The updated regulation was filed with the Wyoming Secretary of State on April 4, 2023. Ninety days from April 4, 2023 is July 4, 2023. Since July 4th is a holiday, the effective date of the regulation is July 5, 2023. The updated Chapter 64 also contains a deadline by which producers selling annuities are to have completed additional continuing education (CE). Under Section 6 of Chapter 64, the deadline for completion of the annuity-specific CE is January 5, 2024. Finally, Chapter 64 references certain disclosure forms that are located on the Department's website. Those forms may be found under the "Producers" heading on the Department website at https://doi.wyo.gov/licensing If there are any additional questions regarding the recent changes to Chapter 64, please feel free to contact Bryan Stevens, Licensing Supervisor, at 307-777-7344, or me, Becky McFarland, Staff Attorney, at 307-777-6889.