Annuity best interest training requirements guidance

THE STATE OF WYOMING Mark Gordon Department of Insurance Jeffrey P. Rude Governor Commissioner 106 E. 6th Ave. ▪Cheyenne, Wyoming 82002 MEMORANDUM TO: INSURERS, PRODUCERS, AND CE PROVIDERS DEALING WITH ANNUITIES IN WYOMING FROM: BRYAN STEVENS, LICENSING SUPERVISOR RE: ANNUITY SUITABILITY IMPLEMENTATION DATE: MAY 25, 2023 On July 5, 2023, the Department’s revised Ch. 64: Regulation Governing Suitability in Annuity Transactions will take effect. The revisions to Chapter 64 implement new training requirements for producers that sell, solicit, or negotiate annuities in Wyoming. The new training requirements are: ● All producers must complete a 4 credit hour course on the appropriate sales practices, replacement and disclosure requirements under the amended regulation before selling, soliciting, or negotiating annuity insurance policies. ● Producers that completed 4 credit hours of annuity suitability training between March 26, 2014 and July 5, 2023 need only take a 1 credit hour course on the appropriate sales practices, replacement and disclosure requirements under the amended regulation before selling, soliciting, or negotiating annuity insurance policies. ● Producers that have completed the required annuity best interest training prior to July 5, 2023 will be in compliance. ● All training requirements must be completed prior to January 5, 2024. Continuing education providers filing courses that comply with the revised requirements of Chapter 64 should use the “Annuity” category when applying for course approval. These course titles should indicate that the course complies with the NAIC annuity best interest standards, and indicate the credit hours approved. For example, “Annuity Best Interest - 4 hours”. Any 1 hour courses filed will be inactivated on January 5, 2024. Compliance with these regulations shall be verified by both the producer selling annuity products and the insurer represented by the producer. If you have any further questions please contact the licensing section at insurancelicensing@wyo.gov. Bryan Stevens Licensing Supervisor Administration (307) 777-7401 ▪Fax (307) 777-2446 ▪https://doi.wyo.gov/ ▪Licensing (307) 777-7319 ▪Consumer Affairs (307) 777-7402