The Tennessee Department of Insurance has announced new training requirements for all licensed agents who sell annuity products. This is in response to newly adopted regulations that substantially revise the standards that agents must adhere to when recommending annuity products.
What Has Changed?
The standards used by agents for determining the appropriateness of annuity products for consumers are changing significantly. Under the new standards, agents must act in the “Best Interest” of the consumer by meeting the law’s care, conflict of interest, and disclosure obligations. In addition, agents must undergo special training on these new requirements.
What Are the New Training Requirements?
Prior to this change, all Tennessee licensed insurance agents who sell, solicit, or negotiate annuities were required to complete a 4-Hour Annuity Training Course. This has not changed. However, all agents dealing in annuities must be trained on the new “Best Interest” standards prior to July 1, 2024. So, agents who have previously met the 4-hour Annuity Training requirement can take a 1-hour Annuity Best Interest Training Update, but they must do so prior to July 1, 2024. After July 1, all agents must take the updated 4-hour Annuity Training Course.
Agents who have not previously taken the 4-hour Annuity Training course are required to take the updated 4-hour Annuity Training Course prior to selling, soliciting, or negotiating annuities.
Unfortunately, no bulletin was issued by Tennessee DOI, but you can access the updated regulations here: TN Annuity Suitability Regulation
BetterCE has developed the updated Annuity Best Interest and Standards 1-Hour Training Course, which can be accessed here: 1-Hour Best Interest Course
Tennessee agents can view their prior CE Transcript through the NAIC, here: TN Agent Lookup
We hope this information is helpful to you. As always, call us at 1-888-501-7330 if we can be of further assistance.