Georgia, Illinois, and Tennessee: Best Interest is Here!

Georgia, Illinois and Tennessee have updated the requirements around best interest and suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life. The changes for Georgia and Illinois will go into effect Aug. 1, 2023. Tennessee’s effective date is Jan. 1, 2024. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Georgia, Illinois, and Tennessee, must take these new training courses to sell these products. 

Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available. Existing producers in Georgia and Illinois have until Feb. 1, 2024, while existing producers in Tennessee have until July 1, 2024, to update their training. New producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications. 

“Where and When” state chart

Find state adoptions, training requirements and deadlines around Best Interest and Suitability in Annuity Transactions, on our state chart. 

New Best Interest Producers’ Guide 

In states that have adopted the Best Interest changes, producers are required to use the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide, all other states will continue using the prior version of the guide.

In eApp, original forms can be submitted until updated ones are made available.