Attention Alaska, Massachusetts, North Carolina, and South Carolina: Best Interest is Here

Alaska, Massachusetts, North Carolina, and South Carolina 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 Alaska went into effect Nov. 23, 2022, while Massachusetts will go into effect on June 1, 2023. North Carolina went into effect Jan. 1, 2023, and South Carolina went into effect Nov. 27, 2022. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Alaska, Massachusetts, North Carolina, and South Carolina, must take the new training courses to sell these products. 

This course can be taken using your usual training platform or the OneAmerica Center of Excellence (COE). Select “required annuity training” from the COE home page. Existing producers in Alaska have until July 14, 2023, and in Massachusetts they must update training by June 1, 2023. Existing producers in North Carolina have until July 1, 2023, and in South Carolina they must update their training by May 27, 2023. New producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications. 

New Best Interest Producers’ Guide 
The Producers’ Guides were updated to incorporate Minnesota state-specific information and minor consistency changes. The updated versions replace the previous versions.

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. 

“Where and When” State Chart
Find state adoptions, training requirements and deadlines around Best Interest and Suitability in Annuity Transactions, on our state chart. The chart is updated on a rolling basis.