Attention Alaska, Colorado, and North Carolina: Best Interest is Here!

Alaska, Colorado, and North Carolina have updated their requirements around Best Interest and Suitability in Annuity Transactions. New training courses are required to submit applications for any annuity products, including Asset Care Annuity Funding Whole Life. The changes for Colorado went into effect Nov. 1, 2022, while Alaska’s went into effect Nov. 23, 2022. North Carolina’s effective date is Jan. 1, 2023. Producers selling any annuity products 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 Colorado have until May 1, 2023, while existing producers in North Carolina have until July 1, 2023. Existing producers in Alaska have until July 14, 2023, to update their training. New producers in all three states must complete the new Best Interest and Suitability four-hour training before solicitation of any annuity products. 

“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.

New Best Interest Producer Guide and Forms

In states that have adopted the Best Interest changes, producers are required to use the new NAIC 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.