Attention Massachusetts: Best Interest is Here!
Massachusetts has updated the 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 Massachusetts will go into effect on June 1, 2023. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Massachusetts, 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 Massachusetts. Original forms can be submitted until updated ones are made available. Existing producers in Massachusetts have until June 1, 2023, to update their training and new producers 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.