Attention Minnesota: Best Interest is Here!
Minnesota updated requirements around Best Interest and Suitability in annuity transactions, effective Jan. 1, 2023. New training courses will be required to submit applications for any annuity products, including Asset Care Annuity Funding Whole Life.
Minnesota producer training includes state-specific training course contents. Minnesota resident producers will need to complete the Minnesota course. Reciprocity applies to non-resident producers only.
Existing producers in Minnesota have until June 30, 2023, to update their training. New producers in Minnesota must complete the new Best Interest and Suitability four-hour training before solicitation of any annuity products.
“Where and When” state chart
Minnesota producers are required to use these:
- NAIC Best Interest Annuity Suitability Policies and Procedures Producers’ Guide, all other states will continue using the prior version of the guide.
- Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733(MN)(BI), will replace Consumer Suitability Due Diligence Questionnaire, I-22733, in Minnesota and will be available on March 11, 2023. It is a state specific form. However, the standard Best Interest Consumer Suitability Due Diligence Questionnaire, I-22733(BI) may be used in MN until the MN form is available.
- Producer Compensation Disclosure for Annuities, I-34191(MN), is required at the time of submitting an annuity application in Minnesota. It is a state specific form and will be available soon. However, the standard Producer Compensation form, I-34191 may be used in MN until the MN form is available.
In eApp, original forms can be submitted until updated ones are made available
Best Interest Producers’ Guide
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.