Attention Wisconsin: Best Interest is Here!

Wisconsin has 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 Wisconsin go into effect Oct. 1, 2022. Producers selling any annuity products, including Asset Care Annuity funding whole life in Wisconsin, must take these 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 have until Apr. 1, 2023 , to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training by Oct. 1, 2022. An email was sent on Aug. 23, to those affected by these changes.  

“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 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 (BI), all other states will continue using the original questionnaire, I-22733, except where state variations apply.
•    Producer Compensation Disclosure for Annuities, I-34191, is required at the time of submitting an annuity application in states that have approved Best Interest.
 
In eApp, original forms can be submitted until updated ones are made available.