Best Interest and Suitability Updates – CA, IN, NH and FL
The Compliance department strives to help you stay compliant in the complex and highly regulated financial services industry. You can access recent state-specific news below:
- Best Interest is updated in California, Indiana and New Hampshire effective January 1, 2025, July 1, 2024 and February 16, 2024, respectively.
California, Indiana and New Hampshire have updated the requirements around best interest and suitability in annuity transactions, effective January 1, 2025, July 1, 2024 and February 16, 2024, respectively.
Producers selling any annuity products, including Asset Care® Annuity Funding Whole Life in California, Indiana and New Hampshire must take new training courses to sell these products.
Existing producers have until July 5, 2025 in California, January 1, 2025 in Indiana and August 16, 2024 in New Hampshire to update their training. New producers must take the four-hour Best Interest Annuity Suitability training before solicitation of annuity applications.
Information will be forthcoming on the new training courses and new forms required in these states. Original forms can be submitted until the updated ones are available. - Best Interest Forms Update in Florida – Florida incorporated Appendices A, B and C from the NAIC Suitability in Annuity Transactions Model Regulation.
Florida has updated the requirements around best interest and suitability in annuity transactions, effective January 1, 2024.
Florida has now incorporated by reference Appendices A, B and C from the NAIC Suitability in Annuity Transactions Model Regulation.
Previous suitability forms, I-21392 (FL) and I-21393 (Annuity Product) (FL) will no longer be required in Florida, effective immediately.
Forms I-22733(BI) and I-34191 are now required in Florida. We are updating all of our platforms to reflect the NAIC forms and remove the Florida specific forms as quickly as possible.