New Best Interest Annuity Suitability Policies and Procedures Producers’ Guide for Arizona and Iowa
A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation. These changes go in effect Dec. 31, 2020 for Arizona and Jan. 1, 2021 for Iowa. It’s anticipated that other states will soon follow suit in adopting the revised Model Regulation. The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements. Review the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide. All other states will continue using the original producers’ guide.
Attention Arizona and Iowa producers: Best Interest is coming!
Arizona and Iowa have updated the requirements around best interest and suitability in annuity transactions. A new training will be required to be able to submit applications for any annuity products, including Asset Care Annuity Funding Whole Life. The changes will go into effect Dec. 31, 2020, in Arizona and Jan. 1, 2021, in Iowa. Information will be forthcoming on the new training requirements and the new forms to use in these states.