Pennsylvania: Best interest is here!
Pennsylvania 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. Changes are effective for Pennsylvania on June 20, 2022. Producers selling any annuity products, including Asset Care Annuity funding whole life in Pennsylvania, must take these new training courses to sell these products. Existing producers have until Dec. 20, 2022 , to update their training, and new producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications. Notification will be sent to those affected by this change when the required training courses are available on our training platform.
“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.