Reminder: Compliance Updates for Arizona and Iowa

Attention Arizona and Iowa producers: Best Interest is here!

Arizona and Iowa have updated the requirements around best interest and suitability in annuity transactions. A new training requirement is in effect in order to be able to submit applications for any annuity products, including annuities funding whole life. The changes went into effect on Dec. 31, 2020, in Arizona and on Jan. 1, 2021, in Iowa. Review the full details to learn about the new training and forms to use in these states. 

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 went into effect on Dec. 31, 2020 for Arizona and on 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.