Yes, House File 791 became effective June 1, 2013. The law, covered under MN Statutes Chapter 72A, relates to suitability in annuity transactions and includes a requirement for insurance producers holding a life insurance line of authority to complete a one-time initial four-credit annuity suitability training course.
Any non-resident or resident, who holds an active non-resident or resident MN insurance producer license with a Life line of authority, who wants to solicit the sale of an annuity product in MN, is required to complete the initial four-credit annuity suitability training in order to do so. Keep in mind that the MN DOC will not be auditing this requirement. It is the ongoing responsibility of the producer’s insurer to document that the training completed is substantially similar to the provisions of MN Statutes Chapter 72A.2033. Subd. 2.
The training must be substantially similar to the initial four-credit annuity suitability training required by the provisions of MN Statutes Chapter 72A. Subd. 2. The insurance producer’s insurer must verify the course content similarity and the insurance producer’s completion of this initial four-credit annuity suitability training before allowing the producer to sell any of their annuity products.
Keep in mind that the MN DOC will not be auditing this requirement at your license renewal. It is the ongoing responsibility of the producer’s insurer to document that the training completed is substantially similar to the provisions of MN Statutes Chapter 72A.2033. Subd. 2.
