Annuity Suitability Training

House Bill 1160 provides that an insurance producer selling annuity products in North Dakota must take a one-time, 4-hour annuity suitability training course. Producers whose North Dakota Life & Annuity license is issued before Aug. 1, 2011, must take the training before Aug. 1, 2012. Producers who are licensed in North Dakota for life and annuity Aug. 1, 2011, or later must take the training course prior to selling any annuity products.

This is a training requirement; it is not a continuing education requirement. The North Dakota Insurance Department will not track training completions for producers. The insurer must verify that the producer has completed the training. Each producer should retain proof of their course completion. If the course provider also files the course with the Department for continuing education credit, resident producers can satisfy the training requirement and use the credits toward their biennial continuing education requirement.

Satisfaction of the training requirements of another state that are substantially similar to the provisions of the training requirement in North Dakota will satisfy the training requirements in this state.

You can search for providers that have filed courses specifically for this training through the National Association of Insurance Commissioners (NAIC) State Based Systems (SBS).