Section 20-1243.07 - Producer training; annuities; continuing educationA. A producer may not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided product-specific training standards and materials to comply with this subsection.B. Before selling, soliciting or negotiating an annuity, a producer with a life insurance line of authority shall complete a onetime four credit-hour training course approved pursuant to section 20-2904 that is provided by an education provider approved pursuant to section 20-2904.C. The minimum length of the training required under subsection B of this section shall be sufficient to qualify for at least four continuing education credit hours, but may be longer. The training required under subsection B of this section shall include information on the following topics: 1. Types of annuities and various classifications of annuities.2. Identification of the parties to an annuity.3. How product-specific annuity contract features affect consumers.4. The application of income taxation of qualified and nonqualified annuities.5. The primary uses of annuities.6. Appropriate standard of conduct, sales practices, replacement requirements and disclosure requirements.D. A provider of an annuity training course intended to comply with this section shall cover all topics listed in subsection C of this section and may not present any marketing information, provide training on sales techniques or provide specific information about a particular insurer's products. Additional topics may be offered in conjunction with and in addition to the topics listed in subsection C of this section. A provider of an annuity training course intended to comply with this section shall register as a continuing education provider in this state and shall comply with the rules and guidelines applicable to producer continuing education courses required by chapter 18 of this title. A provider of an annuity training course shall comply with the reporting requirements and shall issue a certificate of completion in accordance with chapter 18 of this title.E. Annuity training courses may be conducted and completed by classroom or self-study methods in accordance with chapter 18 of this title and any rules of the department. Satisfactory completion of the training requirements of another state that are substantially similar to the provisions of this section satisfy the training requirements of this section. Satisfactory completion of the components of the training requirements of any course or courses with components that are substantially similar to the requirements prescribed in this section satisfy the training requirements of this section.F. An insurer shall verify that a producer has completed the annuity training course required under this section before allowing the producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this subsection by obtaining certificates of completion of the annuity training course or obtaining reports provided by department-sponsored database systems or vendors or from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance education providers.Amended by L. 2020, ch. 90,s. 7, eff. 1/1/2021.Added by L. 2017, ch. 226,s. 2, eff. 12/31/2017.