One-time course required
Any producer who sells annuity products must complete a one-time, four-credit course provided by a continuing education provider registered with the Division of Financial Regulation.
This suitability training must include information on the following:
- The types of annuities and various classifications of annuities
- Identification of the parties to an annuity
- How fixed, variable, and indexed annuity contract provisions affect consumers
- The application of income taxation of qualified and nonqualified annuities
- The primary uses of annuities
- Appropriate sales practices, replacement, and disclosure requirements
Annuity training courses may be conducted and completed by classroom or self-study methods (ORS 744.072 and OAR 836-071-0180 to 836-071-0250).
Other key points
- The required annuity suitability training counts towards your total continuing education hours requirement if it is an Oregon-approved course or if training from another state meets the requirements of ORS 744.088(1).
- If you are appointed with multiple insurers, check with each insurer to see if the one-time, four-hour course meets its annuity training requirements.
- The appointing insurer is responsible to verify that you receive the required training before you sell its annuity products.