Attention: Updated Annuity Suitability Education Requirements
As of
Jan 1, 2024, Oregon SB 536 (2023) -Sales of Annuities- Insurance producer training will be updated to include Best Interest Standards training. Producers that completed the 4-hour, annuity suitability training prior to January 1, 2024, will have until June 30, 2024, to complete the new 1-hour, Best Interest course. After June 30th, 2024, a complete 4-hour course including best interest is required.
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.
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.
- 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.
- If you have completed the best interest standards training in your home state, and you have records of completion, Oregon reciprocates