Annuity suitability

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