Section 3 AAC 26.778 - Producer annuity training requirement(a) 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 may rely on insurer-provided product-specific training standards and materials to comply with this subsection.(b) A producer who engages in the sale of an annuity product shall complete a one-time minimum four credit-hour annuity training course approved by the director and provided in accordance with AS 21.27.020 and 3 AAC 23.100 - 3 AAC 23.208 covering the course material listed in (c) of this section.(c) The annuity training required under (b) of this section must include at a minimum the following topics: (1) the types of and various classifications of annuities;(2) identification of the parties to an annuity;(3) how specific annuity contract provisions affect the consumer;(4) the application of income taxation of qualified and non-qualified annuities;(5) the primary uses of an annuity; and(6) the appropriate standard of conduct, sales practices, replacement, and disclosure requirements that are consistent with 3 AAC 26.750 - 3 AAC 26.825.(d) The annuity training required under (b) of this section may not include the following topics: (1) marketing information;(3) specific information about a particular insurer's products.(e) The annuity training required under (b) of this section must comply with the applicable requirements under AS 21.27.020 and 3 AAC 23.100 - 3 AAC 23.208 and include a certificate of completion to a producer who successfully completes the annuity training.(f) The annuity training required under (b) of this section may be conducted and completed by classroom or self-study that meets the applicable requirements under AS 21.27.020 and 3 AAC 23.100 - 3 AAC 23.208.(g) A producer meets the training requirements in (b) of this section, if the insurance producer has satisfied substantially similar training requirements of another state.(h) The annuity training required under (b) of this section may be used to fulfill the continuing education credit hour requirements under AS 21.27.020 and 23.100 - 3 AAC 23.208.(i) An insurer shall verify that a producer has completed the annuity training required under this section before allowing the producer to sell an annuity product for the insurer.(j) A producer who has completed an annuity training course, that the director approved before January 15, 2023, shall complete before July 15, 2023 either(1) a new four credit-hour training course approved by the director after July 15, 2022; or (2) an additional one-time one credit-hour training course approved by the director and provided in accordance with AS 21.27.020 and 3 AAC 23.100 - 3 AAC 32.208 on appropriate sales practices, replacement, and disclosure requirements under 3 AAC 26.789, as those provisions are set out on November 23, 2022.(k) The satisfaction of the components of the training requirements of any course or courses with components substantially similar to the provisions of this section also satisfies the training requirements of this section in this state.Eff. 10/16/2011, Register 200; am 1/1/2014, Register 208, January 2014; am 11/23/2022, Register 244, January 2023Authority:AS 21.06.090
AS 21.36.020
AS 21.36.030
AS 21.36.040
AS 21.36.050
AS 21.36.900