3 Colo. Code Regs. § 702-4-1-11-6
Current through Register Vol. 47, No. 24, December 25, 2024
Section 3 CCR 702-4-1-11-6 - Producer TrainingA. A producer shall 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 Section 6.A.B. Training requirement. 1. Initial requirement. a. A producer who engages in the sale of annuity products shall complete a onetime four (4) credit hour training course approved by the Division of Insurance and provided by a Division of Insurance-approved continuing education provider.b. Producers who hold a life insurance line of authority on the effective date of this Colorado Insurance Regulation 4-1-11 and who desire to sell annuities shall complete the requirements of this Section 6.B. within six (6) months after the effective date of this Colorado Insurance Regulation 4-1-11. Individuals who obtain a life insurance line of authority on or after the effective date of this Colorado Insurance Regulation 4-1-11 may not engage in the sale of annuities until the annuity training required under this subsection has been completed.2. The minimum length of the training required under this Section 6.B. shall be sufficient to qualify for a least four (4) continuing education credits, but may be longer.3. The training required under this Section 6.B. shall include information on the following topics: a. The types of annuities and various classifications of annuities;b. Identification of the parties to an annuity;c. How product specific annuity contract features affect consumers;d. The application of income taxation of qualified and non-qualified annuities;e. The primary uses of annuities; andf. Appropriate standard of conduct, sales practices, replacement and disclosure requirements.4. Providers of courses intended to comply with this Section 6.B. shall cover all topics listed in the prescribed outline and shall not present any marketing information or 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 required outline.5. A provider of an annuity training course intended to comply with this Section 6.B. shall register as a continuing education provider in Colorado and comply with the rules and guidelines applicable to continuing education courses as set forth in Colorado Insurance Regulation 1-2-4, Section 5.C.6. A producer who has completed an annuity training course approved by the Division of Insurance prior to the effective date of this amended regulation shall, within six (6) months, complete either: a. A new four (4) credit training course approved by the Division of Insurance; or b. An additional one-time one (1) credit training course approved by the Division of Insurance and provided by the Division of Insurance-approved education provider on appropriate sales practices, replacement and disclosure requirements under this amended regulation.7. Annuity training courses may be conducted and completed by classroom or self-study methods in accordance in accordance with Colorado Insurance Regulation 1-2-4, Section 5.C.8. Providers of annuity training shall comply with the reporting requirements and shall issue certificates of completion in accordance with Colorado Insurance Regulation 1-2-4, Section 5.D.9. The satisfaction of the training requirements of another state that are substantially similar to the provisions of this Section 6.B. shall be deemed to satisfy the training requirement of this Section 6.B.10. The satisfaction of the components of the training requirements of any course or courses with components substantially similar to the provisions of this Section 6.B. shall be deemed to satisfy the training requirements of this Section 6.B.11. An insurer shall verify that a producer has completed the annuity training course required under this Section 6.B. before allowing the producer to sell an annuity product for that insurer. An insurer shall satisfy its responsibility under this Section 6.B. by obtaining certificates of completion of the training course or obtaining reports provided by commissioner-sponsored database systems or vendors or from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance education providers.37 CR 11, June 10, 2014, effective 7/1/201437 CR 12, June 25, 2014, effective 7/15/2014Colorado Register, Vol 37, No. 14. July 25, 2014, effective 8/15/201437 CR 23, December 10, 2014, effective 1/1/201538 CR 03, February 10, 2015, effective 3/15/201538 CR 06, March 25, 2015, effective 4/30/201538 CR 09, May 10, 2015, effective 6/1/201538 CR 13, July 10, 2015, effective 7/30/201538 CR 19, October 10, 2015, effective 11/1/201538 CR 21, November 10, 2015, effective 1/1/201638 CR 23, December 10, 2015, effective 1/1/201639 CR 01, January 10, 2016, effective 2/1/201639 CR 05, March 10, 2016, effective 4/1/201639 CR 08, April 25, 2016, effective 5/15/201639 CR 19, October 10, 2016, effective 11/1/201639 CR 20, October 25, 2016, effective 1/1/201739 CR 22, November 25, 2016, effective 1/1/201739 CR 23, December 10, 2016, effective 1/1/201739 CR 23, December 25, 2016, effective 1/1/201740 CR 03, February 10, 2017, effective 3/15/201740 CR 09, May 10, 2017, effective 6/1/201740 CR 15, August 10, 2017, effective 9/1/201740 CR 17, September 10, 2017, effective 10/1/201740 CR 21, November 10, 2017, effective 12/1/201741 CR 04, February 25, 2018, effective 4/1/201841 CR 05, March 10, 2018, effective 6/1/201841 CR 08, April 25, 2018, effective 6/1/201841 CR 09, May 10, 2018, effective 6/1/201841 CR 11, June 10, 2018, effective 7/1/201841 CR 15, August 10, 2018, effective 9/1/201841 CR 17, September 10, 2018, effective 10/1/201841 CR 18, September 25, 2018, effective 10/15/201841 CR 21, November 10, 2018, effective 12/1/201841 CR 23, December 10, 2018, effective 1/1/201942 CR 01, January 10, 2019, effective 2/1/201941 CR 19, October 10, 2018, effective 3/1/201942 CR 03, February 10, 2019, effective 4/1/201942 CR 04, February 25, 2019, effective 4/1/201942 CR 06, March 25, 2019, effective 6/1/201942 CR 08, April 10, 2019, effective 6/1/201942 CR 15, August 10, 2019, effective 9/1/201942 CR 17, September 10, 2019, effective 10/1/201943 CR 02, January 25, 2020, effective 12/20/201943 CR 02, January 25, 2020, effective 12/23/201942 CR 23, December 10, 2019, effective 1/1/202043 CR 01, January 10, 2020, effective 2/1/202042 CR 24, December 25, 2019, effective 2/2/202043 CR 06, March 25, 2020, effective 4/15/202043 CR 10, May 25, 2020, effective 8/1/202043 CR 14, July 25, 2020, effective 8/15/202043 CR 17, September 10, 2020, effective 10/1/202043 CR 18, September 25, 2020, effective 11/1/202043 CR 22, November 25, 2020, effective 12/15/202043 CR 24, December 25, 2020, effective 1/15/202144 CR 03, February 10, 2021, effective 3/15/202144 CR 08, April 25, 2021, effective 5/15/202144 CR 09, May 10, 2021, effective 6/1/202144 CR 10, May 25, 2021, effective 6/14/202144 CR 10, May 25, 2021, effective 6/15/202144 CR 13, July 10, 2021, effective 8/1/202144 CR 15, August 10, 2021, effective 9/1/202144 CR 19, October 10, 2021, effective 11/1/202144 CR 21, November 10, 2021, effective 12/1/202144 CR 23, December 10, 2021, effective 12/30/202144 CR 21, November 10, 2021, effective 1/1/202244 CR 23, December 10, 2021, effective 1/15/202244 CR 24, December 25, 2021, effective 1/15/202245 CR 03, February 10, 2022, effective 3/2/202245 CR 08, April 25, 2022, effective 5/30/202245 CR 09, May 10, 2022, effective 5/30/202245 CR 10, May 25, 2022, effective 6/14/202245 CR 11, June 10, 2022, effective 6/30/202245 CR 11, June 10, 2022, effective 7/15/202245 CR 19, October 10, 2022, effective 11/1/202245 CR 20, October 25, 2022, effective 11/14/202245 CR 21, November 10, 2022, effective 11/30/202245 CR 24, December 25, 2022, effective 1/14/202346 CR 01, January 10, 2023, effective 2/14/202346 CR 06, March 25, 2023, effective 2/15/202346 CR 03, February 10, 2022, effective 3/2/202346 CR 04, February 25, 2023, effective 3/17/202346 CR 05, March 10, 2023, effective 4/15/202346 CR 09, May 10, 2023, effective 5/30/202346 CR 09, May 10, 2023, effective 6/1/202346 CR 10, May 25, 2023, effective 6/15/202346 CR 11, June 10, 2023, effective 6/30/2023