Suitability and Product specific training

Product Specific Training and Suitability Training Requirement Information

In 2010, the NAIC adopted a new, enhanced “Suitability in Annuity Transactions Model Regulation.” While the new Model Regulation contains many of the same requirements as the previous suitability regulations, there are three significant changes:

  • Carriers are required to pre-screen all annuity applications for suitability before issuing a contract. RSL began pre-screening applications in 2009, and will continue to do so.
  • Producers are required to complete a one-time 4-hour training course approved by the department of insurance.
  • Producers are required to complete carrier-provided product specific training before recommending a carrier’s products to a consumer.

Both the 4-hour training course requirement and the product specific training course requirement can be satisfied by visiting Reliance Standard's Product Codes are:

  • RSL_PSTCOURSE_01 (for Apollo, Eleos, and Keystone Products.)
  • RSLI_PST_02 (for Reliance Guarantee.)
  • RSLI_PST_03 (for Reliance Accumulator.)

To determine if your state has enacted the new Model Regulation, review the most recent bulletin regarding Product Specific Training & Suitability Requirements.