33-20-807. Annuity education. (1) An insurance producer may not solicit the sale of an annuity product unless:
(a) the insurance producer has adequate knowledge of the product to recommend the annuity; and
(b) the insurance producer is in compliance with the insurer's standards for product training.
(2) The training required under this section must include, at a minimum, 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 nonqualified annuities;
(e) the primary uses of annuities; and
(f) appropriate sales practices, replacement, and disclosure requirements.
(3) Training required under this section may not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products.
(4) An insurer shall verify that an insurance producer has completed the training under this section before allowing the producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this section by obtaining certificates of completion of the training course or obtaining reports provided by a database system satisfactory to the commissioner.
History: En. Sec. 1, Ch. 324, L. 2017.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.