HB 2160 Summary

• Insurance producers must complete a one-time four credit-hour training course approved by the state before selling, soliciting, or negotiating annuities.

• Training courses must cover annuity types, contract parties and features, taxation of qualified and nonqualified annuities, primary uses, and appropriate sales and disclosure practices.

• Training providers must register as continuing education providers, comply with state insurance continuing education rules, and issue certificates of completion.

• Insurers must verify that insurance producers have completed the annuity training course before allowing them to sell annuity products; insurers may verify completion through certificates or approved database systems.

• The training requirement is effective December 31, 2017.