Current through Register No. 48, November 30, 2023
Section Ins 305.06 - Insurance Producer Training(a) An Insurance producer shall not solicit the sale of an annuity product unless the Insurance producer has adequate knowledge of the product to recommend the annuity and the Insurance producer is in compliance with the Ins urer's standards for product training. An Insurance producer may rely on Ins urer-provided product-specific training standards and materials to comply with this paragraph.(b)(1)a. An Insurance producer who engages in the sale of annuity products shall complete a one-time 4 credit training course approved by the Insurance department and provided by an Insurance department approved education provider.b. Insurance producers who hold a life Insurance line of authority on the effective date of this rule and who desire to sell annuities shall complete the requirements of this subsection within 6 months after the effective date of this rule. Individuals who obtain a life Insurance line of authority on or after the effective date of this rule may not engage in the sale of annuities until the annuity training course required under this subsection has been completed.(2) The minimum length of the training required under this subsection shall be sufficient to qualify for at least 4 CE credits, but may be longer.(3) The training required under this paragraph 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 fixed, variable and indexed annuity contract provisions affect consumers;d. The application of income taxation of qualified and non-qualified annuities;e. The primary uses of annuities; andf. Appropriate sales practices, replacement and disclosure requirements.(4) Providers of courses intended to comply with this subsection 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 Ins urer'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 subsection shall register as a CE provider in this state and comply with the rules and guidelines applicable to Insurance producer continuing education courses as set forth in Part Ins 1303.(6) Annuity training courses may be conducted and completed by classroom or self-study methods in accordance with Part Ins 1303.(7) Providers of annuity training shall comply with the reporting requirements and shall issue certificates of completion in accordance with Part Ins 1303.(8) The satisfaction of the training requirements of another state that are substantially similar to the provisions of this subsection shall been deemed to satisfy the training requirements of this subsection in this state.(9) An Ins urer shall verify that an Insurance producer has completed the annuity training course required under this subsection before allowing the producer to sell an annuity product for that Ins urer. An Ins urer may satisfy its responsibility under this paragraph 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.
N.H. Code Admin. R. Ins 305.06Amended byVolume XXXIV Number 37, Filed September 11, 2014, Proposed by #10654, Effective 1/1/2015, Expires1/1/2025.