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 insurer's standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this section.
Insurance producers who hold a life insurance line of authority on December 31, 2022, and who desire to sell annuities shall complete the requirements of this subdivision no later than six months after January 1, 2023. Individuals who obtain a life insurance line of authority on or after January 1, 2023, may not engage in the sale of annuities until the annuity training course required under this subdivision has been completed.
Annuity training courses may be conducted and completed by classroom or self-study methods in accordance with chapter 45. In order to assist compliance with this section, all courses approved by the commissioner for the purposes of this section shall be given the course title "Best Interest Standards of Conduct for Annuity Sales." Only courses satisfying the requirements of this section shall use this course title after July 1, 2022.
Minn. Stat. § 72A.2033
2013 c 54 s 4