Statutes, codes, and regulations
Wyoming Administrative Code
Agency 044 - Insurance DeptSubagency 0002 - General Agency, Board or Commission Rules
Chapter 64 - REGULATION GOVERNING SUITABILITY IN ANNUITY TRANSACTIONS
Section 64-6 - Insurance Producer Training

044-64 Wyo. Code R. § 64-6

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Current through April 27, 2019
Section 64-6 - 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 insurer's standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this subsection.

(b) An insurance producer who engages in the sale of annuity products shall complete a one-time four (4) credit training course approved by the department of insurance and provided by a department of insurance approved education provider.

  • (i) Individuals who obtain a life insurance license on or after the effective date of this regulation may not engage in the sale of annuities until the training course required under this subsection has been completed.

(c) The minimum length of training required under this subsection shall be sufficient to qualify for at least four (4) CE credits, but may be longer.

(d) The training required under this subsection shall include information on the following topics:

  • (i) The types of annuities and various classifications of annuities;
  • (ii) Identification of the parties to an annuity;
  • (iii) How product specific annuity contract provisions affect consumers;
  • (iv) The application of income taxation of qualified and non-qualified annuities;
  • (v) The primary uses of annuities; and
  • (vi) Appropriate sales practices, replacement and disclosure requirements.

(e) 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 insurer's products. Additional topics may be offered in conjunction with and in addition to the required outline.

(f) 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 Wyoming Department of Insurance Regulations Chapter 20.

(g) Annuity training courses may be conducted and completed by classroom or home-study methods in accordance with Wyoming Department of Insurance Regulations Chapter 20.

(h) Providers of annuity training shall comply with the reporting requirement and shall issue certificates of completion in accordance with Wyoming Department of Insurance Regulations Chapter 20.

(i) The satisfaction of the training requirements of another state that are substantially similar to the provisions of this subsection shall be deemed to satisfy the training requirements of this subsection in this state.

(j) An insurer 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 insurer. An insurer may satisfy its responsibility under this subsection by obtaining certificates of completion of the training course or obtaining reports provided by commissioner-sponsored database systems of vendors or from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance education providers.

044-64 Wyo. Code R. § 64-6

Amended, Eff. 2/22/2018.