Section 33-20-807 - Producer training(1) A producer may not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided product-specific training standards and materials to comply with this section.(2)(a)(i) A producer who engages in the sale of annuity products shall complete a one-time, 4-credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.(ii) Producers who hold a life insurance line of authority on October 1, 2021, and who desire to sell annuities shall complete the requirements of this section within 6 months after October 1, 2021. Individuals who obtain a life insurance line of authority on or after October 1, 2021, may not engage in the sale of annuities until the annuity training course required under this section has been completed.(b) The minimum length of the training required under this subsection (2) must be sufficient to qualify for at least four continuing education credits, but may be longer.(c) The training required under this section must include, at a minimum, 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 features affect consumers;(iv) the application of income taxation of qualified and nonqualified annuities;(v) the primary uses of annuities; and(vi) appropriate standard of conduct, sales practices, replacement, and disclosure requirements.(d) Training required under this section may not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products.(e) An insurer shall verify that a 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.(f) A producer who has completed an annuity training course approved by the department of insurance prior to October 1, 2021, shall, within 6 months after October 1, 2021, complete either: (i) a new four-credit training course approved by the department of insurance after October 1, 2021; or(ii) an additional one-time, one-credit training course approved by the department of insurance and provided by the department of insurance-approved education provider on appropriate sales practices and replacement and disclosure requirements under this part.(g) The satisfaction of the components of the training requirements of a course or courses with components substantially similar to the provisions of this section must be considered to satisfy the training requirements of this section in this state.Amended by Laws 2021, Ch. 432,Sec. 6, eff. 10/1/2021.Added by Laws 2017, Ch. 324,Sec. 1, eff. 1/1/2018.