Section 627-3.1 - Insurance producer training.(a)Continuing education credits.--An insurance producer who has the authority to sell annuities shall complete at least four continuing education credits in an annuity training course or courses covering the following topics: (1) The types of annuities and various classifications of annuities.(2) Identification of the parties to an annuity.(3) How product specific annuity contract features affect consumers.(4) The application of income taxation of qualified and nonqualified annuities.(5) The primary uses of annuities.(6) Appropriate standards of conduct, sales practices, replacement and disclosure requirements.(b) Compliance.-- The following shall apply: (1) The continuing education requirement under subsection (a) shall be met on or before the end of the insurance producer's next complete license period occurring after the effective date of this section. For individuals licensed on or after the effective date of this section, the requirement shall be met on or before the end of the insurance producer's first license period.(2) An insurance producer who has met the continuing education credit requirement under subsection (a) prior to the effective date of this subsection shall, within six months after the effective date of this subsection, complete either:(i) At least four continuing education credits in an annuity training course or courses in compliance with this section.(ii) An additional one-time one credit training course approved by the department. (c)Course requirements.--For a course to comply with the requirements of this subsection, it shall cover all topics listed under subsection (a) and may not contain any marketing information, 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 those required.(d) Provider registration.--A provider of an annuity training course intended to comply with this subsection shall register as a continuing education provider in this Commonwealth and comply with the rules and guidelines applicable to insurance producer continuing education courses.(e) Course method.--Annuity training courses may be conducted and completed by classroom or self-study methods.(f) Reporting requirements.--A continuing education provider of annuity training shall comply with reporting requirements and shall issue certificates of completion.(g)Satisfaction in other states.--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 for resident and nonresident producers.(g.1)Satisfaction of training requirements.--The satisfaction of the components of the training requirements of any course or courses with components substantially similar to the provisions of this section shall be deemed to satisfy the training requirements of this subsection in this Commonwealth.(h) Verification.--An insurer shall verify that an insurance producer has completed the annuity training course required under this subsection within the time period specified under subsection (b). An insurer may satisfy its responsibility under this subsection by obtaining certificates of completion of the training course or obtaining reports provided by the commissioner-sponsored database systems or vendors or from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance education providers.Amended by P.L. TBD 2021 No. 99, § 2, eff. 6/20/2022.Added by P.L. TBD 2018 No. 48, § 4, eff. 12/26/2018.