Grace period expiring for 1-hour Best Interest training
Previously we communicated that West Virginia and Wyoming had adopted the new NAIC Suitability Model Regulation. As part of that adoption, state training requirements were expanded to include the new Best Interest Standard of Care in sales practices.
Financial professionals who completed the prior version of the NAIC Model Regulation 4-hour training must complete either a new one-time 1-hour course or a new one-time 4-hour course within six months of the effective date before selling annuities. The grace periods for completing the 1-hour Best Interest course for annuities sold in these states expire as follows:
- West Virginia--Dec. 8, 2023
- Wyoming--Jan. 1, 2024
Any financial professional who hasn’t completed the 1-hour Best Interest training course before the dates listed above, will need to complete the new NAIC 4-hour Best Interest training course prior to the sale of any annuities after these dates. Newly licensed financial professionals were already required to complete the 4-hour Best Interest training course prior to any annuity sale.
Please contact the Principal Annuities sales team, 866-309-1623.
For financial professional use only. Not for distribution to the public.
Annuity products and services are offered through Principal Life Insurance Company. Securities offered through Principal Securities, Inc., member SIPC, and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, Iowa 50392, principal.com.
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