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Annuity training and suitability requirements

NAIC annuity training and suitability requirements

A majority of states require you to complete carrier-specific annuity product training courses, and/or a general annuity training course, prior to soliciting annuity sales in those states. The training gives you an adequate level of understanding about annuities in general and about specific carriers' products.

For more information and details on accessing courses, review the links below. Please note, you must complete both the state and separate product training.:

  • Principal Advisor Network and Principal Securities, Inc. Registered Representatives (PDF)
  • Independent bank and BGA partners (PDF)

Registered representatives selling variable annuities in West Virginia required to be a licensed investment advisor

A registered representative who offers variable annuities to West Virginia residents is required to register with West Virginia as an Investment Adviser representative. A "Joint Statement of Policy" from the West Virginia Insurance Commission and Securities Commission in March 2014 indicates if a registered representative offers variable annuities to West Virginia residents he or she will be required to register as an Investment Adviser representative to maintain compliance. The West Virginia Insurance Commission said the act of selling a variable annuity generally involves both the sale of a product and the provision of advice regarding the product in comparison with, or in relation to, other securities product. The act of giving investment advice involving a security is subject to the West Virginia Securities Commission. This will require the registered representative to be licensed as an insurance agent with a variable annuity license designation with the West Virginia Insurance Commission and registered as an Investment Advisor through Series 63 and 65 or 66 exams under FINRA or meet one of the exemptions to be exempt from examination before a variable annuity can be sold to a West Virginia resident.

For more information contact Marketer Services: 800-388-4793, option 2.


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