Regulators Need Indexed Product Training

Recently, the Iowa Insurance Division adopted rules 191-15.80-87. These require all producers who wish to sell indexed life or indexed annuity products in Iowa starting Jan 1, 2008 to complete a 4-credit training course on the products. Many states will likely follow suit. But before that happens, t...

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Bibliographic Details
Published in:National Underwriter. Life & Health 2007-12, Vol.111 (47), p.26
Main Authors: Moore, Sheryl J, Marrion, Jack
Format: Article
Language:English
Subjects:
Annuities
Federal regulation
Insurance agents & brokers
Training
Online Access:Get full text
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Summary:Recently, the Iowa Insurance Division adopted rules 191-15.80-87. These require all producers who wish to sell indexed life or indexed annuity products in Iowa starting Jan 1, 2008 to complete a 4-credit training course on the products. Many states will likely follow suit. But before that happens, the regulators themselves should be required to take the same training. When regulators don't take time to educate themselves on a product before issuing public notices, the results can be embarrassing if not damaging. State regulators are wise to require ongoing training of annuity producers. This will help ensure that producers know the facts before they speak to the public.
ISSN:1940-1345