Effective January 1, 2012, a producer licensed to sell, solicit or negotiate annuities, as well as life insurance, must complete a one-time, four-hour annuity training course by January 31, 2012. The training course must be approved by the Hawaii Insurance Commissioner and be conducted by an approved continuing education course provider, such as Quest CE. Producers who obtain an insurance line of authority after January 31, 2012, must complete the training before they can sell annuities.
The purpose of the Hawaii Act 108 is to better protect consumers, specifically Hawaii seniors. By establishing annuity training requirements, Act 108 ensures that insurance producers have adequate knowledge of annuity products. The NAIC Model requires insurance producers to get appropriate training before selling annuity products. All states are required to enact the NAIC Model Regulation by June 16, 2013.
Annuity training conducted in a classroom setting will not require examination. However, if the annuity training is taken online (self-study)
Quest CE’s annuity training course is available for continuing education credit. Hawaii requires 20 hours of continuing education every two (2) years, including three (3) ethics or law credits. In addition, if a producer holds a dual license, 30 hours are required every two (2) years.
Quest CE offers a full suite of courses for producers to complete all their continuing education requirements. Additionally, Quest CE is proud to offer specific annuity courses for Colorado, District of Columbia, Indiana, Iowa, Kentucky, Maryland, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, West Virginia and Wisconsin, whom have also adopted the NAIC recommendation.
To view Quest CE’s NAIC Annuity Training Platform Click Here (or visit http://learn.questce.com/
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About Quest CE
With a client retention rate of 93% and a growth rate of over 770% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 280 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held firm which allows us to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations training and compliance needs, saving you both time and money.