Suitability / Compliance

Security Benefit can be a valuable option for a portion of your client's retirement assets, when suitable. Below is important information regarding the suitable sale of our products and how to submit business in good order.

 

NAIC Suitability Regulation and Revised Model Regulation Requirements  

The Model Regulation requires all Insurance Producers selling or soliciting annuity products to obtain an additional four (4) general continuing education (CE) credits from an APPROVED vendor offering an Annuity Products Course. 

The Revised Model Regulation, which implements a best interest standard of conduct, requires an additional 1-hour course for producers who have already taken the original 4-hour course. New producers must take the new 4-hour general annuities course as shown below.

In addition, the Model Regulation and Revised Model Regulation require that all Insurance Producers complete product-specific training before soliciting an annuity application.

In response to NAIC Suitability Model Regulation and Revised Model Regulation Requirements, Security Benefit works with RegEd to deliver online product-specific training.

For Fixed Index Annuities, RegEd must be completed regardless of state.

See the chart below for states, the effective date of the Model Regulation or Revised Model Regulation and state specific requirements.

Model Regulation and Revised Model Regulation Details:

  • Any producer selling one of our annuities is required to complete a general four hour CE course if they sell or solicit annuities in a state that has adopted the Model. If a state has adopted the Revised Model Regulation, the producer must either complete a 1-hour supplemental course (available for a limited time) or complete the new 4-hour course that incorporates the best interest aspects of the Revised Model Regulation. New producers must take the new 4-hour course. 
  • They must also complete carrier-specific, product-specific training (i.e., training that relates to the specific product of the carrier) before soliciting an annuity application for a product.
  • If your state has adopted the Model Regulation, or the Revised Model Regulation, or otherwise requires general annuities training, and you have taken the required training from a company other than RegEd, please send a copy of your certificate from the training provider to:

    Security Benefit
    P.O. Box 750487
    Topeka, KS 66675-0497

State

Effective Date / State Specific Notes

Alabama

January 1, 2017

All Producers must complete the required training before soliciting an annuity application.

Alaska

October 16, 2011

All Producers must complete the required training before soliciting an annuity application.

Arizona

January 1, 2018

All Producers must complete the required training before soliciting an annuity application.

December 31, 2020 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 6/30/2021) for existing producers to complete the new 1-hour supplemental training. 

Arkansas

July 8, 2021

All Producers must complete the required training before soliciting an annuity application. There is a grace period (until 1/1/2022) for producers to complete the new course.

California

January 1, 2012

An 8 hour initial CE training course is required. A 4 hour CE training course is required every 2 years thereafter.

Colorado

April 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Connecticut

February 18, 2012

All Producers must complete the required training before soliciting an annuity application.

Delaware

June 1, 2017

All Producers must complete the required training before soliciting an annuity application.

August 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application There is a 6-month grace period (until 2/1/2022) for existing producers to complete the new 1-hour supplemental training.

District of
Columbia (DC)

June 24, 2011

All Producers must complete the required training before soliciting an annuity application.

Florida

October 1, 2013

A 3 hour initial CE training course is required. A 3 hour CE training course is required every 2 years thereafter.

Georgia

March 1, 2016

All Producersmust complete the required training before soliciting an annuity application.

Hawaii

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Idaho

April 4, 2013

All Producers must complete the required training before soliciting an annuity application.

July 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a grace period (until 2/1/2022) for existing producers to complete the new 1-hour supplemental training.

Illinois

September 26, 2011

All Producers must complete the required training before soliciting an annuity application.

Indiana

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Iowa

January 1, 2011

All Producers must complete the required training before soliciting an annuity application.

January 1, 2021 

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2021) for existing producers to complete the new 1-hour supplemental training.

Kansas

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

Kentucky

January 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Louisiana

August 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Maine

November 1, 2015

All Producers must complete the required training before soliciting an annuity application.

Maryland

November 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Massachusetts

July 1, 2016

All Producers must complete the required training before soliciting an annuity application.

Michigan

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

June 29, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 12/29/2021) for existing producers to complete the new 1-hour supplemental training.

Minnesota

June 1, 2013

All Producers must complete the required training before soliciting an annuity application.

Mississippi

January 1, 2022

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 7/1/2022) for existing producers to complete the new 1-hour supplemental training.

September 1, 2013

All Producers must complete the required training before soliciting an annuity application.

Missouri

March 30, 2017

All Producers must complete the required training before soliciting an annuity application.

Montana

January 1, 2018

All Producers must complete the required training before soliciting an annuity application.

October 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 4/1/2022) for existing producers to complete the new 1-hour supplemental training.

Nebraska

July 19, 2012

All Producers must complete the required training before soliciting an annuity application.

July 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until 12/31/2021) for existing producers to complete the new 1-hour supplemental training.

New Hampshire

January 1, 2015

All Producers must complete the required training before soliciting an annuity application.

New Jersey

February 4, 2013

All Producers must complete the required training before soliciting an annuity application.

New York

June 30, 2011

A 4 hour CE training course is not required. Producers must complete the 2 part product training only.

North Dakota

August 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Ohio

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

February 14, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until August 13, 2021) for existing producers to complete the new 1-hour supplemental training.

Oklahoma

July 14, 2010

All Producers must complete the required training before soliciting an annuity application.

Oregon

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Rhode Island

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

April 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until September 30, 2021) for existing producers to complete the new 1-hour supplemental training.

South Carolina

September 25, 2011

All Producers must complete the required training before soliciting an annuity application.

South Dakota

July 1, 2012

All Producers must complete the required training before soliciting an annuity application.

Tennessee

November 1, 2015

All Producers must complete the required training before soliciting an annuity application.

Texas

September 1, 2011

A 4 hour initial CE training course is required. An 8 hour CE training course is required every 2 years thereafter for resident producers only.

September 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. Training must be completed prior to 1/1/2022.

Utah

March 26, 2012

A 4 hour CE training course is not required. Producers must complete the 2 part product training only.

Virginia

April 1, 2017

All Producers must complete the required training before soliciting an annuity application.

September 1, 2021

All Producers must complete the required Revised Model Regulation training before soliciting an annuity application. There is a 6-month grace period (until March 1, 2022) for existing producers to complete the new 1-hour supplemental training.

Washington

March 29, 2012

All Producers must complete the required training before soliciting an annuity application.

West Virginia

July 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Wisconsin

May 1, 2011

All Producers must complete the required training before soliciting an annuity application.

Wyoming

September 26, 2014

All Producers must complete the required training before soliciting an annuity application.

 

Check your state training requirements.

 

Security Benefit product training requirements consists of two parts. The Security Benefit Fundamentals of Deferred Annuities course must be completed. In addition, each specific Security Benefit product will have its own short course that will also need to be completed prior to solicitation.

We offer training through RegEd, an online annuities training platform. Please reference the RegEd Product Training User Guide (PDF) for complete instructions. Security Benefit will not accept applications if you have not completed the training. To comply with the Harkin Amendment of the Dodd-Frank Act that provides a safe harbor to FIA products from being registered as securities, the Security Benefit Fundamentals of Deferred Annuities and product specific courses are required to be taken by all producers in all states for FIA products. All sales of fixed index annuities will require producers to take the general annuity and applicable product specific course, regardless of whether the state(s) in which they are licensed has adopted the Model.

If your state has adopted the Model Regulation, or otherwise requires general annuities training, and you have taken the required training from a company other than RegEd, please send a copy of your certificate from the training provider to Security Benefit, P.O. Box 750487, Topeka, KS 66675-0497.

Non-Resident Sales Guide & VoIP (Skype) Policy


In an effort to assist you with Non-Resident Annuity Sales, we have created a Non-Resident Sales Guide & VoIP (Skype) Policy to serve as a guide and reference in the instance that you are engaged in a Non-Resident sale. This guide will help in your efforts to comply with applicable laws.

Appended to the Non-Resident Sales Guide is our Voice over Internet Protocol (VoIP) policy. While Security Benefit Life Insurance Company does not endorse or prohibit the use of Skype or other Internet communication tools in the sale of annuities, we would like to make sure all appointed producers are aware of the policy.

 

Anti-Money Laundering Training


All Insurance Producers must complete Anti-Money Laundering (AML) training before soliciting an annuity application.

If you have taken AML training, please send a copy of your certificate from the training provider to Security Benefit, P.O. Box 750487, Topeka, KS 66675-0497.

AML training is valid for a two year period after which refresher training is required.

 

IM-50001-56 | Rev 2021/12/03