Annuity Suitability and Best Interest - Washington

About This Course

This is the new 4-Hour Annuity Certification course for currently non-certified Annuity Suitability producers and previously certified Annuity Suitability agents who do not complete the 1-Hour course within 6 months of the January 1, 2022 effective date.

The purpose of this regulation is to require “producers” (as defined in the regulation), to act in the “best interest” of the consumer when making a recommendation of an annuity.

Further, it has a purpose to require “insurers” to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.

These are enhanced standards for annuity sales, so consumers understand the products they purchase, are made aware of any material conflicts of interest, and are assured those selling the products do not place their financial interests above consumers' interests.

This certification course will provide you with quality continuing education for meeting your state CE requirements. It focuses on Annuities with attention to the various types of annuities and issues specific to states in the arena of accumulation through annuities.

Distribution opportunities and tax consequences for withdrawals that are a fundamental component of annuity accumulation programs are highlighted. Explored are the types of annuities - Fixed, Variable, and Indexed.

Reviews include the parties to an annuity along with their rights and responsibilities as well as the provisions of fixed, variable, and indexed annuities. We talk about how they affect consumers. Taxation of qualified and non-qualified annuities is discussed. We review specific qualified tax sheltered plans. The primary uses of annuities are explored.

Successful completion of this course satisfies the initial Annuity Certification course requirement.