The Wisconsin Department of Insurance has announced new training requirements for intermediaries (agents) who sell annuity products. This is in response to a new law that substantially revises the standards that agents must adhere to when recommending annuity products.
What Has Changed?
The standards used by agents for determining the appropriateness of annuity products for consumers are changing significantly. Under the new standards, agents must act in the “Best Interest” of the consumer by meeting the law’s care, conflict of interest, and disclosure obligations. In addition, agents must undergo special training on these new requirements.
When Does This Happen?
The new standards take effect on October 1, 2022. Agents must complete special training on the new Wisconsin requirements prior to April 1, 2023. Agents who have taken the previous 4-hour annuity training course only need to take a 1-hour update course on the new standards. Agents who have not previously taken the 4-hour annuity training must take an updated 4-hour version of the course, which instructs them on the new, “Best Interest” sales requirements.
BetterCE has recently received approval for the new, 1-hour “Best Interest” update course. It is available now: Wisconsin Annuity Sales Best Interest Training Course.
The Wisconsin Department of Insurance recently issued a bulletin providing additional background and details about the new standards and training requirements. A copy of this bulletin can be located on the WI DOI site, here: WI ANNUITY BEST INTEREST BULLETIN
We’re Here to Help
At BetterCE, we provide more than the most convenient and affordable solution for insurance continuing education. Our agent support services are provided by experienced insurance licensing professionals who have helped thousands of agents easily navigate the renewal process.
Have a question or need assistance with this latest requirement? Phone 1-888-501-7330 for our customer care team. We also respond to email as well as via our Contact Form. You can also sign up for convenient license renewal reminders on our contact page.
