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Annuity, LTC and Life CE Requirements

05-Apr-2012

In an effort to help you stay in compliance with state regulations regarding your insurance license, this is simply a friendly reminder to watch your license requirements. It's not worth the hassle created when a case is held up in underwriting because you are not in compliance.

Example: Effective 7/1/2012 the State of Illinois is requiring all producers to complete a one-time 4-hour annuity certification course to participate in the sale of annuities. In addition, carriers may require their own course and these courses may be required by product.

LTC requirements in Illinois: Resident producers must complete the health line of authority and a one-time, 8-hour, partnership certificationto participate in the sale of LTC products. The producer will also be required to complete a 4-hour LTC continuing education course every 24 months. If the continuing education course is not completed within 24 months the producer will forfeit their original 8-hour partnership course.

Life insurance requirements in Illinois: Illinois now requires only 24 hours, every 2 years, for continuing education. However, 3 of those hours must be classroom ethics.

And let's not forget about the federal regulation to complete Anti-Money Laundering (AML) Training every two years. All producers writing permanent life or annuity products must complete the AML training by June 30, 2012.

Be sure to check the status of your license and any changes and clarifications on your state's website. Please know you can access the different state departments of insurance from our website under "Make More Sales", and resource links: State Insurance Department Web Sites (NAIC).The AML Training Course from NAILBA & LIMRA is also available on our website's "Make More Sales" page; education links.