054.01.82-7. Producer Training
AR ADC 054.01.82-7Arkansas Administrative CodeEffective: January 8, 2021
Effective: January 8, 2021
Ark. Admin. Code 054.01.82-7
Formerly cited as AR ADC 054.00.82-9
054.01.82-7. Producer Training
A. A producer shall not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided product-specific training standards and materials to comply with this subsection.
(b) Producers who hold a life insurance line of authority on the effective date of this Rule and who desire to sell annuities shall complete the requirements of this subsection within six (6) months after the effective date of this Rule. Individuals who obtain a life insurance line of authority on or after the effective date of this Rule may not engage in the sale of annuities until the annuity training course required under this subsection has been completed.
(4) Providers of courses intended to comply with this subsection shall cover all topics listed in the prescribed outline and shall not present any marketing information or provide training on sales techniques or provide specific information about a particular insurer's products. Additional topics may be offered in conjunction with and in addition to the required outline.
(5) A provider of an annuity training course intended to comply with this subsection shall register as a CE provider in this State and comply with the Rules and guidelines applicable to producer continuing education courses as set forth in Ark. Code Ann. §§ 23-64-301, et seq., and Department Rule 50.
(11) An insurer shall verify that a producer has completed the annuity training course required under this subsection before allowing the producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this subsection by obtaining certificates of completion of the training course or obtaining reports provided by Commissioner-sponsored database systems or vendors or from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance education providers.
Credits
Amended July 15, 2009; Jan. 8, 2021.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.01.82-7, AR ADC 054.01.82-7
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