Quest Continuing Education Solutions (Quest CE) will begin preparing a course for the proposed Oregon state specific Annuity requirement. The Oregon Department of Consumer and Business Services (Insurance Division) has scheduled a hearing date on January 5, 2011, to examine the Annuity Suitability Model Rule.
Principally, annuities have become more readily available and complex in selecting the one best suitable for the consumer’s necessity. Consequently, if a consumer purchases an annuity that is not appropriate for their situation, the consumer can suffer a substantial financial loss and/or receive no benefit from the annuity. The best solution in determining the suitability of an annuity product for a consumer requires that the insurer and producer have a thorough knowledge of annuities in general, financial implications of choosing an annuity and the particular products.
Based upon the National Association of Insurance Commissioners’ (NAIC) Model Rule #275, Suitability in Annuity Transactions (April 2010 version), Oregon’s Insurance Division would like to ensure that insurers and producers evaluate the suitability of an annuity for a specific client, and have confidence that producers who sell annuities receive minimum training about annuities and suitability.
The Agency requests public comment on whether other options should be considered for achieving the rule’s substantive goals, while reducing the negative economic impact of the rule on business. The last day to submit written comments to the Rules Coordinator is January 12, 2010. When the rule returns from comments and has been made official, Quest CE will file a course to be approved by the state. Once approved, producers can immediately begin taking the course to remain compliant.
Quest CE’s Oregon annuity suitability training course will relatively reflect the following topics:
• a complete basic understanding of annuities;
• examples, references and citations that illuminate complex points of annuities;
• comprehensive text with cohesive narrative explanation;
• the importance of annuities and how it benefits the consumer;
• obstacles and relevant solutions associated with annuities as they relate to seniors.
The State of Oregon requires producers to complete 24 hours of continuing education, including three (3) hours of Oregon law and three (3) hours of insurance producer ethics every two (2) years. Quest CE offers a full suite of courses for producers to fully complete their continuing education requirements.
With a client retention rate of 95.17% and a growth rate of over 400% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 200 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest (questce.com) is a privately held company which allows them to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations’ training and compliance needs, saving you both time and money.