Quest CE, premier provider of insurance continuing education and FINRA firm element training and tracking, is proud to announce their Hawaii Annuities Training Course has been approved and meets the state’s annuity training requirements. Hawaii has adopted the NAIC Suitability in Annuity Transaction Model Regulation recommendation, enacted as Act 108, to comply with the federal Dodd-Frank Wall Street Reform and Consumer Protection Act.
Effective January 1, 2012, a producer licensed to sell, solicit or negotiate annuities, as well as life insurance, must complete a one-time, four-hour annuity training course by January 31, 2012. The training course must be approved by the Hawaii Insurance Commissioner and be conducted by an approved continuing education course provider, such as Quest CE. Producers who obtain an insurance line of authority after January 31, 2012, must complete the training before they can sell annuities.
The purpose of the Hawaii Act 108 is to better protect consumers, specifically Hawaii seniors. By establishing annuity training requirements, Act 108 ensures that insurance producers have adequate knowledge of annuity products. The NAIC Model requires insurance producers to get appropriate training before selling annuity products. All states are required to enact the NAIC Model Regulation by June 16, 2013.
Annuity training conducted in a classroom setting will not require examination. However, if the annuity training is taken online (self-study), a proctored examination is required for completion of the course. Nonresident insurance producers are also required to complete the annuity training requirement. The completion of annuity training of another state will not satisfy the training requirements for Hawaii. If a producer took an annuity training course prior to January 31, 2012 this would satisfy the training requirements.
Quest CE’s annuity training course is available for continuing education credit. Hawaii requires 20 hours of continuing education every two (2) years, including three (3) ethics or law credits. In addition, if a producer holds a dual license, 30 hours are required every two (2) years.
Quest CE offers a full suite of courses for producers to complete all their continuing education requirements. Additionally, Quest CE is proud to offer specific annuity courses for Colorado, District of Columbia, Indiana, Iowa, Kentucky, Maryland, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, West Virginia and Wisconsin, whom have also adopted the NAIC recommendation.
About Quest CE
Since 1986, Quest CE (questce.com) has built a reputation of being the premier provider of Compliance Education to the financial services industry. In addition to offering Providership Administration and insurance continuing education (CE) for professionals holding insurance licenses and professional designations like the CFP, CPA, CLE, CIMA and CLU/ChFC designations, Quest also provides a complete spectrum of compliance training solutions including the Financial Industry Regulatory Authority (FINRA) annually required Firm Element Training for registered representatives, On-demand Annual Compliance Meetings, Annual Compliance Questionnaires, Needs Analysis Surveys, Outside Business Activity Tracking, Gifts and Entertainment Tracking and Political Contributions Tracking.
With a client retention rate of 93% and a growth rate of over 770% 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 280 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held firm which allows us 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.