Annuity Training Questions & Answers
Where can I find out more information about the annuity training law?
1. How can I locate courses that are approved to satisfy the eight-hour annuity training requirement?
2. How can I locate courses that are approved to satisfy the four-hour annuity training requirement?
1. What is the California annuities training requirement?
2. What kind of training is required?
3. When must the eight-hour annuity training requirement be completed?
4. How can insurers and insurance agencies verify that their life agents that sell annuities have completed the required training?
In addition, CDI will be checking insurer's records during market conduct reviews. Legal action may be pursued if agents are found that have not met the annuity training requirement.
5. Does the training have to be provided in a classroom?
6. Do I need to send in any proof of completing the training?
7. Doesn't this requirement apply only to those who sell annuities in the senior market?
8. If the training is not cagentompleted will my agent's variable authority be terminated?
9. Does the requirement apply to the sale of fixed and indexed annuities as well as variable annuities?
1. How will I know if I am authorized to sell once my training has been completed?
2. Will my license reflect that I am authorized to sell annuities once I complete my training?
1. What is the continuing education requirement?
For resident licensees, the annuity training requirement shall count toward the licensee's continuing education requirement.
2. If I complete my four hours of annuity training after the expiration of my license will I have to pay a penalty fee and will there be a break in my license?
You must complete the continuing education requirements to renew your license. Failing to complete the required annuity training prior to expiration of your license will not affect your license renewal. However you will be in violation of the California Insurance Code if you sold any annuity products during a license term and did not complete the four-hour annuity training during that license term.
3. Is this requirement in addition to the continuing education hours currently required in Sections 1749.3 and 1749.33 of the California Insurance Code (CIC)?
No, the annuity training hours are part of, and not in addition to, the continuing education requirements in Sections 1749.3 and 1749.33 of the CIC.
1. Does this requirement apply to non-residents?
Yes, unless they are representing an insurer that is a direct response provider.
2. What is a direct response provider?
For purposes of this requirement, a "direct response provider" means an insurer that meets each of the following criteria:
3. I am a licensed non-resident of California and hold a non-resident Life license, will the eight-hour or the four-hour annuity training count toward my department of insurance's continuing education requirement?
Since the eight-hour and the four-hour annuity courses contains California specific information, the course may not be approved in your state. Please check with the education provider who supplied the course to you to determine whether that specific course is also approved in your state for continuing education credits.
1. Are there exemptions from this training requirement?
The only exception is if the individual represents an insurer that is a direct response provider. The definition of a direct response provider is stated in the Non-Resident Licensee section on this Web page.
2. If I am 70 years old and have 30 years of continuous licensing in the State of California, must I still complete this training?
Yes, although you may be exempt from continuing education requirements, if you are soliciting the sale of annuities you must complete the required annuity training.
1. Can an insurer or agency obtain a list of their Life licensed agents who have and have not completed the eight-hour and the four-hour annuity training requirement?
Yes, the Insurer or Agency can download a list of their Life licensed agents who have and have not completed the annuity training requirement by following the instruction on this link: Annuity Training Report.
2. How can an Insurer or Agency obtain a list of their Life licensed agents in an Adobe Printable Document Format (PDF)?
You will need to follow the instructions noted on the following link: Printable Document Format (.pdf). This report is formatted and pops up using Adobe Acrobat 5.0.5.
3. How can an Insurer or Agency obtain a list of their Life licensed agents in an Excel format?
You will need to follow the procedures to create a Comma Separated Values (.csv) document. This link provides you with the procedures to run the report. To open the report in an Excel format, please follow the steps noted below.