6.6.812    GUIDELINES FOR APPROVAL OF TRAINING

(1)  The commissioner will approve training on the subject of the suitability of annuities using the process for review and approval of continuing education courses set forth at 33-17-1201 et seq., MCA.  

(2)  A training course intended to fulfill the requirements of 33-20-807, MCA, must be submitted for review to and recommendation by the Continuing Education Course Advisory Council established at 33-17-1204(2), MCA. Except as stated in (3), for purposes of this rule, the commissioner adopts and incorporates by reference ARM 6.6.4201 through 4213 (as in effect on October 1, 2021), which sets forth the rules for Continuing Education Program for Insurance Producers and Consultants. A copy of the rules may be obtained from the Commissioner of Securities and Insurance, Office of the Montana State Auditor, at 840 Helena Ave., Helena, MT 59601.

(3) The commissioner's adoption and incorporation by reference of the rules identified in (2) is done with the following exceptions and additions specific to the training requirements of 33-20-807, MCA:

(a)  The definition of "Biennial cycle" found at ARM 6.6.4202(3) does not apply to this rule.

(b) In addition to the rules for course submissions found at ARM 6.6.4203, the submission must demonstrate the following:

(i)  In the case of any submission for a one-time, four-credit course:

(A) that the course contains information on at least the following topics: 

(I) the types of annuities and various classifications of annuities;

(II) identification of the parties to an annuity;

(III)  how product-specific annuity contract features affect consumers;

(IV) the application of income taxation of qualified and nonqualified annuities;

(V) the primary uses of annuities; and

(VI)  appropriate standard of conduct, sales practices, replacement, and disclosure requirements.

(B)  that the course does not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products. 

(ii)  In the case of any submission for a one-time, one-credit course:

(A)  that the course contains information on at least appropriate sales practices and replacement and disclosure requirements; and

(B)  that the course does not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products. 

(c)  The following revisions apply to the rule for nonresident licensees found at ARM 6.6.4208: 

(i) The requirements for nonresident licensees found at ARM 6.6.4208(1) do not apply unless the home state or designated home state in which the nonresident licensee is licensed has adopted a law substantially similar to the Montana Suitability in Annuity Transactions Act found at 33-20-801 et seq., MCA.

(ii) In addition to the requirements for nonresident licensees found at ARM 6.6.4208(2), the licensee shall submit to this state proof of course completion demonstrating compliance with 33-20-807, MCA.

(d)  In addition to the conditions for nonresident sponsoring organizations found at ARM 6.6.4213, reciprocity may only be afforded for courses intended to fulfill the requirements of 33-20-807, MCA, if the resident state has adopted a law substantially similar to the Montana Suitability in Annuity Transactions Act found at 33-20-801 et seq., MCA. 

(e) The rule concerning extensions found at ARM 6.6.4214 is not adopted. 

 

History: 33-1-313, 33-20-807, MCA; IMP, 33-20-807, MCA; NEW, 2021 MAR p. 1206, Eff. 10/1/21.