The NAIC requires meeting training requirements before selling an annuity. Training requirements vary from state to state; jurisdiction of the sale is generally determined by the owner’s state of residence. To avoid a Not in Good Order (NIGO) application, training must be completed before the application date.
New business validation is required by the dates listed below in states that have adopted the regulation. New York Life provides product-specific training at no cost. For State General Annuity training, producers should use one of their firm’s preferred training vendors.
Reciprocity - Product specific training is valid in all states. State General Training taken in one state may be used to satisfy the requirement in other States that have the same requirement, except in California for licensed resident producers. State General annuity training completed in CA is accepted by other states, but CA will not accept other states' general annuity training (one way reciprocity). New York is not a reciprocity state.
*California: Eight-hour initial annuity training required as part of the licensing requirements. A four-hour general annuity training course must be completed every two years prior to license renewal.
**Texas: A four-hour general annuity course must be completed every other year by resident and non-resident producers. An existing 8 hour general annuity training is required as part of licensing requirements for Resident producers.
***Producers licensed prior to the state effective date will have a grace period to complete a new Best Interest course.
****Both new and existing producers will have a grace period to complete a new Best Interest course.
State general annuity training certificates of completion obtained from vendors other than RegEd or Kaplan can be e-mailed to IPS_MST_PROD_SRV@newyorklife.com or faxed to (888) 222-3259.
1. Principal protection is referencing a variable annuity with the purchase of an accumulation benefit rider which is offered through NYLIFE Securities LLC, (member FINRA/SIPC), A Licensed Insurance Agency. NYLIFE Securities LLC is a New York Life Company.