Michigan: 2021 Annuities Best Interest
Michigan Insurance CE: 2021 Annuities Best Interest
Michigan is one of several states that has adopted the best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation. Michigan law requires producers who engage in the sale of annuities to complete a one-time four-hour annuity training course. Relstone offers Michigan insurance continuing education online courses. If a producer completed an annuity training course approved by the director prior to June 29, 2021, the producer must complete one of the following:
- A new four-credit training course approved for use on or after June 29, 2021, or
- An additional one-time, one-credit training course approved for use on or after June 29, 2021, on appropriate standards of conduct, sales practices, replacement, and disclosure requirements.
Objectives / Major Subjects Covered
- Present an overview of annuity types and classifications,
- Identify the primary uses of annuities,
- Explain general annuity contract provisions affecting consumers,
- Explain fixed, variable, and indexed annuity contract provisions,
- Discuss annuity standards of conduct and sales practices with regard to the NAIC’s best interest annuity rule and its incorporation into,
- The Michigan Insurance Code, and
- Explain the taxation of qualified and nonqualified annuities.
Why Relstone For Michigan Insurance CE
Since 1974, over 4,000,000+ state-approved CE courses completed across the U.S. through Relstone insurance school!
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- Easier Pass: Our exams have fewer questions so they’re easier to pass. (But if you need to retake the exam, you can take it again once for up to a year.)
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Hours: 4 – Life, Health/Annuity