OAR 836-080-0183
Insurance Producer Training
(1)
An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer’s standards for product training. An insurance producer may rely on insurer-provided product-specific training standards and materials to comply with this section.(B)
Individuals who obtain a life insurance line of authority on or after the effective date of OAR 836-080-0170 (Statutory Authority; Purpose) to 836-080-0190 (Annuity Sales; Disclosure Not a Defense) may not engage in the sale of annuities until the insurance producer completes the annuity training course required under this section.(b)
The minimum length of the training required under this section shall be sufficient to qualify for at least four continuing education credits, but may be longer.(c)
The training required under this subsection shall include information on the following topics:(A)
The types of annuities and various classifications of annuities;(B)
Identification of the parties to an annuity;(C)
How fixed, variable and indexed annuity contract provisions affect consumers;(D)
The application of income taxation of qualified and non-qualified annuities;(E)
The primary uses of annuities; and(F)
Appropriate sales practices, replacement and disclosure requirements.(d)
Providers of courses intended to comply with this subsection shall cover all topics listed in the prescribed outline and may not present any marketing information or provide training on sales techniques or provide specific information about a particular insurer’s products. Additional topics may be offered in conjunction with and in addition to the required outline.(e)
A provider of an annuity training course intended to comply with this section shall register as a continuing education provider in this state and comply with the rules and guidelines applicable to insurance producer continuing education courses as set forth in ORS 744.072 (Renewal or reinstatement of insurance producer license) and OAR 836-071-0180 (Insurance Producer Pre-Examination Requirements) to 836-071-0250 (Credit for Unregistered Courses).(f)
Annuity training courses may be conducted and completed by classroom or self-study methods in accordance with ORS 744.072 (Renewal or reinstatement of insurance producer license) and OAR 836-071-0180 (Insurance Producer Pre-Examination Requirements) to 836-071-0250 (Credit for Unregistered Courses).(g)
Providers of annuity training shall comply with the reporting requirements and shall issue certificates of completion in accordance with OAR 836-071-0180 (Insurance Producer Pre-Examination Requirements) to 836-071-0250 (Credit for Unregistered Courses).(h)
The satisfaction of the training requirements of another state that are substantially similar to the provisions of this subsection shall be deemed to satisfy the training requirements of this section in this state.(i)
An insurer shall verify that an insurance producer has completed the annuity training course required under this section before allowing the insurance producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this section by obtaining certificates of completion of the training course or obtaining reports provided from a reasonably reliable commercial database vendor that has a reporting arrangement with approved insurance continuing education providers.
Source:
Rule 836-080-0183 — Insurance Producer Training, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-080-0183
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