Administrative Rules of Montana › Department 6 - STATE AUDITOR › Chapter 6.6 - INSURANCE DEPARTMENT › Subchapter 6.6.8 - Annuities › Rule 6.6.812 - GUIDELINES FOR APPROVAL OF TRAINING

Current through Register Vol. 13, July 5, 2024
(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.