If you want to sell an annuity in Washington state, you'll need to:
- Hold a producer license with the life line of authority,
- Complete the one-time, four-hour annuity suitability course prior to selling annuity products, and
- Provide the insurance company you work with proof (a copy of your certificate) that you have completed an acceptable course.
This training requirement became effective March 29, 2012.
If you completed an acceptable annuity suitability course in a state other than Washington, it is not necessary to repeat the course as long as the annuity suitability course you completed complies with state regulations for annuity suitability training. Email our education analyst with questions.
Although California did not specifically adopt the National Association of Insurance Commissioners (NAIC) annuity suitability training requirement, they have an eight-hour annuity course requirement that is equivalent to the NAIC annuity suitability training requirement. If you've completed the California eight-hour annuity training since 2012, your course certificate will be regarded as meeting Washington state's annuity suitability training requirement.
The table below contains a list of approved providers for the Washington annuity suitability four-hour course. This listing is current as of February 2019.
The National Underwriter Company
Suitability standards for the sale of annuities
RCW 48.23.015 (leg.wa.gov) requires insurers and producers selling fixed and variable annuities to confirm that the insurance product is suitable for the consumer.
Insurance companies and producers selling or replacing an annuity must make reasonable efforts to obtain a consumer's:
- Financial status,
- Tax status,
- Investment objectives, and
- Other information considered reasonable when making a recommendation to the consumer.
The company and producer must keep records of any information collected and used as the basis for recommendations for five years after the sale or for five years after the annuity begins paying benefits, whichever is longer.
Keep in mind, the one-time training course is required per WAC 284-17-265 (leg.wa.gov).