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.
If Washington state is not my resident state, is my home state annuity suitability training acceptable in Washington?
Washington state is reciprocal with other states that also adopted the National Association of insurance Commissioner's (NAIC) annuity suitability training model. A non-resident producer may complete the Washington four-hour annuity suitability training course or their home state's four-hour annuity suitability training course. This is a one-time course so save your course certificate for as long as you may sell annuities.
You must give your annuity suitability course certificate to the insurance company that will issue the Washington policy. The company will determine if the course you completed meets the annuity suitability training requirement for Washington.
Some states have an eight-hour annuity course that is equivalent to the NAIC annuity suitability training model and includes additional content specific to their state. If the state adopted the NAIC annuity suitability training model, their eight-hour annuity course is reciprocal. If you have a questions about the annuity suitability training requirements, email our education analyst.
Approved providers of Washington course
The table below contains a list of approved providers for the Washington annuity suitability four-hour course. This listing is current as of October 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).