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Texas Insurance CE Annuities

 

Texas Insurance CE Annuities

Clarify points of the new Texas Department of Insurance (“TDOI”) rule that requires annuity training:

  • There are no exemptions from these requirements. The annuity certification course is required for all resident agents that will obtain or renew their life and annuity license on or after April 1, 2010. (No Grandfathering)
  • You may continue to sell annuities even though you have not yet completed the annuity certification process up until the date of your next renewal that occurs on or after April 1, 2010.
    • Examples: (1) If your license is set to renew on September 1, 2010, then you must complete the annuity certification process by August 31, 2010, or you cannot sell, solicit or negotiate any annuity contract until you have completed the certification process. (2) If your license is set to renew on August 1, 2011, then you must complete the annuity certification by July 31, 2011.
  • Once you have completed the annuity certification process, you must also obtain continuing education credits every year before the month and date that your license renews.
    • Example: If your license renews December 1, 2010 and you complete your initial certification by November 30, 2010, then you must complete four hours of continuing education for annuities every year by November 30th.
  • Agents are individually responsible for the completion of these requirements. The annuity certification course must be approved by the TDOI and be at least four hours in length. A score of 70% or higher must be achieved. The course can be classroom, classroom equivalent (online) or self-study.
  • Agents must maintain proof of completion of each course for a period of four years from the date of completion of the course. TDOI considers the filing of a properly completed renewal application as the licensee’s certification that all required continuing education hours for the reporting period have been completed. TDOI may ask you at any time to provide evidence of completion of these courses. If you are unable to show sufficient proof of the required training, the TDOI may issue fines and/or sanctions against you. You must complete all continuing education hours during the reporting period. You may not carry forward any excess hours completed in one reporting period to the next reporting period, and you cannot complete hours in a subsequent reporting period to correct a shortage of hours in a previous reporting period.
  • The package and course can be found via this link: www.iNeedMyCE.com/insurance/continuing-education/texas-insurance-continuing-education.aspx
  • The 4 hour annuity certificate course will count towards your required 30 hours of CE per 2 year renewal period.