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Suitability in Annuity Transactions Training Requirements

Regulation 187 (Part 224 of Title 11 of the Official Compilation of the State of New York) requires insurers set forth standards and procedures for recommendations to consumers with respect to annuity contracts so that the insurance needs and financial objectives of the consumers are appropriately addressed. This part applies to any recommendation to purchase or replace an annuity contract made on or after June 30, 2011.These standards and procedures are substantially similar to the NAIC Suitability in Annuity Transactions Model Regulation.

Section 224.4 (g) & (h) holds the insurance company responsible for ensuring that every producer recommending its annuity products is adequately trained to make the recommendation, however, the regulation does not require the completion of specific training classes.

Approved Provider Organizations

The following Approved Provider Organizations have developed courses based on the minimum education standards recommended by the NAIC model regulation and have received DFS approval for continuing education credit.  A producer completing these courses will earn continuing education credits toward the renewal of the insurance license and may satisfy the annuity training requirements of the insurance companies and therefore NY Regulation 187.  It is the responsibility of the producer to know the annuity training requirements of the insurance company with whom he or she works.

For additional information regarding the approved continuing education courses, please contact the following Approved Provider Organizations:

Broker Educational Sales and Training
Lori Hoelscher
7137 Congress Street
New Port Richey FL 34653-6457
Phone: (800) 345-5669
lorih@brokered.net

Bryant & Stratton College
Vicky Cutillo, Director
1 Winners Circle
Colonie, NY  12205
Albany area: 518-437-1802 or vccutillo@bryantstratton.edu
Syracuse area: Brian Curtis at 315-622-7430 or bcurtis@bryantstratton.edu
Rochester area: Alec Drummond at 585-272-7200 or aldrummond@bryantstratton.edu
Buffalo area: Evan Wardner at 716-250-7500 or eswardner@bryantstratton.edu

Cape School Inc.
Rene' Carwile
PO Box 169
Buckingham, VA 23921
800-729-7363
rene@capeschool.com

ClienTell, Inc.
Jennifer Woods
2 Corporate Plaza, STE 100
New Port Beach, CA 92660
(949)706-9453
jennifer@successce.com

Insurance Training Institute
Robert Secovnie, Director
20 Spruce Street
Valatie, NY 12184
518-758-6699
Bob@iti-NY.com

InsuranceStudy.com
Brian W. Morris
1400 Lake Cook
Road suite 150
Buffalo Grove, Illinois 60089
866-339-3900
submissions@insurancestudy.com

Kaplan Financial
Justin Olson
332 Front Street South
Suite 555
LaCrosse, WI  54601
(608)779-5599
justin.olson@kaplan.com

On-Site Insurance School
Theresa Mahoney, Director
147 E Merrick Road, Unit A
Valley Stream, NY 11580
516-887-7644
tmahoney@onsiteschool.com

Pohs Educational Centers
Stanley Gruverman, President
990 Westbury Road
2nd Floor
Westbury, NY  11590
516-997-8360
s.gruverman@pohsinstitute.com

Quest Continuing Education Solutions
Linda Krenke
STE 1000
10850 West Park Place
Milwaukee WI 53224
414-375-3402
lmiety@questce.com

Securities Training Corporation
Jean Carter
100 Grove Street
Worcester, MA 01605
800-782-2678 ext. 204
jcarter@stcusa.com

StoneRiver RegEd, Inc.
U. Nena Lekwauwa, Senior Compliance Specialist
2100 Gateway Centre Blvd.
Suite 200
Morrisville, NC  27560
919-608-3976
nena.lekwauwa@reged.com

or
Brandi Brown, Senior Vice President, Regulatory Affairs
800-334-8322 x5256
brandi.brown@reged.com

It is important to remember that the courses offered by the Department's CE Providers are approved for continuing education credit and may or may not satisfy the suitability training requirement of the insurance company(s) with whom you work.  Please contact your insurance company(s) for direction.

Updated 11/01/2011