AR | The Arkansas Insurance Department (“Department”) has issued Bulletin No. 7-2021.
The Department has adopted changes to its Suitability in Annuities Rule 82. This new rule, issued December 29, 2020, requires producers to put the needs of their clients first and to act in their clients’ best interest. Changes to this rule are effective as of July 8, 2021, except for the new continuing education requirements. As part of the new regulations, Rule 82 requires insurance producers to complete a one-time training course designed to educate producers on, among other items, the primary uses of annuities, appropriate sales practices, and replacement and disclosure requirements.