RI| Bulletin 2020-1 replaces Bulletin 2011-2. The Rhode Island Insurance Division has adopted changes to its Annuity Suitability Regulation. This new rule requires producers to put the needs of their clients first and to act in their clients’ best interests. Changes to this rule are effective as of April 1, 2021.
Producers who have already taken the former annuity suitability training must, within 6 months of April 1, 2021, take either the new “Annuity Products-Best Interest” one-time 4 credit training course or a one-time 1 credit training course in order to sell, solicit or negotiate annuities in Rhode Island. The availability of the one (1) time one (1) credit training course will expire on September 30, 2021.