Minnesota Adopts Suitability Model Regulations

May 21, 2013 by NAFA Staff

Minnesota has become the 31st State to adopt the 2010 NAIC Suitability in Annuity Transactions Model Regulation (#275).  MN HF 791 – Second Engrossment was filed on May 14, 2013 by the Minnesota Secretary of State after the time for Governor Dayton to sign or veto the legislation had expired.  Having elected to do neither, the legislation was enacted under the laws of the 2013-2014 session as Chapter 54, and becomes effective on June 1, 2013.  However, the deadline for completion of the one-time, four-credit annuity training course is January 1, 2014 for those individuals who do not hold a life insurance line of authority as of that date; for producers already so licensed, the deadline for completion of the CE course is June 1.

Originally Posted at Annuity Outlook Magazine on May 2013 by NAFA Staff.