33-20-807. Annuity education. (1) An insurance producer may not solicit the sale of an annuity product unless:
(a) the insurance producer has adequate knowledge of the product to recommend the annuity; and
(b) the insurance producer is in compliance with the insurer's standards for product training.
(2) The training required under this section must include, at a minimum, information on the following topics:
(a) the types of annuities and various classifications of annuities;
(b) identification of the parties to an annuity;
(c) how product-specific annuity contract features affect consumers;
(d) the application of income taxation of qualified and nonqualified annuities;
(e) the primary uses of annuities; and
(f) appropriate sales practices, replacement, and disclosure requirements.
(3) Training required under this section may not include any information on marketing, sales techniques, or the specific aspects of a particular insurer's products.
(4) An insurer shall verify that an insurance producer has completed the training under this section before allowing the producer to sell an annuity product for that insurer. An insurer may satisfy its responsibility under this section by obtaining certificates of completion of the training course or obtaining reports provided by a database system satisfactory to the commissioner.