CHAPTER 64- REGULATION GOVERNING SUITABILITY IN ANNUITY TRANSACTIONS
WY: Annuity Suitability Training- Wyoming Regulation 64
Continuing Education Rules:
All residents and nonresidents are required to complete the 4 hours of training to meet the requirements set forth in Chapter 64- Regulation Governing Suitability in Annuity Transactions.
Insurance producers obtaining a life insurance license on or after 9/26/14 must complete the required training before selling annuities. However, individuals already holding a life license must complete training by 3/26/2015.
Under Section 7.(i) “the satisfaction of the training requirements of another state that are substantially similar to the training requirements of this subsection shall be deemed to satisfy the training requirements.”
This applies to both residents and nonresidents, meaning either may complete an approved course in another state with similar requirement to Wyoming requirements.
Resident and nonresident producers who have completed the course for another state before the effective date of this requirement (9/26/14) will be considered compliant. The Wyoming Department of Insurance will accept completions from as far back as April, 2010, the date of the NAIC Model Regulation.
An insurer is responsible for verification of compliance with this regulation. An insurer may satisfy its responsibility by obtaining certificates of completion of the training course from the individual producer or the insurance education provider.
Wyoming Requirement Changes for Desginated Home State will begin June 30, 2014. This will affect renewals and new application received on or after this date.
Note: individual currently licensed, new applicants or renewing licensees are still required to have a desiganted home state. New Mexico is not accepted as a Desginated Home State as of July 1, 2013.
Wyoming is tentatively scheduled to implement the ADHS rules with Sircon and NIPR in February and the electronic process may go into production in July. Wyoming Department of Insurance has reviewed all licensing states and has determined that certain states will be accepted as a DHS state. These states meet Wyoming statutory requirements.
26-9-219. Adjuster's license; exception; notification
d) If the state in which the adjuster maintains his principal place of residency or principal place of business does not license adjusters for the line of authority being applied for, the adjuster shall designate his home state, which may be any state in which the adjuster is licensed and in good standing and which state meets licensure requirements similar to the requirements of the state of Wyoming as determined by the commissioner.
This list may change due to the ever changing adjuster license type. In addition, this applies only to individuals that reside in a state that does not license adjusters or staff adjusters. Wyoming is reciprocal with all resident states in which an individual holds a resident adjuster license. The individual designated home state will only meet Wyoming statutory requirements if they have passed an exam, completed a background check and complete CE in the designated home state. An individual must hold the correct license type for the state they have designated. The Department will verify with the PDB that the licensee holds the correct license type. A licensee is not allowed to hold multiple DHS license types.
Wyoming will accept the following States as Designated Home States:
10. New Hampshire
11. North Carolina
Example--- Texas DOI issues a DHS license type- if an individual holds a NR Texas license they do not hold a true ADJ DHS Texas License.
--- New applications, reinstatements, and renewals may be completed electronically through Sircon or NIPR.
---Wyoming Appointment Renewals for 2014-- CLICK HERE
---Information for Producers regarding the Health Insurance Marketplace
---Renewal Notices will be sent via email. Please make sure email addresses are updated through Sircon or NIPR.
Address Changes - NIPR or Sircon
The Department is requesting notification of resident, mailing or business address changes to be submitted electronically. Please follow the above link to Sircon (transaction fee applies) or to NIPR (free address changes). Address changes submitted electronically will be changed upon submission. The Department will continue to complete STATE to STATE address changes