LIMRA’s New Variable Annuity Education Program Keeps Members Compliant under FINRA Rules |
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Written by U.S. Insurance News
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Monday, 03 March 2008 |
Whether they show up to class, take the course online, or rely on some combination of those two methods, members of LIMRA International can take advantage of a new education program from the organization to gain more knowledge about deferred variable annuities.
LIMRA International has teamed with Washington, D.C.-based CFM Partners to offer the Variable Annuity Education Program. Participants will gain a thorough knowledge of deferred variable annuities and their sales practices, including disclosure, senior suitability, and 1035 exchanges. This industry-standard program—the most recent addition to LIMRA’s expanding compliance education offering—meets the requirements laid out in FINRA Rule 2821, which goes into effect May 5.
LIMRA and CFM Partners collaborated to make the program convenient for LIMRA members to take, but also to keep members compliant. Tom Caraher, LIMRA vice president and director of Compliance and Regulatory Services, said that delivering deferred variable annuity education to registered representatives and principals will be a major compliance initiative for LIMRA member companies this year. “CFM has created a special program to tackle this challenge directly,” he said.
Beth Murphy, president and CEO of CFM Partners, noted, “We’ve structured the Variable Annuity Education Program so that it can be tailored to meet the specific needs of LIMRA members and help them meet the requirements of Rule 2821 as efficiently and effectively as possible.”
The Variable Annuity Education Program is a cost-efficient way to achieve high-quality training. Its benefits include:
- Reduction of the risk of non-compliance by tracking course progress and completion
- Directing audience-appropriate content to employees based on their role and responsibilities.
- No required special end-user technology; an Internet connection is all that is needed.
- No required installation or maintenance; it can be fully hosted by CFM.
- 24/7 availability to participants.
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