The Insured Retirement Institute (IRI), in partnership with RegEd, will offer a product-specific training platform and four-hour course delivery program that meets the educational mandate of the new NAIC Suitability Regulation. This industry-wide platform will include insurer-produced, product-specific training, as well as state-approved required training, and will launch on Nov. 22, offering producers ample time to meet Iowa’s implementation date of Jan. 1, 2011, says the IRI.
“The development and launch of this educational platform was done in direct response to the critical need of our industry to meet these new requirements in a way that would ensure minimal impact on the consumers who rely on insured retirement strategies for guaranteed income,” says IRI President and CEO, Cathy Weatherford.
The IRI says that the platform will provide:
• A centralized location where a producer can complete all required training requirements and view the status of compliance with the Model Regulation, including updated training posted to the site subsequent to initial training
• A dedicated location where insurers can publish and update their product-specific training courses
• The ability to print certificates of completion online, if necessary
• An e-mail notification system enabling insurers to notify producers of new or updated product specific training requirements
• Customized data feeds and real-time search tools for insurers and broker/dealers to help meet their compliance requirements
The IRI says that a 70-member Suitability Task Force formed to address potential implementation issues related to the new NAIC Model Suitability Regulation identified the model’s new training requirements as a major implementation challenge, posing the possibility of negatively impacting consumers and the industry alike.
The IRI says it selected RegEd as its partner in developing a best-practice solution to the issue facing the insured retirement industry, and that producers will benefit from this platform through the elimination of confusion in terms of meeting different state and insurer training requirements. Insurers and broker/dealers will have the flexibility to develop content for the training and provide links to additional information on company websites, according to the IRI.
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