American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Missouri President Craig Wright, MBA, CFP, ChFC, issued the following joint statement on the best interest annuity rule adopted today by the Missouri Department of Insurance:
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Missouri Enhances Protections for Annuity Consumers
Topics: State Advocacy Standard of Care & Consumer Protection Press Release Missouri
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New Missouri Law Allows CE for Agent Association Membership
Legislation signed recently by Governor Mike Parsons "allows an insurance producer to receive up to four hours of continuing education credit per biennial reporting period for participation as an individual member or employee of a business entity producer member of a local, regional, state, or national professional insurance association with approval by the Director of the Department of Commerce and Insurance."
NAIFA-MO worked on securing the adoption of the bill (HB 604) for several years.
“Our State Government Relations Committee found a good sponsor in Rep. Kurtis Gregory, and we are very proud of this accomplishment for NAIFA members,” said Ed Anderson, NAIFA-MO’s National Committeeperson.
Over the past several years, many NAIFA state chapters have been advocating for legislation to allow financial advisors to receive CE credit for their membership and active participation in a professional agent association. Due to NAIFA’s advocacy, at least 11 states allow advisors to be eligible for CE credit for their association membership: Arkansas, Georgia, Louisiana, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, Texas, Utah, and West Virginia. Depending on the state and the approval of the respective state insurance commissioner, advisors may receive from one to six CE credit hours for this purpose.
As NAIFA has argued in state legislatures and before the National Association of Insurance Commissioners, professional insurance associations promote high standards of ethical conduct and provide educational programs and professional development opportunities to association members. NAIFA believes advisors who are active members of an agent association should be eligible for continuing education credit for such membership.
“We believe that permitting advisors to receive CE credit for association membership both encourages advisors to become members of nationally recognized professional insurance associations and benefits consumers by ensuring them access to better qualified advisors,” said Anderson.
