New rules for Hawaii annuity sales

Make sure your training is complete to avoid an interruption in business.

Effective January 1, 2023, the Hawaii Insurance Department adopted new rules that amend the suitability requirements for all Hawaii annuity sales. These rules require you to complete a new general annuity training course by July 1, 2023.

View the new rules

Take action now: NEW 4-hour general annuity training

To avoid an interruption in your authority to sell, solicit, or negotiate the sale of annuities, you must complete one of the following:

• If you have already completed an approved 4-hour annuity course prior to January 1, 2023, you must complete an approved 1-hour supplemental training course or the new 4-hour annuity course by July 1, 2023.
• If you have not yet completed an approved 4-hour annuity course, you must complete the new 4-hour annuity course before you can sell/submit business.

This training is supplied by industry vendors such as RegEd and Kaplan.

Allianz Life Insurance Company of North America (Allianz) is required to verify that financial professionals have completed one of the training courses as described above before allowing them to sell an Allianz annuity product.

Please note: Product-specific training requirements have not changed.

New Requirements:

Insurance Agent (Producer) Disclosure for Annuities Form:
Prior to you recommending an annuity, you are required to disclose to the consumer certain information to satisfy your obligations regarding care, disclosure, conflict of interest, and documentation. To keep with industry standards, beginning with all applications signed on and after January 1, 2023, Allianz now requires you to use Insurance Agent (producer) disclosure form (ACORD 0660), to comply with the disclosure requirements. You will be required to submit a copy of the signed disclosure with all new business.

Consumer Profile
Allianz has created a new Consumer Profile form (NB6129) to comply with the new requirements. This form replaced the existing suitability form (NB3051) beginning with all applications signed on and after January 1, 2023.

Replacement Comparison
Beginning with all applications signed on and after January 1, 2023, we will require a Replacement Comparison form (NB6023) for each annuity involving replacement as part of a sale. This form is no longer optional. In addition, the rules have increased the replacement look-back time period from 36 months to 60 months.

Allianz continues to be responsible for conducting a thorough suitability review. Insurers are required to conduct oversight of financial professionals to ensure compliance with the new rules. Due to this requirement, Allianz may periodically request documentation from you, including documentation in your client file and written record of a recommendation.