| (a) An individual who obtains a current resident agent license issued by the department on or after April 1, 2010, or renews a resident agent license on or after April 1, 2010, may not sell, solicit, or negotiate a contract for an annuity or represent an insurer in relation to an annuity in this state until they have completed the annuity certification course as specified in this section. (b) Licensees that may qualify for the exemption provided under §19.1004(b) or (c) of this subchapter (relating to Licensee Exemption from and Extension of Time for Continuing Education) are not exempt from the provisions of this section. (c) This subsection establishes the standards for an annuity certification course. The course shall: (1) be submitted to the department for approval in compliance with §19.1007 of this subchapter (relating to Course Certification Submission Applications, Course Expirations, and Resubmissions); (2) be at least four hours in length; and (3) cover each of the subjects described in subsection (g) of this section. (d) Licensees may count an annuity certification course toward completion of the continuing education requirements prescribed in §19.1003 of this subchapter (relating to Licensee Requirements). If a licensee chooses to use an annuity certification course to satisfy a portion of the continuing education requirements prescribed in §19.1003 of this subchapter, the licensee shall comply with §19.1013 of this subchapter (relating to Licensee Record Maintenance). (e) A licensee shall maintain proof of completion of an annuity certification course for a period of four years from the date of completion of the course. Upon request, the licensee shall provide proof of completion of the annuity certification course to the department. (f) A provider issued completion certificate for an annuity certification course must comply with the requirements of §19.1011 of this subchapter (relating to Requirements for Successful Completion of Continuing Education Courses). (g) Course subjects for an annuity certification course outline must include each of the following topics: (1) the requirements of the Insurance Code Chapters 1114 and 1115, and the requirements of Chapter 3, Subchapter NN of this title (relating to Consumer Notices for Life Insurance Policy and Annuity Contract Replacements); (2) the prohibitions specified in the Insurance Code §§541.051 - 541.061; (3) recognition of indicators that a prospective insured may lack the short-term memory or judgment to knowingly purchase an annuity; and (4) practices relating to annuities that are prohibited by the Penal Code Chapter 35. (h) Course subjects for an annuity certification course outline may include additional topics addressing statutes enacted and rules adopted subsequent to the effective date of this section, provided that the statutes or rules relate specifically to annuities. |
