Oklahoma Approves Course Featured on IRI-RegEd Training Platform

WASHINGTON, D.C. -- As momentum builds toward the November 22 launch of the annuity training platform developed by the Insured Retirement Institute (IRI) and RegEd,  it was today announced that the

Oklahoma Department of Insurance has approved the course, NAIC Suitability in Annuity Transactions Model Regulation, for 4.0 annuity credit hours.

Advisors licensed after July 12, 2010 in the state of Oklahoma may not sell annuities until they have completed the state approved training course. Licensed advisors that were selling annuities as of July 14, 2010 must complete the initial training by July 14, 2011.

IRI, in partnership with RegEd, recently created an industry wide solution for the NAIC Model Suitability Regulation annuity training requirements. This "one-stop" platform will include insurer-produced, product-specific training, as well as state-approved required training.

"In the few short weeks since we unveiled the training platform, the response from across the industry has been tremendous," said IRI President and CEO Cathy Weatherford. "With more than 70 industry leaders involved in the development of the platform, the IRI-RegEd solution is truly industry driven. Oklahoma's approval of the course further underscores the value the platform can provide in meeting the critical need to fulfill these new educational requirements." 

To date, at least 28 states have indicated they will be adopting the NAIC Suitability of Annuity Transactions Model Regulation, or similar legislation during 2011, with more to follow. In addition to Oklahoma, several other states have implemented an annuity training requirement for producers licensed in their state. Advisors, carriers and distributors can check the requirement of the states in which they do business at www.reged.com/trainingplatform. 

In July 2010, IRI's Suitability Task Force was formed to address potential implementation issues related to the new NAIC Model Suitability Regulation. The Task Force identified the Model's new training requirements as a major implementation challenge, posing the possibility of negatively impacting consumers and the industry alike. 

Consisting of more than 70 IRI member representatives, the Task Force has evaluated and developed potential solutions to the numerous compliance and operational elements necessary to meet the requirements of the Model. 

Advisors will benefit from this platform through the elimination of confusion in terms of meeting different state and participating insurer training requirements.  An advisor with any participating company will be able to complete the Oklahoma and any other state required training at no cost to the advisorInsurers and Broker/Dealers will have the flexibility to develop content for the training and provide links to additional information on company websites.

If you are a Carrier and wish to receive additional information please contact RegEd at 800.334.8322 option #6 or sales@reged.com .

If you are a broker/dealer and wish to receive additional information please contact RegEd at 800.334.8322 option #2 or info@reged.com .

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization and is the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and to advocate before public policy makers on critical issues affecting insured retirement strategies. Visit www.IRIonline.org to experience the new, vast resources of the new Insured Retirement Institute for yourself.            

About RegEd (www.RegEd.com): RegEd is a leading provider of licensing and registration technology and outsourcing services, broker-dealer compliance management solutions and training and continuing education for financial professionals. Since 1994, RegEd has set the standard in the industry for rule-based compliance automation and technology-enabled outsourcing services. RegEd solutions deliver new levels of operational efficiency and allow firms to cost-effectively comply with state and FINRA regulations.

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