Agility has learned that beginning January 1, 2025, California Senate Bill 263 (SB 263) changed several annuity training requirements for resident and nonresident life agents.
The highlights of these changes are:
- Resident or non-resident agents licensed on or after January 1, 2024, must complete a one-time, 4-hour training course before soliciting individual consumers to sell non-term life insurance in California.
- Life agents selling variable life insurance plans must take an additional 2-hour training course before their license renewal specific for these types of plans.
- A new 4-hour annuity training course is required for life agents to complete before their next license renewal. Non-resident life agents representing direct response provider insurers, as defined by the California code, are exempt from this requirement (see attached FAQ document for details).
- A new 8-hour annuity training course superseding the previous training course for all current licensees must be completed by July 1, 2025. All new license holders must complete this training before selling annuity products in California on or after January 1, 2025.
The above-mentioned FAQ document can address many questions about this matter. If any agents have more questions, contact the California Department of Insurance (CDI) Agents at (916) 492-3064 or by email to [email protected] with questions about these new requirements.
To locate training vendors, contact the California Department of Insurance or visit their website at https://www.insurance.ca.gov/. The current search link on the website is not working, so please keep checking periodically to find the training resources available as soon as the link is working.
Agility provides this information as an informative summary for agents only. For the most definitive resource on SB 263 in California, please refer to the FAQ document in the blog and contact the California Department of Insurance for the answers you need.
If you have questions about this new training requirement, email the Agility Compliance team at [email protected] for assistance.
