Effective July 1, 2011 individuals selling variable products must hold a Variable Life and Annuity line of authority. Producers desiring to add the variable qualifications to their license have until January 1, 2012 to apply for the qualification, or they must cease selling, soliciting, or negotiating variable life and annuity products after December 31, 2011. Producers acquiring their initial license after June 30, 2011 must have the Variable Life and Annuity qualification on their license to sell, solicit, or negotiate variable life or annuity products.
- All changes in reference to the Variable Life and Annuity line of authority can be found in IDOI Bulletin 184
- Please note that adding a new line of authority to a license does not affect the original date of expiration nor renew the license.
Requirements for adding the Variable Life and Annuity line of authority:
- The producer must be Life or Life, Accident & Health licensed.
- The producer must be Financial Industry Regulatory Authority (FINRA) registered with either a Series 6 or 7.
- The producer must submit either a paper or online application and $40.00 fee to the department. To submit an application online, click here and then "Apply for a license". The application process is the same for new licenses and the addition of new lines of authority.
- On the application, the producer must verify their FINRA registration with a CRD number. Individual CRD numbers can be found through the FINRA.org website here.
Continuing Education requirements for the Variable Life and Annuity line of authority:
- All Producers with the Variable Life and Annuity line of authority must complete a one-time 4-hour Annuity Suitability Training course prior to June 30, 2012. Available course offerings can be found through Sircon here and then clicking "Approved Courses Inquiry".
- Titles of approved courses in Indiana will have key words such as NAIC Suitability, Suitability in Annuities Training, or Four-Hour Annuity Training. Before taking an annuity course without these key words it is suggested producers confirm with the provider that their course complies with Indiana requirements.
- How to Look Up CE Courses