Best Interest Standard Coming to New Hampshire

The NAIC Best Interest Standard was enacted in New Hampshire on February 16, 2024. There are two updates necessary to conduct business.

Required Training

• Life insurance producers licensed on or after February 16, 2024, must complete an annuity training course that meets the newly adopted INS 305 requirements before selling annuity products.
• Life insurance producers licensed before February 16, 2024, and who completed the annuity training course before January 1, 2024, will have until August 16, 2024, to complete the annuity training course, which meets the requirements of the newly adopted INS 305.
• Life insurance producers who were licensed before February 16, 2024, and who completed the annuity training course that meets the requirements of the newly adopted INS 305 on or after January 1, 2024, will be deemed by the department to be compliant with the rule's new training requirements.

New Disclosure Form

• A new state-required disclosure form is available to help agents describe the nature of their client relationships.

The Department of Insurance in New Hampshire granted carriers a 60-day grace period, between February 16 and April 17, 2024, to become compliant with the new requirements of the INS 305. During this time, the Department withheld enforcement action against carriers to allow carriers time to comply with the new requirements. Agents who have not completed the training within the allotted time will have their commissions withheld until training is complete. All producers on the application must complete the continuing education and product-specific training.