Quest Continuing Education Solutions - Insurance Continuing Education (Insurance CE)

FINRA To Postpone Rule 2821 Deferred Variable Annuity Suitability Review Implementation

2008-04-18T12:52:55Z

The Financial Industry Regulatory Authority has decided to put off enforcing a proposed deferred variable annuity sales review regulation until 180 days after it rewrites the regulation.

The proposed regulation, Rule 2821(c), would require that a FINRA member firm principal review the suitability of each deferred VA application within 7 business days after the customer had signed the application and before the application had been submitted to the insurance company.

“A number of firms asserted that 7 business days beginning from the time when the customer signs the application may not allow for a thorough principal review in all cases,” FINRA officials write in an explanation of the decision to postpone implementation of the proposed rule. “These firms asked that a different timing mechanism be used.”

Some commenters also questioned whether the proposed rule should apply to broker-dealers that do not make investment recommendations to customers and do not employ principals to perform suitability reviews, officials write.

FINRA now is preparing to respond to those concerns and others by proposing “substantive amendments” to Rule 2821 and wants to notify member firms that they can wait until a later date to comply with the rule, officials write.

FINRA is the product of a merger of the National Association of Securities Dealers, Washington, and the regulatory arm of the New York Stock Exchange.

Rule 2821(c) is part of Rule 2821, a package of proposed deferred VA suitability and supervision guidelines, which was approved by the U.S. Securities and Exchange Commission in September 2007.

The rule originally was set to take effect May 5. In January, the SEC let FINRA postpone implementation of Rule 2821(c) until Aug. 4.

The new notice will push implementation back till October or later.

FINRA’s new Variable Annuity Rule requires that financial institutions train their registered representatives on deferred variable annuities. Rule 2821 requires organizations and agents to understand the requirements of the new rule and establish a schedule for compliance training. They must also have a record-keeping system in place.

Developed by industry experts, Quest CE’s Deferred Variable Annuity Training Program allows supervisors and registered representatives to complete the training module online at their convenience. Once a student successfully completes a course, they may print a certificate of completion for their records. Additionally, student progress and completions can be monitored by compliance administrators online, and all records are maintained through Quest CE’s online record-keeping solution.

Quest CE’s Deferred Variable Annuity Training Program was designed to help financial professionals understand the suitability issues that affect the sale or exchange of deferred variable annuities.

With Quest CE’s two training modules, one for supervisors and one for producers, companies can ensure compliance with FINRA Rule 2821.

About Quest CE:

Quest CE offers customized education and online compliance management programs to financial service firms across the country. With over 100 clients in the insurance, mutual fund, and banking industries, we have the resources and expertise necessary to create and administer successful training programs for you.

For more information about FINRA Rule 2821 from Quest CE, go to www.questce.com or www.deferredvariableannuitytraining.com. You may also contact Quest CE at 877-593-3366 or via email at mkufahl@questce.com .

West Virginia Insurance Continuing Education (CE) Deadline Nears – Quest CE Offers Affordable and Easy Solution

2008-04-17T16:21:18Z

Licensed insurance agents in the State of West Virginia are required to receive 24 hours of continuing education training every two years. The deadline to complete the training is June 30, 2008. Of those credits, at least 3 must be from courses categorized as Ethics.

Quest CE is pleased to offer an easy and affordable solution for all licensed insurance agents in the state of West Virginia. According to the State of West Virginia Department of Insurance, at least 3 must be from courses categorized as Ethics. West Virginia State Insurance Department Website: http://www.wvinsurance.gov/index.htm. Quest CE is pleased to offer a complete library of online courses at affordable prices. Prices start as low as $14.95 and a complete solution is available for only $69.95. Volume discounts are available. Please contact Quest CE for more information.

For over the past 20-plus years, Quest CE has built a reputation of being the premier provider of Continuing Education to the financial services industry. In addition to offering CE for professionals holding insurance licenses and professional designations like the CFP, CIMA, CLU/ChFC, and CPA designations, Quest CE also provides a complete spectrum of training solutions.

About Quest CE
Quest CE is a nationwide provider of continuing education courses to licensed insurance professionals and financial planners. Each year Quest CE delivers over 150,000 continuing education courses either over the Internet or through live CE training. More information is available at the company’s web site at www.questce.com or by calling 877-593-3366.

Kentucky Insurance Continuing Education (CE) Deadline Nears – Quest CE Offers Affordable and Easy Solution

2008-04-17T15:32:01Z

Licensed insurance agents in the State of Kentucky are required to receive 24 hours of continuing education training every two years. The deadline to complete the training is June 30, 2008. Quest CE is pleased to offer an easy and affordable solution for all licensed insurance agents in the state of Kentucky.

According to the State of Kentucky Department of Insurance, only half of the 24 hours of continuing education required can be completed through correspondence study. Kentucky State Insurance Department Website: http://www.doi.state.ky.us/kentucky/. Quest CE is pleased to offer a complete library of online courses at affordable prices. Prices start as low as $12.95 and a complete solution is available for only $39.95. Volume discounts are available. Please contact Quest CE for more information.

Quest CE Releases Maine-Specific Long Term Care Partnership Training Course

2008-04-17T12:56:00Z

Quest CE, the nationwide provider of continuing education for insurance professionals, announced the immediate release of a new course titled, Long Term Care Partnership and the Maine Agent. This new course enables Maine producers to obtain their newly-mandated eight hours of study on the subject of long-term care and long-term care partnership programs. This training must be completed by July 1, 2008, while the producer continues to sell LTC insurance. After this date, a producer cannot sell or place a LTC policy without having completed this training.

Quest CE’s new Long Term Care Partnership course for Maine agents has already received approval from the Licensing Division of Maine’s Department of Insurance for eight credit hours of CE credit. It is available for $23.95. This price includes state rostering fees. Quantity discounts are available.

Since the passage of the Deficit Reduction Act, Maine became one of the first states to implement a new long-term care partnership program. As part of the new program, Maine requires that all producers who sell, solicit, or negotiate long-term care insurance in Maine must have eight hours of training on this subject.

Quest CE’s new course addresses long-term care, long-term care insurance, qualified partnership programs, qualified partnership policies, and the relationship between partnership policies and other public and private coverage of long-term care.

Quest CE Releases Ohio-Specific Long Term Care Partnership Training Course

2008-04-15T16:27:50Z

Quest CE, the nationwide provider of continuing education for insurance professionals, announced the immediate release of a new course titled, Long Term Care Partnership and the Ohio Agent. This new course enables Ohio producers to obtain their newly-mandated eight hours of study on the subject of long-term care and long-term care partnership programs. This training must be completed by September 1, 2008, while the producer continues to sell LTC insurance. After this date, a producer cannot sell or place a LTC policy without having completed this training.

Quest CE’s new Long Term Care Partnership course for OH agents has already received approval from the Licensing Division of Ohio’s Department of Commerce for eight credit hours of CE credit. It is available for $31.95. This price includes state rostering fees. Quantity discounts are available.

Since the passage of the Deficit Reduction Act, Ohio became one of the first states to implement a new long-term care partnership program. As part of the new program, Ohio requires that all producers who sell, solicit, or negotiate long-term care insurance in OH must have eight hours of training on this subject.

Wal-Mart to Enter Banking Industry?

2008-04-03T13:35:47Z

The United States Treasury Department is considering a plan to revamp financial regulation that would allow commercial firms like Wal-Mart to own and operate banks.

The Independent Community Bankers of America has led the fight against mixing banking and commerce and the group's president and chief executive recently bashed the Bush administration's idea.

Others, however, have acknowledged the difficulty in seperating bank and non-bank activities and feel that regulation should respond accordingly. Those, like former Utah Banking Commissioner George Sutton, believe that "seperating banking and commerce is an antiquated and outdated notion."

If passed, this new regulation would create yet another supervisory body called the Prudential Financial Regulatory Agency.

http://www.americanbanker.com/article.html?id=20080402MS6G0M35

Five Principles to Guide Congress

2008-04-03T13:28:49Z

The president and chief executive of the Federal Reserve Bank of New York has offered his insights on five principles to guide Congress as it considers reforming financial service regulation.

http://www.americanbanker.com/article.html?id=20080403ODBBE33Q

Regulatory Notice

2008-04-03T13:26:26Z

Beginning June 26, 2008, a new regulation will affect all applicants for FINRA membership.

http://www.finra.org/RulesRegulation/NoticestoMembers/2008Notices/P038195

FINRA Issues Warning

2008-04-03T13:23:58Z

FINRA issued a warning to firms against the circulation of false rumors intended to affect market conditions. Market participants are expected to review their internal controls and procedures. Individuals and entities engaging in such activities may be subject to civil and criminal prosecution.

http://www.finra.org/PressRoom/NewsReleases/2008NewsReleases/P038211

FINRA Rule 2821 Update

2008-03-31T16:02:21Z

The Financial Industry Regulatory Authority (FINRA) is still deciding how to handle supervision requirements for the variable annuity sales process. They hope to conclude the analysis of comments regarding the principal review provision and possibly make amendments to Rule 2821 soon.

They are also looking at the treatment of senior investors including the increasingly popular life settlement.

Quest CE Tax Day Giveaway Announced!

2008-03-17T15:16:00Z

Quest has announced a new contest called "The Quest CE Tax Day Giveaway." No purchase is necessary to enter and the information collected will be used for contest purposes only. Quest will not market or "spam" to entrants nor will they sell information at any time.

Entrants are limited to one entry per day. The winner will be announced on April 15, 2008.

Annuity Sales Up 8% in 2007

2008-03-10T13:44:11Z

The popularity of variable annuity guaranteed living benefit riders boosted total individual annuity sales in the U.S. to a record $257.4 billion in 2007. That is an increase of 8% over 2006.

In the last quarter of 2007, total individual annuity sales were $67.7 billion, 14% higher than in the same period in 2006.

Deferred Variable Annuity Training Demo

2008-03-05T09:23:54Z

Brookfield, WI - February 29, 2008 - Quest CE has announced the completion of their new FINRA Rule 2821 training website.

The site, www.FINRA2821Training.com, allows individuals the ability to demo a course and independent brokers and advisors can sign up for training.

2008 Anti-Money Laundering Demo Available

2008-02-27T12:56:42Z

Brookfield, WI - February 27, 2008 - Quest CE's 2008 Anti-Money Laundering course is now available for demo on their AML training site, http://www.Anti-MoneyLaunderingTraining.com.

The demo, which allows program administrators the ability to view course content without needing a username and password, will be available through March of 2008.

"We wanted to give decision makers the ability to view our course content without having to call and start a dialogue with us," said Michael Kufahl, Director of Business Development for Quest CE. "We're confident that the combination of our up-to-date course material, easy online course delivery, and daily user upload capabilities make us the industry's best option."

For as little as $2 per representative, firm's affected by FINRA and USA PATRIOT Act training requirements can ensure compliance with Quest CE.

Law Course For Oregon Insurance Producers

2008-02-12T14:28:59Z

Brookfield, WI - February 12, 2008 - Quest CE's course, Administrative Rules and Statutes for Oregon, is approved to meet Oregon's law requirement for insurance agents.

The course, approved for three credits, is available on Quest CE's retail site, www.InsuranceContinuingEducationTraining.com, and retails for $12.95.

Offering MCLE to Attorneys Leads to an Increase in High Net Worth Clients

2008-02-12T09:39:33Z

Brookfield, WI - February 12, 2008 - As many financial firms are finding, offering Minimum Continuing Legal Education (MCLE) credits to attorneys helps them increase their number of high net worth clients.

Currently, 43 states require attorney's licensed in their state to obtain MCLE credits on an annual or biannual basis. Offering credits to individuals affected by the requirement can open the door to a number of financial opportunities.

"It's really an untapped market," says Alan Krenke, President and CEO of Quest CE. "By offering MCLE credits for presentations, wholesalers are able to develop relationships with attorneys who advise high net worth clients."

Developing this relationship with attorneys, and familiarizing them with the financial products offered by their firm, can increase sales of insurance and investment products. When advising a high net worth client, the topic of investments often arises. While the attorney cannot make any financial suggestions, they can direct their client to a financial advisor offering the wholesalers products.

"Often times, a wholesaler and the manager of a financial advisory branch will coordinate the meetings, bringing together attorneys, certified public accountants, and financial advisors," says Krenke. "This creates a network of local professionals better suited to understand and cater to the needs of their clients."

New Course Meets NFA Training Requirements

2008-02-04T10:56:30Z

Brookfield, WI - January 25, 2008- Quest CE has announced the creation and filing of a course to meet the National Futures Association (NFA) one hour training requirement.

The course, Ethics and the Securities Futures Professional, covers topics required by the NFA, including law governing securities futures products, registration and licensing, ethics, promotional materials, and insider trading.

“A number of firms that we work with are affected by this requirement,” says Mike Kufahl, Director of Business Development for Quest CE. “This course will be incorporated into their programs and available to other firms and individual financial professionals as well.”

The course retails on Quest’s proprietary training site, www.InsuranceContinuingEducationTraining.com for $14.95. Quest also customizes programs for firms and offers discounts based on volume.

About Quest: Over the past 20-plus years, Quest CE has built a reputation of being the premier provider of Compliance Solutions to the financial services industry. In addition to offering CE for professionals holding insurance licenses and professional designations like the CFP, CIMA, CLU/ChFC, and CPA designations, we also provide a complete spectrum of financial compliance training solutions.

Quest CE to Exhibit Services and Technology at 2008 NAVA Marketing Conference

2008-02-04T10:56:46Z

Brookfield, WI - January 24, 2008 – Quest CE, the premier provider of Insurance Continuing Education and Compliance Solutions to the financial services industry, will be exhibiting at the 2008 NAVA National Marketing Conference in La Quinta, CA at the La Quinta Resort and Spa.

The conference, which runs from February 24th to the 27th, is titled “The Value of Annuities: Communicating it the Right Way”. It will feature elective educational sessions, general sessions, and a keynote address by Malcolm Gladwell, author of the “The Tipping Point” and “Blink: The Power of Thinking Without Thinking.”

This will mark the second consecutive year, and third time in the last four, that Quest CE has exhibited at the NAVA Marketing Conference.

Quest is inviting all attendees who are interested in learning more about their services to stop by booth #82. They will provide a demonstration of their industry-leading, web-based instructor-led administration tool, questtrak, along with information on their online Learning Management Solution and Insurance CE Voucher Card Program.

www.questce.com, www.InsuranceContinuingEducationTraining.com

New Insurance CE Website Offers Greater Ease

2008-01-18T08:51:07Z

Brookfield, WI - January 16, 2008 - Quest CE is pleased to announce the launch of their new website geared toward financial professionals looking to purchase high-quality continuing education (CE) courses at affordable prices.

The site, www.InsuranceContinuingEducationTraining.com, offers individual courses for as little as $4.95. Quest has courses approved for insurance CE credit in all 50 states, Washington, DC, and for professional designations like CFP, CLU/ChFC, and CIMA. 12-month Unlimited CE packages are also available for every state and designation starting at $12.95. These are a great value for professionals looking to fulfill their CE requirement online.

"We wanted to make the process of signing up for courses as simple as possible for financial professionals," says Alan Krenke, President and CEO of Quest CE. "Since we offer such a broad array of services to nearly every sector of the financial world, we were concerned that our retail users were overwhelmed when they got to our site. With this new site, they will no longer have to search for what they need."

As well as taking courses on the new site, professionals will also be able to review their state CE requirements, read about recent regulatory updates, and view course overviews and demos.

In addition to providing continuing education to professionals holding insurance licenses and professional designations, Quest CE also offers customizable firm element, anti-money laundering, and FINRA Rule 2821 training programs, bank and credit union training, and course authoring capabilities.

FINRA Rule 2821 Training Requirement Set to go into Effect on May 5, 2008

2008-01-16T16:42:50Z

Brookfield, WI- January 14, 2008 - Despite the recent SEC ruling, which delayed paragraph (c) of FINRA Rule 2821 from going into effect until August 4, 2008, registered representatives and supervisors must begin to comply with training requirements on May 5, 2008.

Rule 2821, also called the Variable Annuity Rule, requires organizations to train their registered representatives on deferred variable annuities. Both firms and agents must understand the requirements of the enw rule and establish a schedule for compliance training. They must also have a record-keeping system in place.

Developed by industry experts, Quest CE's Deferred Variable Annuity Training Program allows supervisors and registered representatives to complete the training module online at their convenience. Once a student successfully completes a course, they may print a certificate of completion for their records. Additionally, student progress and completions can be monitored by compliance administrators online, and all records are maintained through Quest CE's online record-keeping solution.

Quest CE's deferred variable annuity training program was designed to help financial professionals understand the suitability issues that affect the sale or exchange of deferred variable annuities.

With Quest CE's two training modules, one for supervisors and one for producers, companies can ensure compliance with FINRA Rule 2821 for as little as $2 per user.

To learn more about Quest CE's deferred variable annuity training program, go to www.DeferredVariableAnnuityTraining.com or call 877.593.3366.