Continuing Education and Training Requirements

Resident Intermediary (Agent)
Nonresident Intermediary
Mandatory Training Requirements:
Annuity Training
Long-Term Care Training
Life Settlement Training
National Flood Insurance Training


Resident Intermediary (Agent)

Each resident intermediary license in any of the major lines and grandfathered limited line of automobile shall biennially complete 24 credits hours of continuing education approved by the Office of the Commissioner of Insurance (OCI) and with at least 3 of the 24 credit hours covering ethics in insurance. Continuing education hours must be reported electronically on or before the last day of the agent's license expiration date.

Intermediaries may fulfill the continuing education requirements by earning the required credit hours from courses taught in any or all of the major lines. If the required credit hours are not banked by the license expiration date, the license of the intermediary will be revoked and all appointments will be canceled.

Excess credit hours accumulated during any reporting period cannot be carried forward to the next reporting period. A list of continuing education courses is available on Sircon's Web site at www.sircon.com by selecting "Look Up Education Courses/Credit" and following the prompts.

A resident intermediary holding only a limited line license does not need to complete continuing education requirements.


Nonresident Intermediary

A nonresident intermediary's satisfaction of his or her home state's continuing education requirement for licensed intermediary will constitute satisfaction of Wisconsin's continuing education requirements. Nonresident intermediaries are not required to supply OCI with evidence of completing continuing education in their home state.

Nonresident intermediaries must comply with the mandatory training requirements, if applicable.


Mandatory Training Requirements—Annuity Training

An insurance intermediary must complete a one-time, four-hour annuity training course and the insurer-specific annuity product training before SOLICITING the sale of any annuity product. The training is required for both resident and nonresident intermediaries and it applies to both individual and group annuity sales.

An intermediary who satisfies the training requirement of another state that is substantially similar to Wisconsin's law will be deemed compliant for Wisconsin's requirement. The course must include, but not be limited to, identification of the parties to an annuity, how fixed, variable and indexed annuity contract provisions affect consumers, the application of income taxation of qualified and nonqualified annuities, the primary use of annuities as well as appropriate sales practices, replacement and disclosures.

It is up to each insurer to verify that the intermediary has completed the required training. Insurers are also required to establish standards for intermediary product training and to provide product-specific training and training material that explains the company's annuity product to its intermediaries prior to soliciting the company's product.

For more information, please refer to s. 628.347 (4m), Wis. Stat.


Mandatory Training Requirements—Long-Term Care Training

An insurance intermediary that sells, solicits, or negotiates long-term care insurance products must be licensed and appointed by an insurer and must complete the initial and ongoing long-term care training.

The initial training shall be no less than 8 hours, of which 2 hours must contain Wisconsin-specific Medicaid and long-term care information. After completion of the initial training, all intermediaries must complete one 4-hour training course specific to long-term care insurance every 24 months concurrent with each individual's license renewal period, of which 1 hour must contain Wisconsin-specific Medicaid training.

The training must include, but not limited to, long-term care state and federal regulation, available long-term care services and providers, alternatives to the purchase of private long-term care insurance, effects of inflation, insurance suitability standards and guidelines.

A nonresident intermediary that has satisfied the training requirement in another state will be deemed to satisfy the training requirement in Wisconsin, except for the initial 2 hours of Wisconsin-specific Medicaid and long-term care information training. In addition, nonresident intermediaries must complete one credit hour of Wisconsin-specific Medicaid training every 24 months concurrent with each individual's license renewal period.

Insurers are responsible for ensuring that intermediaries marketing their long-term care products have completed the required training and to track and maintain records regarding this training. Intermediaries should contact the insurers with which they are appointed to sell long-term care for additional information on training and the manner in which they must document and report to insurers.

For more information, please refer to s. Ins 3.46 (26), Wis. Adm. Code.


Mandatory Training Requirements—Life Settlement Training

An individual life settlement broker shall complete an initial training course of not less than 8 hours. In addition, the broker must complete 4 hours of training every 24 months after the initial training course. The recurring training required must be completed and reported at a rate no less than 2 hours each 12 months of each compliance period.

Satisfaction of the training requirement of another state that is substantially similar to the requirements in Wisconsin will satisfy the training requirement. The life settlement training shall include all of the following, but not limited to, legal structuring of life settlement, legal relationship among parties to a life settlement, required disclosure and privacy, ethical consideration in selling, soliciting and negotiating life settlement, contract requirement, advertising and remedies.

For more information, please refer to s. 632.69 (3), Wis. Stat., and s. Ins 2.18 (4), Wis. Adm. Code.


Mandatory Training Requirements—National Flood Insurance Training

As established by the U.S. Congress, the sale of flood insurance under the National Flood Insurance Program (NFIP) is subject to the Federal Emergency Management Agency (FEMA) rules and regulations. Section 207 of the Flood Insurance Reform Act of 2004 (Act) requires all intermediaries selling flood insurance policies to be properly licensed and trained. The Act directs the Director of FEMA, in cooperation with the insurance industry, state insurance regulators, and other interested parties to establish minimum training and education requirements for all insurance intermediaries who sell flood insurance policies.

An insurance intermediary who sells flood insurance may satisfy the minimum training and education requirements by completing a course related to flood insurance and the NFIP. The course shall be for 3 hours and shall be approved for continuing education credit. Failure to comply with the training requirement may jeopardize the producer's authority to write insurance through the NFIP.

All Wisconsin-licensed resident insurance intermediaries who sell federal flood insurance policies must comply with the minimum training requirements of Section 207 of the Flood Insurance Reform Act of 2004 and basic flood education as outlined at 70 Fed. Reg., 52117 or such later requirements as published by the Federal Emergency Management Agency.

FEMA/NFIP training is also listed at www.nfipiservice.com/training. An intermediary should check to make sure the webinars/seminars he or she is taking do count for continuing education credit. For more information, go to the FEMA Web site at www.fema.gov.