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| Licensing Requirements For Variable Annuity Products |
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An insurance agent, in order to sell variable annuity products in Ohio, must be licensed in Ohio and hold both life insurance and variable qualifications. Ohio’s agent licensing laws do not make a distinction between group and individual variable products. Additionally, Ohio Administrative Code (“O.A.C.”) section 3901-6-02(K) provides that an agent may not solicit an offer to buy or a sale of life insurance in correlation with the sale of shares of a mutual fund or other security unless he is licensed and appointed as a life insurance agent and is also licensed to sell securities by the Department of Commerce, Division of Securities in accordance with Chapter 1707 of the Ohio Revised Code. Whether an Ohio securities license is necessary depends upon the specifics of the product being sold – if it is a registered security or a life insurance product being solicited or sold in correlation with a mutual fund or other security. |