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From the standpoint of FINRA and federal securities interests, the Series 6 exam allows you to sell variable lines products, yet individual states require that you take a Series 63 exam in addition to the Series 6 before you can sell variable annuities in that state.
Financial professional need two types of licenses to sell variable annuities: State insurance license. Series 6 or Series 7 license from FINRA (specifically for variable annuities)
A person selling individual variable life insurance, in addition to maintaining current life insurance licenses under applicable state laws, must be a registered broker/dealer or a registered representative of a broker/dealer.
To sell variable lines insurance products like variable annuities, RILAs, or variable life insurance, however, you'll need to take either the Series 7 or the Series 6 as a top-off exam.
New rule 498A under the Securities Act of 1933 will permit a person to satisfy its prospectus delivery obligations under the Securities Act for a variable annuity or variable life insurance contract by sending or giving a summary prospectus to investors and making the statutory prospectus available online.
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.
You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. A variable annuity offers a range of investment options. The value of your investment as a variable annuity owner will vary depending on the performance of the investment options you choose.
Selling them must be registered with the Financial Industry Regulatory Authority (FINRA). To find out how your state treats variable annuities, you should contact both the securities and insurance regulators for your jurisdiction.