2021

How am I affected by the new annuity suitability and best interest requirements?

Annuity Producers, Annuity Training, Arkansas, Delaware, Idaho, Iowa, Licensing, Nebraska, North Dakota, Rhode Island, Virigina /

National Association of Insurance Commissioners (NAIC) issued a new model law #275  Annuity Suitability & Best Interest in 2020 to address problems in the old law.  For new producers wanting to sell annuities, there is a 4-hour required course to complete and training on the insurance company’s annuities prior to selling annuities.  For seasoned producers, […]

How am I affected by the new annuity suitability and best interest requirements? Read More »

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time?

Illinois, Life Policy provisions /

In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a

I have the start of dementia, how do I protect my family from lost of coverage because I failed to pay my life insurance premiums on time? Read More »

Payment of Interest on a Life Insurance policy

Annuities, Illinois, index annuities, Index Life Insurance, Life Policy provisions, Life Producers /

When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money.  To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays.  Below is the Illinois Law: 215 ILCS 5/224

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Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275)

Annuity Training, Iowa /

Iowa Insurance Commissioner, Doug Ommen,  has issued Bulletin 21-01 informing All Insurance Companies and Producers Selling Annuities Products In Iowa.   The new Annuity ‘Best Interest’ Regulation, 191 IAC 15.72 covers all annuity transaction on or after January 1, 2021.  The bulletin informs companies to make good faith efforts to comply by December 31, 2021. On

Iowa Adopted New Suitability in Annuity Transactions Model Regulation (# 275) Read More »

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