Annuity Suitability & Best Interest

Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24)

Beginning February 16, 2021, the provisions of the DOL’s new Fiduciary Rule became effective, including the expanded definition of fiduciary and Impartial Conduct Standards under new and amended prohibited transaction exemptions. The DOL provided a non-enforcement grace period that will expire on February 1, 2022. This Rule represents the most significant change to retirement investment …

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Are insureds entitled to interest on delayed claims?

Almost all states have statues dealing with this issue.  In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear.  Interest rates vary from state to state.  A common issue found in market conduct examination by the state regulators is lack of notice of the …

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DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020

Under the Department of Labor’s (DOL) new policies, all producers (agents) that rollover funds from a  Individual Retirement Account (IRA), Pension or other similar plans to an IRA annuity or other Defined Contribution/Benefit plans must meet the 5-part test under the Prohibited Transaction Exemption (PTE).  Those requirements can be found in PTE84-24 put out by …

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Update 1-Hour Webinar on Annuity Suitability & Best Interest

For those that completed the prior Annuity Suitability  4-hour course, you have the opportunity to complete 1 hour update on the changes in the law.   They are required to complete their insurer’s training on their annuity products. Here are the states where the 1-hour webinar is currently available the date that it expires: Alabama** 1 …

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New Annuity Suitability and Best Interest Requirement

Anyone wanting to sell Annuities must complete a 4-hour course on Annuity Suitability and Best Interest and a company training on their annuity products.  For those producers that complete the prior 4-hour course, they have an opportunity to complete a 1-hour course covering the changes within 6-months of the effective date. Alabama** 1 hour Webinar …

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