Arkansas

Lost Policy Locator

The National Association of Insurance Commissioners (NAIC) has established a search engine to find lost policies for families of a deceased love one.  That website is:   https://eapps.naic.org/life-policy-locator/#/welcome.   This website shares the information with all life insurers in the country.  It is recommended to have a copy of the death certificate and information on prior […]

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Changes in Required Minimum Distributions to Age 73

The SECURE Act 2.0 was part of the Deficit Reduction Act  signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73  in 2023, can delay their first RMD until next April 1 of the year

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If a register representative is fined by FINRA, is the requirement to notify my home state Insurance Regulators?

Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not.  Insurance producers are required to notify the Insurance Regulators of any violations within 30 days.   At the time of a license application or license renewal, producers are required to list all violations by any regularity

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Required Reporting of Criminal Conviction

Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance

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Renewal Commissions

Can I drop my insurance license and continue to receive renewal commissions? Answer: As a general rule for most states, you must be licensed to receive any commissions new or renewals. Even if you do keep your license in force, some companies require some level of sales for you to continue receiving commissions. Check with

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Medicare Advantage Commissions

Question: I am no longer selling Medicare Advantage plans, can I receive my renewal commissions without doing the training? Answer: According to Medicare regulations, you must complete the annual training and score 90% or better on the final examination in order to continue getting renewals commissions.

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What is a contestable period of a life insurance policy?

During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of  information.  In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.

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What is the Gramm-Leach-Bliley Act (GLBA)?

President Clinton signed into law the Gramm-Leach-Bliley Act(GLBA) (P.L. 106-102) on November 12, 1999. GLBA requires state insurance regulators to issue rules protecting the privacy of insurance consumers’ personal information.  These rules require insurance companies, producers, and other entities engaged insurance activities to protect the customer’s financial and health information. It requires insurers to: Notify consumers of their privacy policies;

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