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Are Health Sharing Arrangement an Alternative to Traditional Health Insurance?

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At Least 1.7M Americans Use Health Sharing Arrangements, Despite Lack of Protections  byline: Markian Hawryluk , June 14, 2023  Reprinted with permission A new report has provided the first national count of Americans who rely on health care sharing plans — arrangements through which people agree to pay one another’s medical bills — and the […]

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Are insureds entitled to interest on delayed claims?

Accident Health License, alabama, Annuity Producers, Annuity Suitability & Best Interest, Arkansas, Colorado, Delaware, Education, General, Idaho, Illinois, index annuities, Index Life Insurance, Indiana, Iowa, Kansas, Life Insurance, Louisanna, Mississippi, Missouri, Nebraska, New hampshire, North Carolina, North Dakota, Rhode Island, South Dakota, Uncategorized, Virigina, West Virginia, Wisconsin, Wyoming /

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

alabama, Annuity Producers, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Colorado, Delaware, General, Idaho, Illinois, Indiana, Iowa, Kansas, Life Producers, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, West Virginia, Wisconsin, Wyoming /

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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Business Entity License being suspended

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If the Designated Responsible Licensed Producer (DRLP) fails to renew their producer’s license, the insurance regulators will suspend the Business Entity License.  Insurers can not pay commissions to  suspected Business Entity.  In order to protect against that happening make certain the DRLP renews their license early.  The other solution is to have 2nd DRLP for

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Changes in Required Minimum Distributions to Age 73

alabama, Annuities, Annuity Producers, Annuity Training, Arkansas, Colorado, Delaware, General, Idaho, Illinois, Indiana, Iowa, IRA Pension Limits, IRS Contributions Limits, Kansas, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Pensions, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming /

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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Is there a way to search for written life insurance policies in any State?

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Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment      

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Someone with a Personal Lines can sell what?

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This type of line means the individual can sell only personal homeowners, renters, boat insurance, motor cycle, recreational vehicles and auto policies. The individual cannot sell or insure farm, commercial or business policies. To be able to sell farm, commercial or business policies the individual must acquire their Property/ Casualty license. An example:  Joe wants

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Does the State of Illinois offer a finance plan for renewal license fee?

Education, General, Illinois, Insurance licensing, Licensing /

No the State of Illinois does not offer a payment or financial plan. For example: If the individual in question had their license expired a year ago in September, the individual failed to complete the C.E. requirements, did not have the money to pay the license renewal amount and  therefore failed to renew license they

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