• Rep. Wagner drafts bill to kill DOL fiduciary rule, replace it with best-interest standard

    by admin sunderland | Jul 12, 2017
  • North American Annuity DOL New Business Forms for 6-9-17

    by admin sunderland | Jun 07, 2017

    New Business Forms Changes
    Effective June 9, 2017

    As part of our process to comply with the Department of Labor (DOL) Fiduciary Rule's June 9, 2017 applicability date, updated suitability forms will be required.

    NEW - The forms below will be required if application signed (not received) on June 9, 2017 or after.

    If North American is performing suitability, the updated forms below will be required for all applications (includes an acknowledgment in reference to the DOL Conflict of Interest Rule).

    Deferred Suitability Form (26003Z) or
    Immediate Suitability Form (26004Z)

    IN ADDITION: You can preview new suitability comparison forms on our DOL Resource page. These new forms serve as a resource now and will be required on 8-1-17.
  • Phoenix DOL Fiduciary Rule and Doing Business

    by admin sunderland | Jun 06, 2017

    IMPORTANT NOTICE: DOL Fiduciary Rule and Doing Business with Phoenix

     

    Phoenix is committed to offering our distribution partners annuity solutions for their customers. 
     
    On May 22, 2017, the U.S. Department of Labor (DOL) announced that certain aspects of the Fiduciary Rule it issued in April 2016, would become effective on June 9, 2017.  As a result, sales of qualified annuity contracts after that date will need to comply with a Prohibited Transaction Exemption (PTE) issued by the DOL.  After June 9, 2017, producers recommending the purchase of annuity products with qualified funds will be considered fiduciaries and will need to comply with PTE 84-24 for sales of Phoenix annuity products.
     
    What’s Changed After June 9, 2017:

    • For all annuity applications (both qualified and non-qualified) signed and dated after June 9, complete and return the required Producer Acknowledgement with the Application Package.  No client signature is necessary. 

     

    • For qualified annuity sales: producers can complete and use the Supplemental Disclosure we are making available or can use a different document as long as it contains the disclosures required by PTE 84-24.  Producers must retain the completed disclosure in the producer’s files for recordkeeping purposes.

     
    Want more information?
    The enclosed memo contains an overview of the Fiduciary Rule and PTE 84-24.  Phoenix has provided this memo for your information and is not responsible for its content or for producers’ compliance with the requirements of PTE 84-24. Also, the DOL may change the Fiduciary Rule and the related Prohibited Transaction Exemptions before they fully take effect on January 1, 2018.  We will provide updated information as necessary.     
     
     
    Thank you for your business.
    Please contact the Phoenix Sales Desk at 888-794-4447 with questions.

  • Atlantic Coast Life DOL Fiduciary Rule Update

    by admin sunderland | Jun 06, 2017

    DOL Fiduciary Rule is Here
    Department of Labor Secretary Acosta confirmed on Monday, May 22, 2017 that the fiduciary rule will begin phasing in June 9, 2017, requiring a higher standard of care for advice given on qualified retirement investments. The full requirements will go into effect on Jan. 1, 2018, barring further regulatory or legislative changes.

    What This Means For You
    Starting June 9, 2017, producers who give advice on investments in retirement accounts (qualified funds) will be held to the Impartial Conduct Standards, which has three requirements:

    • Advice is in the best interest of the customer
    • Compensation is reasonable
    • Statements about investment transactions, compensation and conflicts of interest are not misleading

    Between now and December 31, 2017, the current Prohibited Transaction Exemption 84-24 (PTE 84-24) can be used to sell all fixed and fixed indexed annuities. While the full requirements of the Best Interest Contract Exemption (BICE) do not go into effect until Jan. 1, 2018, producers and NMO's can decide between the two exemptions in the near-term. Producers who choose to use the BICE will need to submit business through a financial institution.

    Due to these new requirements and in order to satisfy the requirements and conditions of the fiduciary rule we are implementing the following changes.

    • The Producer Acknowledgment form is required for all qualified fixed and fixed index annuity sales beginning on June 9, 2017. This form will need to be submitted to the Home Office with the application.
       
    • A Disclosure Statement is required to be retained by the producer for all qualified fixed and fixed index annuity sales beginning on June 9, 2017. This disclosure needs to include information about the Impartial Conduct Standards, Fees and Charges, Compensation and your Affiliation/Limitation to the insurance company.

    Provided is a sample Disclosure Statement that you can use, however, you are permitted to use your own. Disclosure Statements for each sale should not be submitted to the Home Office, they are for your records only and should be kept on file for at least 6 years. 

    Click on the links below to access the Producer Acknowledgement form and the Sample Disclosure Statement. 

    Producer Acknowledgment Form
    Disclosure Statement

    If you have questions please email acl.sales@insadminservices.com or call 1-800-247-1423.  
  • Sentinel Security Life DOL Update

    by admin sunderland | Jun 06, 2017

    DOL Fiduciary Rule is Here
    Department of Labor Secretary Acosta confirmed on Monday, May 22, 2017 that the fiduciary rule will begin phasing in June 9, 2017, requiring a higher standard of care for advice given on qualified retirement investments. The full requirements will go into effect on Jan. 1, 2018, barring further regulatory or legislative changes.

    What This Means For You
    Starting June 9, 2017, producers who give advice on investments in retirement accounts (qualified funds) will be held to the Impartial Conduct Standards, which has three requirements:

    • Advice is in the best interest of the customer
    • Compensation is reasonable
    • Statements about investment transactions, compensation and conflicts of interest are not misleading

    Between now and December 31, 2017, the current Prohibited Transaction Exemption 84-24 (PTE 84-24) can be used to sell all fixed and fixed indexed annuities. While the full requirements of the Best Interest Contract Exemption (BICE) do not go into effect until Jan. 1, 2018, producers and NMO's can decide between the two exemptions in the near-term. Producers who choose to use the BICE will need to submit business through a financial institution.

    Due to these new requirements and in order to satisfy the requirements and conditions of the fiduciary rule we are implementing the following changes.

    • The Producer Acknowledgment form is required for all qualified fixed and fixed index annuity sales beginning on June 9, 2017. This form will need to be submitted to the Home Office with the application.
       
    • A Disclosure Statement is required to be retained by the producer for all qualified fixed and fixed index annuity sales beginning on June 9, 2017. This disclosure needs to include information about the Impartial Conduct Standards, Fees and Charges, Compensation and your Affiliation/Limitation to the insurance company.

    Provided is a sample Disclosure Statement that you can use, however, you are permitted to use your own. Disclosure Statements for each sale should not be submitted to the Home Office, they are for your records only and should be kept on file for at least 6 years. 

    Click on the links below to access the Producer Acknowledgement form and the Sample Disclosure Statement. 

    Producer Acknowledgment Form
    Disclosure Statement

    If you have questions please email sales@sslco.com  or call 1-800-247-1423.  

  • FGL Compliance Update - Department of Labor Fiduciary Rule

    by admin sunderland | Jun 06, 2017
  • AIG Annuity: Compliance Bulletin DOL Fiduciary Rule

    by admin sunderland | Jun 05, 2017
    Dear Selling Agency/Agent:

    As you may be aware, even with the delay in the DOL Fiduciary Rule, some components of the Rule become applicable on June 9, 2017. Please see the Compliance Bulletin from the AIG Life Companies regarding sales of our annuity contracts as of June 9. It outlines our understanding of your obligations and role. Please read it carefully. Beginning June 9, we will require an attestation from the writing agent that the agent is conducting business in accordance with the Rule when selling our annuities. The attestation will be included under the existing "Financial Professional's Statement" signature page of the Owner Acknowledgement and Disclosure Statement. If you have questions, please contact your marketing organization or AIG representative or the Annuity Service Center at AnnuityServiceCenter@aig.com.

    Please note: Because many producers sell both annuities and life insurance with the AIG Life Companies, you may receive similar notices from other business units.

    We appreciate your business, and remain committed to helping you meet the retirement planning and income needs of your clients. Thank you.

    AC417 (05/2017) J101864 AGL DOL
  • Guaranty Income Life - DOL Rule Bulletin

    by admin sunderland | Jun 05, 2017

    Guaranty Income Life Insurance Company
    June 5, 2017

    Advisor Disclosures For Fixed Annuity Purchases with Funds from an IRA or other Qualified Retirement Plan
     

    To Our Valued Business Partners and Producers:

    As you are likely aware, effective June 9, 2017, the US Department of Labor’s (“DOL”) revised “Fiduciary Rule” under ERISA will take effect.

    At GILICO, we know that our producers work hard each day to provide clients with excellent annuity products to help meet their savings and retirement needs; and your great work will continue. In accordance with the most recent DOL regulations, we expect all who sell GILICO’s products to familiarize themselves with and conduct your business according to these regulations as required by your agent contract. For your convenience, and to provide additional information on the evolving status of the Fiduciary Rule, we attach a link to the DOL Field Assistance Bulletin No. 2017-02.

    In summary regarding the Fiduciary Rule, those currently engaged in selling GILICO’s fixed annuity products will be deemed fiduciaries of those clients purchasing with funds from an IRA or qualified retirement plan. It is important that you begin conducting such business in accordance with the Fiduciary Rule’s “Impartial Conduct Standards” -- this includes acting in the client’s best interest, accepting only reasonable compensation and avoiding misstatements in product presentations.

    In order for advisors to meet their responsibilities under the Fiduciary Rule, we know that many organizations are circulating forms such as the attached “Disclosure Statement.” GILICO will not require submission of a company specific form; however, this form should aid you in conducting compliant sales and documenting important information for your clients. GILICO producers are reminded to begin using a disclosure statement – or a form substantially similar to the attached form – before completing any sale of a GILICO fixed annuity product with funds from an IRA or other qualified retirement plan, starting on June 9, 2017, and until further notice. You are expected to maintain such completed forms in your records for six years on each sale.

    This will be the extent of business practice changes that GILICO will expect at this time. We are NOT making changes to your Selling Agreement contracts. Also we are NOT altering what we believe to be reasonable compensation levels for the important advisory services you provide your clients.

    Given that the DOL’s approach and guidance on the Fiduciary Rule is evolving, we urge you to stay current on your responsibilities, watch for future updates that we may provide on GILICOlink.com and continue taking excellent care of GILICO policyholders.

    Thank you for your business!


  • Allianz - New documents for FIA business required as of June 9

    by admin sunderland | Jun 01, 2017

    New documents for FIA business required as of June 9

    Beginning June 9, 2017, new documentation will be required when selling fixed index annuity (FIA) business from a qualified source under the PTE 84-24:

    • Written client disclosure
      This disclosure document is required to be given to your client as indicated in these instructions. A copy should be kept for your records. Do not submit with application. Here is a template with suggested wording that you can utilize.
    • June version of the financial professional report
      Submit this report with your applications to help ensure your business is processed without interruption.

    As always, please check with your broker/dealer for specifics on how to submit your business.

    If you have questions about these changes, please call your Allianz sales representative.
  • Great American - DOL Fiduciary Rule Update and AML Training Now Available

    by admin sunderland | Jun 01, 2017

    No Delay for DOL Fiduciary Rule

    The Department of Labor announced there will be no delay in the June 9 applicability date of the Fiduciary Rule. Additionally, the DOL clarified the Rule will apply beginning at 11:59 p.m. on June 9.  

    Visit our DOL webpage  to find updated information about the Rule and how it affects your annuity sales. 



    Refresher Anti-Money Laundering Training now available:

    The LIMRA 2017 Anti-Money Laundering refresher course, Preventing Money Laundering – Anti-Money Laundering for Insurance Review is now available at https://aml.limra.com. This course takes approximately 20 minutes to complete and must be completed by December 31, 2017 in order to avoid delays in new business processing and commission payments. Refer to the training instructions for additional details.

    If you complete this training through an approved provider other than LIMRA, you can fax us the certification of completion at 513-412-5144.

    Approved providers include: American Family; Cetera Financial Group; FINRA; Voya (formerly ING); John Hancock; Kaplan Financial; Lincoln Investment Planning; National Planning; Quest CE; Reg Ed; SWBC Investment Service; Web CE; Wells Fargo

    If you have questions regarding the training, please call Contracting and Licensing at 800-438-3398 (select option 3, then option 2).
  • AIG Annuity - DOL Regulatory Implementaion - Training Now Available

    by admin sunderland | Jun 01, 2017

    DOL Regulatory Implementation – Training now available!

    Due to the impact of the DOL Regulatory rule to clients, there are critical elements to be aware of to ensure conformance with the Rule. A training session is now available on Career Campus.

    To access the course, log into Career Campus through eStation.

    The Fiduciary Rule and You

    • This module will discuss the impact of the DOL Fiduciary Rule on the Life Insurance Business and will cover what you need to know about the Rule to protect your clients, yourself and AIG.

    Coming soon – please watch for further communications:

    DOL – Do’s and Don’ts Training

    • Review the important Do’s and Don’ts to help you in prospecting and selling situations.

    We are excited to provide you this important training to get you up to speed quickly. Should you have any questions, please forward them to AdvancedMarkets@aig.com.

  • Bad News Coming True For DOL Rule, U.S. Chamber Says

    by admin sunderland | May 31, 2017
  • Allianz Registered Rep Compensation Update

    by admin sunderland | May 26, 2017
  • Allianz Insurance Only Agent Compensation Update

    by admin sunderland | May 26, 2017
  • North American [IMPORTANT] DOL Fiduciary Resources

    by admin sunderland | May 26, 2017


    Available Fiduciary Obligation
    Resources

    As part of our process to comply with the Department of Labor (DOL) Fiduciary Rule's June 9, 2017 applicability date, we encourage you to review our Fiduciary Obligation Resources which include:

    - Understanding Your Fiduciary Obligations
    - PTE 84-24 Consent
    - ERISA/IRA Rollover Worksheet
    - Best Interest Questionnaire and "How To"



    Don't have a login? It's easy, click here.

    Visit our Resource Page for More Information today!


    NOTE: If you are a registered representative, please contact your Broker-Dealer for requirements.

    Your business is important to us! Watch your email for further information related to DOL.

    Register Today!
    DOL Prep Web Event, June 1, 2017, 3:00 p.m. (CDT)

    Questions? Call Sales Support at 866-322-7066
    www.NorthAmericanCompany.com

  • DOL fiduciary rule pushes indexed annuity carriers to develop new products

    by admin sunderland | May 25, 2017
  • AIG Annuity Urgent Compliance Bulletin: DOL Fiduciary Rule

    by admin sunderland | May 25, 2017

    Compliance Bulletin: DOL Fiduciary Rule

    Dear Selling Agency/Agent:

    As you may be aware, even with the delay in the DOL Fiduciary Rule, some components of the Rule become applicable on June 9, 2017. Please see the Compliance Bulletin from the AIG Life Companies regarding sales of our annuity contracts as of June 9. It outlines our understanding of your obligations and role. Please read it carefully. Beginning June 9, we will require an attestation from the writing agent that the agent is conducting business in accordance with the Rule when selling our annuities. The attestation will be included under the existing "Financial Professional's Statement" signature page of the Owner Acknowledgement and Disclosure Statement. If you have questions, please contact your marketing organization or AIG representative or the Annuity Service Center at AnnuityServiceCenter@aig.com.

    Please note: Because many producers sell both annuities and life insurance with the AIG Life Companies, you may receive similar notices from other business units.

    We appreciate your business, and remain committed to helping you meet the retirement planning and income needs of your clients. Thank you.


  • North American DOL Prep Webinar

    by admin sunderland | May 25, 2017
    Register Today!
    DOL Prep Web Event, June 1, 2017, 3:00 p.m. (CDT) 
  • American Equity - Important Update - DOL Fiduciary Rule

    by admin sunderland | May 25, 2017

    On May 22, 2017, Department of Labor Secretary Acosta confirmed the agency will not delay the applicability date of the Fiduciary Rule beyond June 9, 2017. While American Equity does not believe the Rule as written is in the best interest of retirement savers and will continue to work to revise or rescind the Rule, we all must take steps to conform to the Rule’s requirements.

    As of June 9, 2017, agents will be a fiduciary when they sell a fixed or fixed index annuity to a consumer using ERISA retirement plan or IRA funds. Agents will need to comply with Prohibited Transaction Exemption 84-24 (PTE 84-24) or the Best Interest Contract Exemption (BICE) in order to receive compensation.

    Agents utilizing PTE 84-24 will need to comply with the Impartial Conduct Standards and the PTE 84-24 disclosure requirements. Click here for a sample disclosure. Click here for additional information about PTE 84-24. This disclosure does not need to be submitted to us but should be retained in the agent file. PTE 84-24 can be used for fixed index annuities until January 1, 2018. BICE will apply to sales of fixed index annuities on January 1, 2018, unless the Rule is revised.

    Agents utilizing BICE will need to comply with the Impartial Conduct Standards and submit business through a Financial Institution. Additional BICE requirements will be effective January 1, 2018. Click here for information about BICE.

    Due to these requirements, we have made changes to our business process. Entities acting as a Financial Institution will need to execute a Selling Agreement with American Equity. Effective June 9, 2017, a signed Producer Attestation (Form 4510) will be required for PTE 84-24 sales and rollovers involving qualified funds for American Equity traditional fixed and fixed index annuity business. This applies to new sales and additional premium submitted by an agent.

    We are also updating the terms of your agent contract to reflect your understanding that compliance with the Rule is required. Click here to open and review the contract amendment. This update becomes effective June 9, 2017. Please contact Agency Services if you have any questions.

    We appreciate your business and thank you for your efforts to implement the Rule. American retirees need the guarantees and lifetime income that only our products can provide. We look forward to a strong and successful future with you!

  • ALLIANZ DOL update: What to expect starting June 9

    by admin sunderland | May 23, 2017

    Beginning June 9, 2017, if you are submitting FIA business from a qualified source under the PTE 84-24, the following are required:

    • Written client disclosure (do not submit to Allianz)
    • June version of the financial professional report

    Please review the following training tutorial to learn more about:

    • A review of the current DOL fiduciary rule
    • Your responsibilities under PTE 84-24
    • Details on how to submit business to Allianz using PTE 84-24
    Take training

    If you are affiliated with a broker/dealer, please check with them regarding how to submit your business.

    Rest assured that we are committed to helping you prepare for June 9 and beyond to ensure that your business continues to process smoothly and without interruption.


    EFIX-4947
    (5/2017)

    Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.

    Products are issued by Allianz Life Insurance Company of North America, PO Box 59060, Minneapolis, MN 55459-0060.

    For financial professional use only – not for use with the public.

    Product and feature availability may vary by state and broker/dealer.