NAIC Model Regulation 275 requires sales process changes
October 1, 2022 @ 12:00 am - April 8, 2023 @ 12:00 am
Attention New Mexico, Wisconsin, and Maryland producers
NAIC Model Regulation 275 requires sales process changes
In New Mexico and Wisconsin:
EFFECTIVE DATE: Oct. 1, 2022 and TRAINING REQUIRED BY: Apr. 1, 2023
In Maryland:
EFFECTIVE DATE: Oct. 8, 2022 and TRAINING REQUIRED BY: Apr. 8, 2023
For all new business written in New Mexico, Wisconsin, and Maryland, a new annuity standard of care rule becomes effective on the dates listed above. This new “best interest” standard, which replaces the old suitability standard, includes several substantive changes to both producer obligations and supervising insurer obligations. These changes will impact the sales process – including new point-of-sale form requirements, producer disclosures, and documentation obligations.
We’ve developed a Compliance Blueprint to help you understand your new obligations and summarize the new business requirements. Included with the Compliance Blueprint is the Doing Business With North American Blueprint. This Doing Business Blueprint is intended to be a “cheat sheet” of sorts for you to refer back to as you are getting comfortable with your new compliance obligations. Get these valuable resources now.
Microsite
Our microsite offers resources you’ll need to navigate the new regulation.
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES.
Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance.
Attention New Mexico, Wisconsin, and Maryland producers
NAIC Model Regulation 275 requires sales process changes
In New Mexico and Wisconsin:
EFFECTIVE DATE: Oct. 1, 2022 and TRAINING REQUIRED BY: Apr. 1, 2023
In Maryland:
EFFECTIVE DATE: Oct. 8, 2022 and TRAINING REQUIRED BY: Apr. 8, 2023
For all new business written in New Mexico, Wisconsin, and Maryland, a new annuity standard of care rule becomes effective on the dates listed above. This new “best interest” standard, which replaces the old suitability standard, includes several substantive changes to both producer obligations and supervising insurer obligations. These changes will impact the sales process – including new point-of-sale form requirements, producer disclosures, and documentation obligations.
We’ve developed a Compliance Blueprint to help you understand your new obligations and summarize the new business requirements. Included with the Compliance Blueprint is the Doing Business With North American Blueprint. This Doing Business Blueprint is intended to be a “cheat sheet” of sorts for you to refer back to as you are getting comfortable with your new compliance obligations. Get these valuable resources now.
Microsite
Our microsite offers resources you’ll need to navigate the new regulation.
Resources
Find training resources through RegEd.
To avoid delays in your business, complete training by the dates below and send us certification that you’ve taken training.
New Mexico, Wisconsin: complete training before Apr. 1, 2023
Maryland: complete training before Apr. 8, 2023
Use secure document upload, the quickest, easiest way to get us your certification.
Required forms (also found on our microsite)
NEW in New Mexico, Wisconsin, and Maryland – Best Interest Attestation Form
NEW in New Mexico, Wisconsin, and Maryland – Producer Disclosure Form
Consumer Profile Form
Comparison and Disclosure Form
(No change to the current AR, FL, NV comparison forms)
Questions? Call Sales Support at 866-322-7066.
NorthAmericanCompany.com
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES.
Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance.
35375Z-TR-HTML | PRT 9-22
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