REGISTERED REPRESENTATIVES:
Please contact your broker-dealer for guidance on how to comply with the DOL Fiduciary Rule.
INSURANCE AGENTS:
Effective June 9, 2017, insurance carriers will continue to accept the qualified fixed and indexed annuities, as long as you agree to comply with the Fiduciary Standard under the Prohibited Transaction Exemption (PTE) 84-24.
The PTE 84-24 provides insurance agents the ability to receive compensation as long as they meet certain requirements. The professional must:
The PTE 84-24 provides insurance agents the ability to receive compensation as long as they meet certain requirements. The professional must:
- Act according to the client's best interest
- Make no materially misleading statements (must disclose conflicts of interest)
- Accept no more than reasonable compensation
Requirements of the PTE 84-24 disclosure form:
- Identify the nature of the relationship between the agent and the insurance company
- Commissions the agent will receive for the purchase of the contract
- Material conflicts of interest (gifts, trips, incentives, etc..)
- Product fees, charges, penalties within the contract
SUBMITTING NEW BUSINESS JUNE 9, 2017:
- Many insurance companies will be updating their applications. This update will include a section that will be completed and signed by the agent to verify they are complying with the fiduciary standard.
- A number of insurance companies will also be updating their agent contracts and may require a signature by the financial professional to maintain their annuity appointment with the carrier.
LOOKING FOR DOL TRAINING?
CARRIER UPDATES & INFORMATION
Allianz
Read the attached statement from Allianz (6/5/2017) Allianz has made available a recorded DOL Fiduciary Rule training webinar. This recorded training is posted on their website. Please note: Your Allianz username and password will be required. |
Athene
How is Athene implementing the DOL Fiduciary Rule?
Read the attached statement from Athene (updated 6/1/2017)
- PTE 84-24 Disclosure and Acknowledgement: Individual Retirement Annuity
- Athene DOL Producer Guide
- Best Interest Determination Worksheet
This document was developed to help you, the advisor, document your thought process during a sale. Athene does not guarantee that this document will satisfy the best interest requirement and strongly suggests you consult with your own legal advisor as to its effectiveness in your program. - Material Conflicts of Interest
Global Atlantic
Read the attached information provided by Global Atlantic.
This statement contains information regarding the 84-24 Exemption & Disclosure, the Best Interest Contract Exemption, Suitability Forms, and Recontracting.
This statement contains information regarding the 84-24 Exemption & Disclosure, the Best Interest Contract Exemption, Suitability Forms, and Recontracting.
Integrity
Integrity has provided the following resources:
- DOL: How to do Business Guide
- Independent Agent Packet (Includes Producer Certification Form
- DOL Fiduciary Rule Q&A
North American
North American has provided the following resources:
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Oxford Life
Oxford has provided the following resources:
Voya
Read the attached statement from Voya (6/1/2017)