Last Updated: October 26
- Conversion Update. Accordia Life continues to work closely with our third party administrator (TPA), Alliance-One Services, Inc. to address the outstanding concerns and follow-up activities related to the transition of policies from Athene. We would like to provide an update on the progress made since our field communication on September 22. You can expect an additional update on the other open issues within the next week.
- Non-Resident State Solicitation. Accordia Life wants to make sure its agents understand rules and regulations pertaining to "non-resident sales" of life insurance and annuities. A non-resident sale (sometimes referred to as a "cross-border sale") occurs whenever a customer buys a life insurance policy or an annuity contract outside the customer's state of residence.
- Updated Procedures Regarding 1035 Exchanges - Revised. Great news! You've talked and we've listened! New Business has reviewed our 1035 exchange procedures and will implement the following changes effective Oct 15, 2015.
- New Informal Application Limits. Announcing new minimum face amount limits for informal applications effective Monday, October 19th. To focus our efforts on business with better placement and profitability, the following parameters are in effect for submitting informals via an APS Summary or a Full Informal with American General Life Insurance Company:
- New Informal Minimum Face Amounts** Term informal $5 million * Permanent informal $1 million * Survivorship informal $1 millionIf your case meets the new criteria, please proceed using our current informal processing guidelines.
- New Applications - New Forms - Available Now. Effective October 12, 2015, we are introducing two new applications, which will mainly affect AIG Life Brokerage and AIG Insured Solutions Group financial professionals. These new applications will eventually be used by all of AIG's life insurance distribution channels, and will roll out in different phases over the next several months. The products affected by this change are:
AG ROP Select-a-Term®
AG Select-a-Term® Elite UL AG Secure Lifetime GUL® II AG Secure Survivor® II Elite Survivor Index® II Elite Global Plus® II Elite Global Survivor® Elite Index® II Value+ IUL AG Platinum Choice VUL
- Revised Replacement Forms for Fixed Annuities. Please be advised that American General Life Insurance Company (AGL) recently updated its replacement forms that are utilized with the American Pathway Fixed 5 Annuity, American Pathway Fixed 7 Annuity, and American Pathway SolutionsMYG Annuity.
- Signed Illustration Process Highlighted for Performance LTC. Peformance LTC is the first long-term care insurance to provide an illustration that shows policyholders how insurance and investment experience could affect their New Premiums in the future. This signature requirement has long been a part of the Life Insurance application process and John Hancock believes it is appropriate to extend this requirement to the long-term care insurance process with Peformance LTC.
Mutual of Omaha
- Life Underwriting Requirement Changes. Effective October 1, 2015, the following changes were made to our underwriting requirements on fully underwritten life insurance business:
- 1) The Personal Health Interview (PHI) is NO LONGER REQUIRED for ages 18-65 and for face amounts $1,000,001-$5,000,000.
- 2) An Electronic Inspection Report (EIR) will now be required for ages 46-65
- Ages 46-65 , Face Amounts $1,000,001 -$2 million
- Ages 18-65, Face Amounts $2,000,001-$5 million
- Prudential Variable Universal Life - October 2015 Fund Mergers. On October 5, 2015, shareholders approved the merger of the AST Schroders Multi-Asset World Strategies Portfolio fund into the AST Schroders Global Tactical Portfolio fund, and the AST Neuberger Berman Mid Cap Growth Portfolio fund into the AST Goldman Sachs Mid Cap Growth Portfolio fund.
- Updated General Agent Contract Specimen Forms. The General Agent Contract Specimen Forms for Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company have been updated to remove the arbitration provision under Section 7 (Disputes and Litigations). Access these forms on TransACT® by clicking on the Sales Tools tab, then Agency Forms under eOrdering. From there, select the Contract Specimen Forms option in the drop-down menu.