GILICO Year-end information to note

Year-end Notes   Processing Cut-off Dates For Distributions: To complete distributions by December 30, GILICO’s Topeka office must receive requests in good order by December 23. For incomplete requests (NIGO), or requests received after December 23, we will strive to complete by December 30, but cannot guarantee. For New Business: GILICO’s Topeka office must receive new business requirements in good order by December 23 for contracts to be issued by December 27. This includes: Complete deferred annuity applications, including premium and without additional requirements. RMDs to be processed in 2021 must be taken before the funds are transferred. NIGO items
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Categories: Guaranty Income, Industry News, and Linked Benefit/Hybrids.

Adjustment to charge back of commission in months 7-12

Schedule Adjustments on charge back of commission   Effective 12-1-2021, GLICO is making an adjustment to its commission schedules as they pertain to the charge back of commission in months 7-12. 100% of commission will be charged back should a surrender happen within six (6) months of date of issue and 50% for surrenders within 7-12 months of issue. This is not a change to the commission rate, only the charge back in months 7-12. This change will affect all annuity products and year durations. It will be effective on all policies that fund after 1-1-2022. Questions? Call GILICO’s Agent
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Categories: Guaranty Income, Industry News, and Linked Benefit/Hybrids.

Best Interest Suitability and CE Update

Best Interest Suitability and CE Update   Best Interest (BI) Annuity Suitability regulations model has been adopted by the NAIC. Guaranty Income requires agents to complete suitability appropriate to the model reg. The Annuity Suitability Profile and Producer Relationship Disclosure forms are required with each new annuity application. We encourage you to use the online App Builder to ensure that the correct forms are being used for each solicitation. Additional Annuity continuing education requirements are being implemented as each state adopts the BI reg. Agents who have already completed the standard annuity suitability course must complete a one-hour Annuity BI
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Categories: Guaranty Income, Industry News, and Linked Benefit/Hybrids.

Attention Arkansas and Michigan: Best interest is here!

Arkansas and Michigan have updated the requirements around best interest and suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, including Asset Care Annuity Funding Whole Life. The changes for Arkansas and Michigan went into effect Dec. 29, 2020. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Arkansas and Michigan, must take these new training courses to sell these products. Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.