Attention Georgia Producers: Model Reg Requires New Forms
NAIC Model Regulation 275 requires sales process changes
| STATE | EFFECTIVE DATE | TRAINING DATE |
|---|---|---|
| Georgia | Aug. 1, 2023 | Feb. 1, 2024 |
For all new business written in Georgia, a new annuity standard of care rule became effective on the date 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
Our microsite offers resources you’ll need to navigate the new regulation.
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.
Georgia: complete training before Feb. 1, 2024
Required forms (also found on our microsite)
- NEW in Massachusetts – Best Interest Attestation Form
- NEW in Massachusetts – Producer Disclosure Form
- Consumer Profile Form
- Comparison and Disclosure Form
(No change to the current AR, FL, NV comparison forms)