Simplified Suitability Forms and More, Effective 08/24/23

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A Simplified Suitability Process

At American Equity, we strive to make submitting new business as smooth as possible. With that in mind, we’re introducing a new suitability form on August 24, 2023. 

The new Suitability Acknowledgement form (#014106) provides a simplified approach to suitability review. Important changes include: 

  • Fewer questions to answer. In fact, we cut the number of questions by approximately 60%
  • Tips to help guide you on what information needs to be included or excluded
  • One version of our suitability form, for a streamlined experience

New forms will be available on Thursday, August 24, 2023, along with our EZ Suit™ tool. We will continue to accept the current forms for 30 days. The new forms will be required for all business submitted on or after Monday, September 25, 2023. 

Please note: This new form is not available for use in Florida. Florida agents should continue to use the Annuity Suitability Questionnaire (#014106-FL) and, if business includes a replacement, the Disclosure and Comparison of Annuity Contracts (#014001-FL).  

Appendix A in NAIC Best Interest States

In states that have adopted the revised NAIC Suitability in Annuity Transactions Model Regulation #275 (commonly known as “Best Interest”), producers are required to meet four obligations: Care, Disclosure, Conflict of Interest and Documentation.

In the spirit of partnership, our Appendix A form (Insurance Agent Disclosure for Annuities, #014106-APNX-A or the Minnesota-specific version, #014106-APNX-A-MN) will be available beginning on Thursday, August 24, 2023. The new form will be required for all business submitted on or after Monday, September 25, 2023.  

We know that you’re already filling out and keeping this form for your own records if you’re in a Best Interest state. We’re asking for a copy of the form for our own records to head off any future questions about recordkeeping, and to support you in your own compliance efforts. 

Pre-Suitability Review with EZ Suit™

This dynamic new pre-suitability review tool will replace our existing Potential Business Form (#4079) while providing real-time suitability review guidance. 

This works by: 

  • asking fewer questions and providing real-time answers
  • identifying potential suitability concerns
  • delivering a list of suitable products 
  • delivering a range of suitable premium amounts 

See how easy pre-suitability review can be with this quick video. 

EZ Suit™ will be available beginning August 24, 2023, along with the new features on MyPortal, American Equity’s redesigned agent website. 
 
Thank you for being a valued partner with American Equity.