[NEW] Model Reg requirements in Mississippi and Pennsylvania

Attention Mississippi and Pennsylvania producers

NAIC Model Regulation 275 requires sales process changes

IN MISSISSIPPI: 
EFFECTIVE DATE: Jan 1, 2022 and TRAINING REQUIRED BY: July 1, 2022

IN PENNSYLVANIA: 
EFFECTIVE DATE: June 20, 2022 and TRAINING REQUIRED BY: Dec. 20, 2022

For all new business written in Mississippi and Pennsylvania, a new annuity standard of care rule becomes effective on the dates 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. 

Find training resources through RegEd. 

Required forms (also found on our microsite)

• NEW in Mississippi and Pennsylvania – Best Interest Attestation Form
• NEW in Mississippi and Pennsylvania – Producer Disclosure Form
• Consumer Profile Form
• Comparison and Disclosure Form

(No change to the current AR, FL, NV comparison forms)