Reminder: NEW Model Reg Requirements in DE and OH

Attention Delaware and Ohio producers 

NAIC Model Regulation 275 requires sales process changes:
Effective in Delaware Aug. 1, 2021 (training required before Feb. 1, 2022)
Effective in Ohio Aug. 14, 2021 (training required before Feb. 14, 2022)

For all new business written in Delaware and Ohio, 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. Get these valuable resources now. 

Resources

Find training resources through these industry training sites; RegEd and LIMRA.

To avoid delays in your business, complete training by the dates below and send us certification that you’ve taken training. 

Delaware: complete training before Feb. 1, 2022
Ohio: complete training before Feb. 14, 2022

Required forms (also found on our microsite)
NEW in DE, OH – Best Interest Attestation Form
NEW in DE, OH – Producer Disclosure Form
Updated Jan. 1, 2021 and required in all states:
Consumer Profile Form
Comparison and Disclosure Form
(No change to the current AR, FL, NV comparison forms)