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Important Legal and Compliance News and Updates
September 8, 2016
Includes important information regarding:
Athene prohibits new business form alterations
Follow these advertising guidelines for quick approval
No shortcut to clean paperwork
Our Compliance Department has noticed a few instances in which applications and suitability forms received by Athene were altered after the signature by the customer, apparently without the customer’s knowledge or permission. In most cases, the modifications appear to be made in an effort to ensure “in good order” paperwork without requiring additional customer contact.
We remind our partners that Athene prohibits alterations to any forms after signature by the customer. Many regulators view unauthorized changes to be a fraudulent act. The customer must initial any and all changes required after after a form has been signed. Do not use correction fluid or tape to cover previously recorded information.
Failure to follow this requirement can result in issued contracts that do not reflect the owner’s intent. The result may be an unsatisfied client — or worse, a complaint or fraud investigation that presents a significant reputational risk to Athene and you.
We ask that you emphasize this requirement when training personnel in your agency or marketing organization offices. Thank you for your partnership and cooperation.
Advertising guidelines and submission requirements
The advertising and marketing of annuity products is the subject of heightened regulatory scrutiny. Our advertising submission process is designed to insure that your advertising is reviewed and approved for use in a timely manner.
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Important Upcoming Changes for October 8, 2016
As one of the leading providers of life insurance and annuities in the United States, we have continuously fulfilled commitments to our customers since 1886. Today, we remain focused on our commitment to our policyowners and our distribution partners and continue to make decisions for the long-term. With this focus in mind and the continuing low interest rate environment, we are making the changes as outlined in the following bulletin announcements.
Cap & Participation Rates for Indexed Universal Life Policies
There will be changes to the Cap and Participation Rates as well as Maximum Illustrated Rates for Currently Marketed Products: Builder IUL® 7, Rapid Builder IUL® 3, Guarantee Builder IUL® 3, Survivorship GIUL and Non-Marketed Products: Builder IUL®1-6, Rapid Builder IUL® 1-2, and Guarantee Builder IUL® 1-2.
Read more about these changes in field bulletin NAB-497.
Interest Crediting Rate Changes
North American is reducing fixed interest rates on our inforce block of business as well as on new sales.
Read more about these changes in field bulletin NAB-498.
Changes to Custom Guarantee® UL and Guarantee Builder IUL®
The Custom Guarantee UL and Guarantee Builder IUL products will reflect higher premiums to guarantee the death benefit to maturity. The magnitude of the change will depend on a number of factors including the issue age, underwriting class, face amount, and funding pattern.
Read more about these changes in field bulletin NAB-499.
Important Dates to Remember
- September 27, 2016:
- An updated version of the NACIS illustration software will be available for download. This version will contain the new cap, par and interest rates as well as both versions of the Custom Guarantee UL and Guarantee Builder IUL.
- October 7, 2016:
- The money must be received and applied to the policy by this date in order to receive the higher cap or par rate.
- Applications signed on or before this date AND received by the Administrative Office on or before October 21, 2016 will receive the current Custom Guarantee UL and Guarantee Builder IUL rates.
- October 8, 2016:
- The changes outlined in bulletins NAB-497, NAB-498 and NAB-499 will be effective.
- All policies listed in bulletin NAB-498 with a policy date October 8, 2016 will be credited with the new fixed interest rates.
- October 11, 2016:
- Software will be updated to remove the old guarantee rates for Custom Guarantee UL and Guarantee Builder IUL.
- October 21, 2016:
- Applications signed on or before October 7, need to be received by the Administrative Office on or before this date to receive the current Custom Guarantee UL or Guarantee Builder IUL product.
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Contact Us
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919-488-3686
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3319 Heritage Trade Drive Suite 101
Wake Forest, NC 27614
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