All American Equity NMO's and Texas Appointed Agents
Kirby Wood, Vice President - National Marketing Director James Jones, Vice President - Marketing Services
Texas H1919 Effective June 1, 2010
Effective June 1, 2010 , the State of Texas requires all annuities issued in Texas to comply with their new law H1919. This law significantly changes the state's Standard Nonforfeiture Law effectively making Texas a 10/10 state.
The following products will no longer be available for issue effective June 1, 2010:
FIXED INDEX ANNUITIES
Bonus Gold (Index-1-07)
Premier Eagle 10 (FPDA-7-08)
Retirement Gold (Index-2-09)
Premier Eagle 12 (FRG-2-09)
Advantage Gold (Index-6-07)
Income Gold (Index-3-07)
10/10 Gold (Index-6-05)
Regardless of when we receive the annuity application, 6 months ago or yesterday, all cash and 1035 exchange/direct transfer funds for applications on the above contracts must be RECEIVED in our office by the close of business on Thursday, May 27, 2010, and must be ISSUED on Friday, May 28, 2010. Any funds received after May 27th will be changed to a Texas compliant product, or returned to the source from which it came.
We will have a new product available with an anticipated May 17th introduction and will send you final specifications at that time. It will have a 5% premium bonus and a 10-year surrender schedule. We continue to work diligently on new product offerings for Texas and will let you know as things develop. In the meantime, Integrity Gold (Index-5-07), Guarantee Series (SPDA-MYGA) and SPIA-1 will remain available.
Thank you for your business!
Texas H1919 5/5/10
For Agent Information Only. Not for use in solicitation or advertising to the public.
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