Regulatory Update - Financial Services Reform Bill!

 

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We want to be your choice for preneed, senior market life insurance and annuities, in planning for everything from retirement to end-of-life needs.  If you have suggestions on helping us earn your business and achieve that goal, please contact Michael H. Ebmeier, SVP of Marketing Mike.Ebmeier@forethought.com (317-223-2725).  Thank you.

REGULATORY UPDATE Good news - both Houses of Congress have now passed the Financial Services Reform Bill.  If and when it is signed into law, as expected, it will nullify Rule 151A, and Fixed Indexed Annuities will remain regulated as insurance, as opposed to securities. State Availability No new state approvals this week. Click here for current state approval matrix.  Rates  No rate changes this week. Click here to view current rates. PRODUCER REQUIREMENTS REMINDERS Forethought University Certification  Don't procrastinate and have your commissions be held up!  All producers must complete the Forethought University Agent Exam to become a certified agent to sell Forethought® annuity products. This certification must be completed within 45 days of your first sale.   AML Training As an appointed producer for Forethought, you will need to complete Anti-Money Laundering (AML) training from a certified third party provider.  AML refresher training is required every 2 years Log in to www.forethought.com and go to the Compliance section.  From here you will be able to click on a link taking you directly to LIMRA's site, where login instructions will be provided.  After completing this course, you will also review Forethought's Anti-Money Laundering Producer Guidelines and confirm you have done so.  LIMRA provides a completed status report to Forethought and verifies your certification so you can remain in good standing. Our New business team takes pride in being able to issue new business quickly but we need your help!  We have noticed the number of Not-In-Good-Order applications has been on the rise.  We have listed the most common issues below: ·        Application  Our minimum premium is $25,000 for all products. Owner and/or Annuitant information must be complete. Signatures are required for all parties; ex. trustees, POA's and Joint Owners. Allocations must equal 100% and must be $10,000 per strategy. Allocations must match the disclosure allocations. ·         Suitability  Make sure the agent confirmation section is complete. Florida applications require the new FL suitability form if client is 65 and over. ·         Disclosure  Allocations must equal 100% and must be $10,000 per strategy. Allocations must match the amounts on the application. Additional disclosure is required for California residents 65 and older. Additional disclosure is required for Florida residents for all replacements. ·        Transfer/Exchange Packet  Complete all information (name, address and contract number)for the ceding carrier. Be sure to mark Section 3b.- the reason for the Direct Rollover. Complete Section 6 for non qualified assignments. Signatures are required for all parties; ex. trustees, POA's and Joint Owners. Replacement forms may be state specific. Please be sure to login to www.forethought.com to access the most current applications, forms and disclosures for all Forethought annuity products.      Don't forget! We've increased CAPS for Index Bonus 115 & Income 125   Monthly Point-to-Point with Cap increased to 2.60% (ultra band); 2.35% (high band); 2.10% (low band) for Index Bonus 115 and Income 125 Annual Point-to-Point with Cap interest crediting strategy now available for Index Bonus 115 with caps at 6.25% (ultra band); 6.00% (high band); 5.50% (low band) Index Bonus 115 GA commissions 7.5% ages 0-75; 5.0% ages 76-85 Income 125 GA commissions 7.0% ages 0-75; 5.0% ages 76-85

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