The Brokers Network is proud to announce the addition of Delaware Life to our portfolio of fixed annuity solutions. Contact us for more information on their great multi-year guarantee and fixed indexed annuities with some of the highest trail commissions in the industry.
Actuarial Guideline 49 (AG-49) was adopted by the National Association of Insurance Commissioners (NAIC) in 2015 to bring uniformity to indexed universal life (IUL) illustrated rates. A revised version known as AG-49A was approved by the NAIC earlier this year to address illustrated rates for the latest innovations of IUL products, including multiplier and buy-up features. To comply with AG-49A, life insurance companies are either modifying their existing IUL products or introducing new IUL products this month. If you have any outstanding sales opportunities, we encourage to submit your applications by November 19, 2020, or contact us for updated illustrations that will comply with AG-49A.
Effective October 15, 2020, Savings Bank Mutual Life (SBLI) increased the maximum face amount for their unique Accelerated Underwriting process, which is guaranteed for anyone ages 18-60, from $500,000 to $750,000 all risk classes. The process is available on all SBLI term and whole life insurance products and provides expedited underwriting with no in-person contact to maximize social distancing.
The Brokers Network recently enhanced their fixed annuity portfolio with the additions of Oceanview Life & Annuity and Oxford Life. Though completely unrelated companies, Oceanview and Oxford Life were both established west of the Mississippi in 1965. Oceanview and Oxford Life have relatively new product portfolios so they are not strained by old blocks of business in this near 0% interest rate environment. We invite you to learn more about these new options and how their guaranteed fixed annuity solutions can help your clients.
The Brokers Network is proud to announce the addition of Security Mutual Life of New York to our portfolio of companies. With 127 consecutive years of paying dividends, we invite you to contact us for an illustration on their complete line of whole life products.
As of July 3rd, Examination Management Services Inc. (EMSI) ceased the processing of insurance interviews, paramed exams, medical records and all related services. This sudden and unexpected announcement is creating service issues across the entire life insurance industry. The Brokers Network is working closely with affected life insurers and their service providers regarding all underwriting requirements previously assigned to EMSI.
Any requirements we are handling on your behalf are in the process of being re-ordered. If you ordered any medical records or insurance exams directly with EMSI, you must place new orders with a different service provider. If you would like assistance in re-ordering these requirements, please let us know. | more
Following the close of the June 1, 2020, acquisition by Fidelity National Financial, F&G is pleased to report financial strength ratings upgrades for its primary operating subsidiaries from S&P Global Ratings, Moody’s Investors Service and Fitch Ratings. Already a significant fixed indexed annuity carrier as a top 10 provider (top 3 in the IMO channel), these upgrades for F&G are a testament to the benefit of Fidelity National Financial’s ownership and will help power F&G’s future growth.
In conjunction with LIBRA Insurance Partners, we are making available to you and your staff a free course on the best practices of working from home by LOMA, an international trade association for the insurance and financial services industry. Employees who work from remote locations need vital skills to succeed in a non-traditional work environment. This 60-minute course equips virtual workers with the skills they need to remain productive, focused and connected. The course is full of activities and takeaways including self-assessments, checklists and job aids. In addition, the course will review case studies and real-life scenarios to help you and your staff work more efficiently from home. | more
The New York State Department of Financial Services Regulation 187 requires producers and insurers to implement a process that ensures they are acting in the consumer’s best interest when recommending life insurance policies issued in New York. This regulation goes into effect on February 1, 2020, and includes many new guidelines and training requirements. If you write life insurance in New York, you must complete all required training prior to soliciting and submitting any new business on or after February 1, 2020. We encourage you to complete your training as soon as possible to avoid any unnecessary delays in the processing of your life insurance applications. | FAQ | Training
As of January 1, 2020, all life insurance plans available for sale must be priced based on the 2017 Commissioners’ Standard Ordinary mortality table (2017 CSO) and be subject to Principle Based Reserving (PBR). Because of these requirements, insurance companies will be revising their most popular plans and retiring the balance. Any pending application for a plan that has not been revised to meet the new standards or is being retired must be placed inforce prior to January 1, 2020. There will be no exceptions. The Brokers Network will keep you updated on announced company guidelines and your affected pending life insurance business. | current guidelines