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Compliance Information
Check in here often to keep up on the latest compliancy information from various carriers!  Here you will find what you will need to stay abreast of the ever-changing requirments and proceedures.  



Administrative and compliance information critical to your business.

October 19, 2009

In this issue:

Producers Warned About Securities Replacements

The Arkansas Insurance Department and Arkansas Securities Department have joined forces to remind Producers not to recommend the replacement of securities—including mutual funds, stocks, bonds, and other investments—unless they are registered (licensed) with the Securities Department as an investment adviser or investment adviser representative. This would include selling a mutual fund to fund a fixed annuity or selling a stock to pay for a fixed whole life insurance policy. Such recommendations are considered the offering of investment advice.
Producers who improperly recommend replacement of securities are subject to cease-and-desist orders and fines from both agencies. For details, read Arkansas Insurance Department Bulletin No. 14-2009. While AR specifically has issued this guidance, please note that many other states have taken a similar position. In general, Producers are reminded:
  • Not to give advice on topics on which they are not licensed or appropriately trained or educated.
  • Not to recommend any replacement unless it is in the customer’s short- and long-term best interests and the customer is fully informed of the advantages and disadvantages of the replacement in question.

International Mail Fraud Scheme Identified

The Idaho Department of Insurance and Idaho Attorney General are warning residents of a mail fraud scheme involving counterfeit checks bearing the Nationwide Insurance name. Consumers in up to 10 states have reported receiving such checks. Recipients are told they must cash the $4,500 check and then forward $3,750 to a U.K. address to receive a $150,000 prize. The department and Nationwide Insurance are investigating who may be behind the scheme. For details, read the agencies’ October 7, 2009, press release.

Stay on Top of Critical Information—Update Your Contact Info!

Take time now to update your contact information via LegacyNet®—you’ll ensure that you receive information critical to your business and that you comply with Legacy’s Producer Agreement. Under the Producer Agreement, Producers agree, among other things, to accept and review notifications—including field bulletins—sent by Legacy via e-mail and/or fax and to maintain a current mailing address.
Updating your contact information is easy: From My LegacyNet, click “Update My Profile,” select “Personal Information,” edit your information, and save your changes!

Thanksgiving Week Commission Schedule

Because of the Thanksgiving holiday, commissions for the week of November 23 will be paid Wednesday, November 25. To be paid commissions on this day, all business must be received by November 24. Legacy offices will be closed November 26–27 for the Thanksgiving holiday, and December 24–25 for the Christmas holiday.

Annuity Comparison Form Required for AR Replacements

Arkansas recently adopted Department Rule 97, which implements requirements for replacement sales of life insurance and annuities. The changes, which take effect January 1, 2010, reflect the most recent NAIC Model Replacement Regulation, and also require Producers to complete a replacement memorandum comparing provisions of the existing and proposed contracts. For a summary of this requirement and sample form listing contract provisions that may be compared, see Arkansas Insurance Department Bulletin No. 8-2009. For the full text of Rule 97, click here.

LA Licensing Changes Take Effect January 1, 2010

Louisiana SB 156, which takes effect January 1, 2010, updates Producer licensing and continuing education requirements. Changes include the allowance of online or self-study pre-licensing education, an increase of continuing education hours from 16 to 24 hours, and permission for the Commissioner of Insurance to require fingerprints for all new licensure applicants. For the full text of SB 156, click here.

AR Requires Four Hours of Suitability Training by July 2010

Producers who sell annuity products in Arkansas must complete four hours of training for annuity suitability by July 15, 2010, and each year thereafter. Although the training is not a requirement for licensure, failure to complete annual training could result in sanctions against the Producer and insurer. Producers must verify completion of the annuity training and maintain documentation for at least seven years. For a list of approved CE courses, see Need To Know. For details on Rule 82, read Arkansas Insurance Department Bulletin No. 11-2009.

As always, thank you for your business!

Have questions? Call Field Support at 888-457-0431






The states of Arkansas, South Carolina and Wisconsin have adopted the NAIC Replacement Regulations. These regulations require substantial changes in the way both the agent and the company must conduct business when an existing life insurance policy or annuity contract may be replaced, including the use of new replacement forms.


Click Here for field updates alerting life and annuity producers of the above changes







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