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Old Mutual-  News
 
(4/19/11)

April 19, 2011

Reminder to Wisconsin Producers Regarding OM Financial Life Insurance Company Continuing Education Requirements

OM Financial Life Insurance Company has adopted and implemented the requirements of the NAIC Revised Suitability in Annuity Transactions Model Regulation as an industry best practice on a nationwide basis. Wisconsin adopts the regulation, effective May 1, 2011.

New Suitability Procedures—OM Financial Life introduced an enhanced Suitability Acknowledgement Form on January 1, 2011. A fully completed Suitability Acknowledgement Form is required with every annuity application signed on or after that date. The form is available on The Forms Store.

Recordkeeping—The Revised Model requires insurers, insurance agencies, and insurance agents to maintain and make available records of information collected from consumers and any other information used in making recommendations resulting in annuity transactions. Producers appointed with OM Financial Life will be required to retain all documents and information relating to any suitability assessment in client files. Producers should also keep notes of conversations with clients, how any estimates were determined such as income or expenses, and any other documentation that will help respond to any carrier questions, customer complaints, or regulatory inquiries. OM Financial Life or Legacy may, at its discretion, request this information during on-site and off-site compliance reviews.

Product Training—All appointed Producers must complete online training for each OM Financial Life annuity product series prior to solicitation of any annuity product in that series. Certification of such training will be required. Any application solicited prior to completion of the training may be rejected. The required training is available on the LegacyNet® Annuity Training page (to access, you must first log on to LegacyNet®).

State-Specific Annuity Training—Under the Revised Model, Producers are also required to complete a one-time, four-hour department-of-insurance-approved course on annuities prior to soliciting the sale of annuity products, as required for Wisconsin Producers.

OM Financial Life's position on state-mandated continuing education for Wisconsin Producers is as follows:

 

Producers licensed in Wisconsin and appointed with OM Financial Life prior to May 1, 2011—Producers will have a six-month grace period, given by the state, to take the CE course.

Producers licensed (non-resident or resident) in Wisconsin on or after May 1, 2011—The CE course must be completed prior to any solicitation of OM Financial Life business in Wisconsin. Applications will be returned if a newly licensed Producer in the state submits business prior to completing the CE course.

Producers licensed in Wisconsin prior to May 1, 2011, but not appointed with OM Financial Life until after May 1, 2011—New business will be accepted, however, the Producer must take the CE course prior to our Administrative Office issuing the annuity.

We strongly encourage Producers to complete the CE course as soon as possible. We will only accept CE courses approved by the state the business is solicited in. For example, completion of an Iowa CE course can't be accepted for business solicited in Wisconsin.

OM Financial Life has partnered with SuccessCE to support the Producer annuity suitability CE requirement. Legacy Producers appointed with OM Financial Life can log on to www.OMFN.SuccessCE.com and take the CE course. OM Financial Life will cover the cost of registering, and Producers pay only the actual cost of the four-hour annuity suitability training—$7.95.

Please watch for updates on suitability requirements for Investors Insurance Corporation and American National Insurance Company. For the full text of the Revised Model, click here.

OM1471v0411

FOR BROKER USE ONLY. NOT FOR USE WITH CONSUMERS.

11-046




(4/4/11)


April 4, 2011

Check Under the Hood!

When it comes to income riders, don’t be fooled by a shiny exterior; look under the hood to see its true performance potential.

The Income Freedom Rider offers better value:

  • Competitive cost! Only 30 bps annually with a 6% roll-up or 10 bps with a 4% roll-up. Cost is based on the Annuity Value, not the Income Base.
  • No roll-up rate reductions! Choose between a steady 4% or 6% annual roll-up.*
  • Greater Step-Up opportunity when combined with available double-digit caps.
  • Opportunity for higher withdrawal percentage than other similar riders.**
  • No hidden fees! Clients enjoy guaranteed income, without worrying about hidden fees and
    extra charges.
  • Available with AmeriMark Freedom and AdvanceMark fixed indexed annuities.

Get more information TODAY! Call FIG Marketing at 800.527.1155

 

AmeriMark Freedom Series and AdvanceMark Series flexible premium deferred fixed indexed annuities and Income Freedom Rider are issued by OM Financial Life Insurance Company, Baltimore, MD; products are distributed by Legacy Marketing Group®. Subject to state availability. Certain restrictions may apply. Optional provisions and riders may have limitations, restrictions, and additional charges. Refer to contracts, riders, Earnings Rate Update, sales guides, and State Approval Matrix for details. Form Nos: OM-CEIA-0708-0, OM-CEIA-0708-0-1, OM-CEIA-0708-B, OM-CEIA-0708-B-1, FGL FPDA-EIA (2005), FGL FPDA-EIA-C (3-08), et al. Rider Form No.: OM GMWB-FA (01-09).

*

 

The Basic 4% and Enhanced 6% Roll-up amounts are current guaranteed rates. OM Financial Life reserves the right to change each of these rates for future sales of Income Freedom Rider to not less than a minimum guaranteed rate of 3%.

**

Based on an independent analysis of similar riders in the market.

 

LMG3143v0311_WS

FOR BROKER USE ONLY. NOT FOR USE WITH CONSUMERS.






(3/23/11)

March 23, 2011

Reminder to Colorado Producers Regarding OM Financial Life Insurance Company Continuing Education Requirements

OM Financial Life Insurance Company has adopted and implemented the requirements of the NAIC Revised Suitability in Annuity Transactions Model Regulation as an industry best practice on a nationwide basis. Colorado adopts the regulation, effective April 1, 2011.

New Suitability Procedures—OM Financial Life introduced an enhanced Suitability Acknowledgement Form on January 1, 2011. A fully completed Suitability Acknowledgement Form is required with every annuity application signed on or after that date. The form is available on The Forms Store.

Recordkeeping—The Revised Model requires insurers, insurance agencies, and insurance agents to maintain and make available records of information collected from consumers and any other information used in making recommendations resulting in annuity transactions. Producers appointed with OM Financial Life will be required to retain all documents and information relating to any suitability assessment in client files. Producers should also keep notes of conversations with clients, how any estimates were determined such as income or expenses, and any other documentation that will help respond to any carrier questions, customer complaints, or regulatory inquiries. OM Financial Life or Legacy may, at its discretion, request this information during on-site and off-site compliance reviews.

Product Training—All appointed Producers must complete online training for each OM Financial Life annuity product series prior to solicitation of any annuity product in that series. Certification of such training will be required. Any application solicited prior to completion of the training may be rejected. The required training is available on the LegacyNet® Annuity Training page (to access, you must first log on to LegacyNet®).

State-Specific Annuity Training—Under the Revised Model, Producers are also required to complete a one-time, four-hour department-of-insurance-approved course on annuities prior to soliciting the sale of annuity products, as required for Colorado Producers.

OM Financial Life's position on state-mandated continuing education for Colorado Producers is as follows:

 

Producers licensed in Colorado and appointed with OM Financial Life prior to April 1, 2011—Producers will have a six-month grace period, given by the state, to take the CE course.

Producers licensed (non-resident or resident) in Colorado on or after April 1, 2011—The CE course must be completed prior to any solicitation of OM Financial Life business in Colorado. Applications will be returned if a newly licensed Producer in the state submits business prior to completing the CE course.

Producers licensed in Colorado prior to April 1, 2011, but not appointed with OM Financial Life until after April 1, 2011—New business will be accepted, however, the Producer must take the CE course prior to our Administrative Office issuing the annuity.

We strongly encourage Producers to complete the CE course as soon as possible. We will only accept CE courses approved by the state the business is solicited in. For example, completion of an Iowa CE course can't be accepted for business solicited in Colorado.

OM Financial Life has partnered with SuccessCE to support the Producer annuity suitability CE requirement. Legacy Producers appointed with OM Financial Life can log on to www.OMFN.SuccessCE.com and take the CE course. OM Financial Life will cover the cost of registering, and Producers pay only the actual cost of the four-hour annuity suitability training—$7.95.

Please watch for updates on suitability requirements for Investors Insurance Corporation and American National Insurance Company. For the full text of the Revised Model, click here.

OM1471v0311

FOR BROKER USE ONLY. NOT FOR USE WITH CONSUMERS.

11-046






(2/25/11) 


February 26, 2011

Important Suitability Update for OM Financial Life Insurance Company

Dear Legacy Wholesaler:

As you know, OM Financial Life adopted and implemented the requirements of the NAIC Model Regulation on Suitability in Annuity Transactions as an industry best practice nationwide, effective January 1, 2011. To avoid new business delays and return of business, please make sure your Producers are aware of their product suitability training requirements, state continuing education requirements, and new suitability form.

Producers must complete the product-specific training prior to soliciting new OM Financial Life Insurance Company business in any state. Although OM Financial Life has always required its Producers to be knowledgeable about its products, this product-specific training certification is also required effective January 1, 2011.

Recruiting New Producers

Also, when recruiting new Producers, please be aware that they cannot solicit new business until they have contracted with Legacy and completed the required product-specific training on LegacyNet®. It is important to get Producers contracted with Legacy BEFORE they solicit business, so they will have access to the product-specific trainings. Once the business is submitted, OM Financial Life’s processing center will appoint the Producer where he or she is licensed, if the state allows solicitation prior to appointment. If business was solicited prior to completion of the product training, OM Financial Life has advised that the business must be returned.

Existing Producers

Speed business by encouraging Producers to complete their annuity training TODAY! Business submitted prior to completing the required training will be returned. Links to the product-specific trainings appear below. (Producers can also find these links on LegacyNet®’s Annuity Training page.)

Continuing Education Requirements

Several states have enacted laws that require Producers to complete state-mandated annuity-specific continuing education. To avoid new business processing delays, Producers should submit proof of completion to Dell’s Licensing & Contracting department.

Suitability Form

A revised suitability form for OM Financial Life is available on The Forms Store. Producers should use Form ADMIN 5593 (2011-01) in all states—in Florida, ADMIN 5593 (2011-01) and OMAD 6255 are required—and read Suitability Instructions and Definitions ADMIN 5542 (2011-01).

Note that OM Financial Life requires that the entire form be completed (no blanks) and does not allow clients to opt out from providing this information. In addition, Producers will now need to complete a separate USA Patriot Act Notification Form OM1413F.

To avoid new business processing delays and inquiries from Legacy’s Compliance Department, Producers should make sure all questions are answered completely, including the rationale for the purchase of the annuity. It is important that the Financial Information on Page 2 and top of Page 3 is completed and that calculations are accurate (many forms have needed correction because of math errors). Please note the reason(s) for purchase given on the suitability form.

Questions? Call your Legacy Relationship Manager, 800-395-1053, Ext. 4002.

OM1477v0211

FOR BROKER USE ONLY. NOT FOR USE WITH CONSUMERS.

11-026