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IMPORTANT – ARE YOU SELLING ANNUITIES!?
This regulation REQUIRES all Insurance Producers to complete carrier specific product training BEFORE selling or soliciting annuity products effective June 30, 2011. If applications are submitted and dated prior to the completion of the product specific training it will be rejected and sent back to you. Each carrier has developed their own way to complete their product specific training. Below is a link to instructions on the NY carriers that we offer. If you are selling outside of NY please be sure to check the carrier website for the Non NY product specific training. New York State Reg 187 Cheatsheet John Hancock – Repriced UL-G and SUL-G Products
The Cash Value Advantage (CVA) rider will not be available on the new product. Transition Deadlines: Signed applications with illustrations must be received at the home office by January 13, 2012. Final underwriting offer and everything to issue must be done by March 2, 2012.
First SunAmerica merged into The United States Life Insurance Company of NY Effective 01/01/2012, Western National is issuing fixed annuities sold in NY under US Life. Any First SunAmerica policies issued after 1/1/2012 will include the merger endorsement. Marketing materials and forms should be updated by March 1, 2012. Agents will not need to recontract, agent codes will remain the same. No changes for existing FSA contract holders but notification letters have gone out. AVIVA of NY - Guarantee UL Solution II to be discontinued in NY Effective January 20, 2012, Guarantee UL Solution II will be discontinued from the NYS sales portfolio. January 20th - All applications, for business not subject to Reg 60, must be submitted to receive Guarantee UL Solution II. Prudential – New Rate Approved in NY
PCIP Part of the 2010 Health Care Reform, the PPAC, created a program until January 2014, which makes coverage available for individuals who have a pre-existing medical condition, have not had insurance for six months, and who are legal citizens or US residents. In NY the PCIP plan is called the NY Bridge Plan, administered by GHI an EmblemHealth Company. Open to any individual, even children, who have a pre-existing medical condition and have been without health coverage for six months. It is a comprehensive health plan with an extensive network of physicians and hospitals. There are no income limitations, no deductibles, and low copayments. Premiums are standardized depending on where you live: Upstate $362 a month A few policy highlights are: $20 copay for doctors Agents can sell this product to their clients and receive a commission. To learn more visit www.nybridgeplan.com or call our KAFL group department. There is an email going around about the 9 things that will disappear in our lifetime. One of the 9 is The Post Office. They are so deeply in financial trouble that they will not be able to sustain it long term. More and more of the insurance companies are going paperless. American General/First SunAmerica/US Life is now one of these companies. The client can get set up to receive emails from the company when a statement is available. This service is also available to agents that have business with American General companies. Instructions are: The other 8 things that will go away in our lifetime: Checks; The Newspaper; The Book, Landlines; Television; Music; the things that we “own” (our towers and servers, it will all be up in the clouds)”; and last but not least, Privacy.
Top 10 KAFLProducers
Raffle Winners – Based on Submitted Business
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85 Allen Street, Suite 300, Rochester, NY 14608-1844 |
Effective January 3, 2012, UL-G 11 and SUL-G 11 will be repriced with premium increases of 12% at most issue ages. The new products will launch as UL-G 12 and SUL-G 12. Target premium levels on both products are increasing proportionally with the premium increases. 
New York has approved the UL Protector and SUL Protector rates. They will become available for sale February 27, 2012. Transition rules to follow
