May 2011
Positive Feedback From Our Marketing Partners: The Standard Delivers First-Class Customer Service
At our annual Marketing Partner meeting last month, our partners told us The Standard has the annuity industry's "best sales and customer service support." That was great feedback to hear as we spent time meeting and sharing plans in beautiful Maui, Hawaii! We appreciate the opportunity to gain our top partners' valuable insights at this important annual gathering.
Our annuity team strives each day to provide first-class service, and we believe it gives The Standard and the brokers who work with us an edge in a competitive marketplace. In fact, we hear from brokers everyday that The Standard is their favorite company to write business with.
If you haven't written an annuity with The Standard lately, look at our great rates on the FGA 5 & 6. Write a case with us and join The Standard "ohana." As we learned in Hawaii, that means "family." We invite you to experience our first-class customer service.
Rich Lane
Director, Sales & Marketing
Annuity Suitability CE And Product Feature Training Now Available Through Success CE
By Ray Taylor, Director of Special Markets
In 2010, the National Association of Insurance Commissioners (NAIC) adopted the Suitability in Annuity Transactions Model Regulation, establishing suitability requirements in the purchase, exchange or replacement of annuities. Under the Model Regulation, insurance producers are required to receive continuing education credits in annuities as well as product-specific training in the features of the insurers' products they sell. Several states have enacted the Model Regulation, or a variation of it.
The Month Of May Means Form 5498 "Season" Begins
The IRS requires that Form 5498, IRA Contribution Information, be filed by May 31, 2011 for each IRA account held by The Standard with reportable contributions for tax year 2010. If The Standard files a Form 5498 for an IRA policy, a copy is provided to the policyowner for recordkeeping.
In addition to premiums added to the IRA during the tax year, contributions to an IRA include direct rollovers, recharacterizations and Roth IRA conversions. If there were no reportable contributions made for 2010, the policyowner will not receive a 5498 statement. Please note that the policyowner does not need to file this form with their taxes, and it is provided for their information only.
While we do our best to ensure that Form 5498 reports are correct, please review the information on the form for accuracy. If you find any errors, contact The Standard's customer service team as soon as possible at 800.247.6888.
Anti-Money Laundering Regulation Training Requirements
The Standard is required by the USA PATRIOT Act to ensure that our producers are integrated into our Anti-Money Laundering (ALM) training program. Therefore, you're required to take appropriate and approved AML training annually to ensure that you have the necessary information to prevent and detect money laundering.
Producer Advisories
Please review these recent compliance alerts.
Rhode Island – Insurance Regulation 12: Suitability of Annuity Sales
District of Columbia – Rule 8400: Suitability of Annuity Sales
Maryland – Regulation 31.03.15.01-.07: Use of Professional Designations and Senior-Specific Certifications
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