January 2012
A New Way To Learn About Our Annuities
Happy New Year from the entire annuity staff at The Standard. We had a great 2011 and look forward to partnering with you in 2012. Every day we strive to deliver great products that provide value to your clients and are backed by exemplary customer service.
This year will continue to be challenging when it comes to state regulations and company-specific product training. More and more states are adopting the NAIC model regulations for suitability and product training.
The Standard has developed a new product training course that is easy to complete while providing you the ability to become fluent in the intricacies of our products. The state-specific product training is for all our fixed annuities and is available on our producer website.
The training program is a timed PowerPoint presentation which takes a little more than six minutes from beginning to end. You have the ability to control the presentation by pausing or going backwards to review a previous slide. An interactive link at the end of the presentation prompts the producer to acknowledge completion by providing their name, email, phone, last four digits of their Social Security number, and Standard Insurance Company annuity producer ID. If your producer does not yet have a producer ID from The Standard, instruct them to write "PENDING" in the fill-form box asking for their ID.
We are excited about the future of the fixed annuity business and what lies ahead in 2012.
Rich Lane
Director, Sales & Marketing
Commission Calendar For 2012
Our site has been updated to reflect our 2012 Commission Calendar.
If you are not yet receiving your commissions via Electronic Funds Transfer (EFT), please call 800.378.4578 or email us to initiate the process. EFT provides many benefits, including faster payment and an electronic, easy-to-read statement.
Required Minimum Distribution Notifications Happening This Month
January is the month The Standard mails its annual Required Minimum Distribution notifications. By the end of the month, we will have sent RMD notifications to all policyowners of qualified, deferred annuity contracts who will attain age 70½ in 2012 or are already of RMD age.
A packet of information and forms will be mailed to policyowners new to the requirements, as well as those individuals who have attained age 70½ and have not elected to receive automatic distributions. The owner of a deferred annuity receiving a payout option other than an RMD, such as scheduled interest paid as earned, will also receive the packet.
Individuals who are already set up to receive automatic RMDs will receive only a letter disclosing their 2012 RMD amount as of Dec. 31, 2011.
A second notification will be sent to IRA policyowners regarding RMD information on the Form 5498 mailing in May. In the notification, policyowners will be invited to call for a quote.
If you have any questions about your client's required minimum distribution or need an RMD quote, please contact a customer service representative at 800.247.6888.
Producer Advisory
Please review this recent compliance alert.
Connecticut — Regulation 38a-432a-1 – 7: Suitability of Annuity Sales
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