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Regulatory Notices

The information contained in this section is to assist in keeping you informed of changes in regulations that may or may not affect your day-to-day operations. Security Benefit Life Insurance has or will be implementing procedures to address state legislature and regulatory agency enacted laws and rules regarding suitability of annuity sales and annuity disclosures. If you have questions, please contact our Service Center at 800.888.2461.

 

State Replacement Forms


Alabama

  • Premium Receipt Requirement - PDF
    In adopting Regulation 482-1-078, the Alabama Department of Insurance now requires that a premium receipt be provided to each annuity purchaser when a purchase payment is collected by the representative. Security Benefit is now including in all annuity kits for the state of Alabama resident sales, a premium receipt that must be completed by the representative when accepting a purchase payment.
    • Purchase payment checks should be made payable to Security Benefit Life Insurance Company.
    • A copy of the receipt is to be left with the customer and one sent to Security Benefit along with the purchase payment.
    • Premium receipts are not necessary when purchase payments are transferred from another source directly to Security Benefit; they are only required where a representative is accepting the purchase payment on behalf of Security Benefit.
  • Suitability Regulation 482-1-137.01 et seq - PDF (effective January 1, 2007)
    This is a new regulation that sets forth standards and procedures for recommendations to consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed and considered in the sale. Although nearly the Model Law, it does not limit suitability requirements to senior customers, but rather has no age limit.

Alaska

  • Replacement of Life Insurance and Annuities - PDF (effective September 2, 2008)
    The Alaska Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

Arkansas

  • Rule 98 - Annuity Disclosure - PDF (effective July 15, 2009)
    This Rule is substantially similar to the NAIC Model Annuity Disclosure Regulation. It differs in that the disclosure document must be signed and a copy returned to the issuing insurer. The representative/agent is also required to keep a copy of the signed disclosure in his/her file. As such, Security Benefit Life Insurance Company has prepared a disclosure document to include in the Security Benefit Choice sales kit for Arkansas. This three part form should be reviewed with your customer and signed by both the owner(s) and the representative of record.
  • Replacement of Life Insurance and Annuities - PDF (effective October 1, 2009)
    The Arkansas Insurance Department is adopting replacement regulations. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you provide Security Benefit Life Insurance Company, completed and signed replacement forms. These forms include the NAIC Model Notice of Replacement, the NAIC Model Sales Literature Confirmation Form, as well as an Arkansas specific replacement form which includes a comparison of the existing and replacing annuity contracts.

California

  • Sales to Seniors in California
    As a result of the Department's interpretation of SB620's requirements, effective September 7, 2007, Security Benefit will now have CA specific sales kits for its annuity business. Two new forms will be included in the kit. If you have a kit stock, feel free to print the forms linked below for use with your existing kits.


Important Notice to California Residents Age 65 or Older (Notice of Tax Consequences)
- PDF

  • To be presented when meeting with the Senior
  • Customer and Representative signature Required
  • Triplicate provided for easy post meeting distribution
    • One to Customer
    • One for Representative
    • One for Security Benefit


Notice to Seniors Regarding Insurance Sales Meeting (In Home Notice)
- PDF

  • Form not Branded so you can use it even if you don't know if a Security Benefit is the right fit for your Customer
  • New Customers - provide 24 hours before home visit
  • Existing Customers - provide before meeting starts
  • Customer signature required
  • Triplicate provided for easy post meeting distribution
    • One to Customer
    • One for Representative
    • One for insurance company
  • California Senate Bill 620 - PDF
    Impacts agents selling in the state of California only.


This information, as it relates to products offered by Security Benefit Life Insurance Company, is being provided to you to supplement your internal compliance regulatory practices.


CA SB deals with sales and disclosures to seniors. Under the bill a senior is defined as a person 60 years of age and older under the free look provision and 65 years of age and older under the remaining provisions of the bill.


The various sections of the bill have different effective dates as outlined in the document link.

 


Connecticut

  • Replacement of Life Insurance and Annuities - PDF (effective July 23, 2013)
    The Connecticut Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

Hawaii

  • Annuity Disclosure Regulation H.R.S. 431:10D (HB 2434) (effective January 1, 2007) - PDF
    The Hawaii law provides standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. It specifies minimum information which must be disclosed and the method for disclosing it in connection with the sale of annuity contracts. Like Alabama, this law tracks the Disclosure Regulation.

Maine

  • Replacement of Life Insurance and Annuities - PDF (effective January 1, 2007)
    The Maine Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

Massachussetts

  • Bulletin 2008-18 - PDF (effective January 1, 2009)
    This bulletin is issued to provide insurance companies ("insurers") with guidance regarding their new responsibilities under Chapter 230 of the Acts of 2008, An Act Relative to Equitable Coverage for Annuity Policies, and to clarify certain provisions of this new law. This law requires insurers to calculate reserves on a gender neutral or gender blended basis.

Nevada

  • Replacement of Annuities - PDF (effective April 1, 2008)
    The Nevada Insurance Department has adopted regulations regarding the Replacement of Annuities. There are two requirements: (1) for each replacement annuity application, a Notice Form must be completed by the prospective customer and the representative; and (2) when replacing a fixed annuity a comparison of the existing contract and the proposed contract must be provided to the prospective customer. The customer must sign and date the comparison. The statement must include the terms, conditions and benefits of each contract, as well as, any penalties, premium tax implications, bonus vesting schedule and other additional costs. While we are awaiting additional guidance from the Nevada Insurance Department, please contact us via e-mail at compliance.lawdept@securitybenefit.com and we will work with you to provide you the requisite comparative information. Any change in this procedure will be communicated to you.

Ohio

  • Replacement of Life Insurance and Annuities - PDF (effective March 1, 2007)
    The Ohio Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with a written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

Oklahoma

  • Annuity Disclosure Regulation 365:25-19.1 et seq. (effective January 1, 2007) - PDF
    The Oklahoma law provides standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. It specifies minimum information which must be disclosed and the method for disclosing it in connection with the sale of annuity contracts. This regulation tracks the Disclosure Regulation.

South Carolina

  • Replacement of Life Insurance and Annuities - PDF (effective September 24, 2009)
    The South Carolina Insurance Department is adopting NAIC Model Replacement Regulations. With each Replacement transaction, you will be required to submit to Security Benefit Life Insurance Company a copy of the completed and signed NAIC Model Replacement Notice and the NAIC Model Sales Literature Confirmation Form. The previous South Carolina specific replacement form will no longer be required.

Texas

  • Replacement of Life Insurance and Annuities - PDF (effective January 1, 2008)
    The Texas Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with a written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

Virginia

  • Replacement of Life Insurance and Annuities - PDF effective April 1, 2007)
    The Virginia Insurance Department is adopting regulations requiring insurers to fully inform representatives/agents of the insurer's replacement policy. The regulations, which are substantially similar to the NAIC's Life Insurance and Annuities Replacement Model Regulations, specifically require that you are provided with a written statement regarding our position on the acceptability of replacements. We are also required to provide guidance as to the appropriateness of these transactions.

 

State Replacement Forms

 
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