North American – Product Discontinuation and State Updates

The following fixed index annuities will be discontinued effective April 10, 2017:

*North American Charter

* North American Precision Series
Applications for these products must be received in the Home Office by 5 pm (CST) April 9, 2017.

Maryland Disclosure Statement

Universal Life Policies with a No Lapse Guarantee of 20 years or more no longer require a Maryland Disclosure Statement.

New Suitability Regulation for Missouri

Missouri has adopted the Suitability in Annuity Transaction Model. This model requires agents and insurers to establish reasonable grounds for annuity product recommendations to ensure the recommendation is suitable.

This new regulation also has TWO specific training requirements for insurance agents:

1) North American Annuity Product specific training
* Upon release of new products and features, product-specific training.
2) A one-time, four-credit hour general fixed annuity training course
* Appointed agents prior to 3-30-2017 are required to complete the one-time, four-hour general fixed annuity training requirement course by 9-30-2017.
Posted in Bulletins.