Internal Transfer Program, SPIA and Commission Changes

June 6, 2023

We have some exciting changes to our business practices.

New Internal Transfer Program

  • This month, we’re launching an internal exchange program to pay full commission on most internal transfers. This applies to annuity business written after 2008 for clients ages 85 and younger.

SPIA Changes

  • Short-term SPIAs less than 48 months are discontinued effective June 1, 2023.
  • Fee-based Restricted SPIAs were discontinued on May 15, 2023.

Commission Changes

Starting June 1, 2023, Recapture of commission on death for all ages will be:

  • 100% for months one through six, and 50% for months seven through twelve for policies without a Guarantee of Principal rider.
  • 100% for months one through twelve, and 50% for months thirteen through twenty-four for policies with a Guarantee of Principal rider.

Contact your NMO, back office or The Standard if you have any questions.

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Doing business with The Standard is good for you and your clients. Our annuities offer innovative product design, desirable rates, competitive compensation, high industry ratings and excellent service.