Not surprisingly, annuity administration comes with documentation requirements. Most of the time, The Standard is able to accept a copy — whether faxed, submitted electronically or photocopied — of important documents.

At the present time the Department of Labor (DOL) Fiduciary rule is scheduled to go into effect on June 9, 2017. With this date we will see the expanded definition of the “investment advisory fiduciary” and the Impartial Conduct Standards rules come into play, while all other compliance standards with the rule are delayed until January 2018. The Standard has been staying on top of the issue with our in-house legal department and partnership with the National Association of Fixed Annuities (NAFA). More information can be found in our Newsflash below.

Rich Lane
2nd VP of Sales and Marketing, Individual Annuities

The Standard will be sending a cover letter and sales contract amendment to each producer licensed to sell annuities with us, in anticipation of the DOL rule going into partial effect as of June 9, 2017. The amendment is meant to be kept with your records.

June is Annuity Awareness Month and is also a great time to talk to your clients about why now is a great time to purchase annuities. Use our marketing flyer to help explain the top ten reasons to buy a fixed annuity.

For each IRA held by The Standard with reportable contributions for tax year 2016, the Internal Revenue Service requires that Form 5498, IRA Contribution Information, be filed by May 31, 2017. If there was a reportable contribution in 2016 or there was a fair market value as of Dec. 31, 2016, the policyowner will receive a 5498 statement.

Please review this recent compliance alert.

Missouri — New Replacement Form, Missouri Rule 20 CSR 400-5.400

Beginning June 1, 2017 all annuity applications for Delaware must be submitted with the new suitability form. This form (Form 15510) will be available via iPipeline on the Annuity website beginning June 1, 2017. The old suitability forms cannot be accepted with applications signed on or after June 1, 2017.