Agent-Facing Educational Materials

Today’s insurance agents and financial advisors operate in a challenging planning environment. To complicate matters, the compliance landscape continues to evolve based on regulatory and legislative actions occurring at both the state and federal levels.

NAFA is committed to developing resources that help our Premier Partners educate their sales force in conducting better business, and to help our Supporting Partners continue to cultivate best practices that protect both their firms and the clients they support. Access key materials that cover the topics that impact the fixed annuity business, from our Best Interest Toolkit to assist producers with compliance best practices to our series of principal papers, fliers and issue-specific whitepapers.

Continue checking back as we update and add additional resources to this page!

DOL Fiduciary Rule 4.0 Top 10 Takeaways for Independent Insurance Professionals: Applicability of PTE 84-24

DOL Fiduciary Rule 4.0 Top 10 Takeaways for Independent Insurance Professionals: Applicability of PTE 84-24 NEW!

With the Retirement Security Rule’s September 2024 implementation date looming, independent insurance producers are scrambling to dissect the details and determine how it will impact the landscape of fixed annuity sales. Leverage this handy resource to access a concise look at what’s in the Rule, how several important concepts are defined, requirements for exemptive relief under PTE 84-24 to receive compensation, and written disclosure requirements going forward. Carrier and IMO members are encouraged to share this with their annuity producers.

You must be logged in to view this content.

Not a member? Join now!

The DOL’s Retirement Security Rule: A Summary Guide for Independent Distribution

The DOL’s Retirement Security Rule: A Summary Guide for Independent Distribution NEW!

In 2024, the DOL finalized its Retirement Security Rule, initiating a regulatory regime in which fiduciary status will be triggered by nearly all financial professionals providing rollover recommendations. Learn more about the rule, the amended prohibited transaction exemptions required to service clients and receive a commission, and the proposed rollout and phase-in timelines. This guide also summarizes policies, producers, disclosures and recordkeeping requirements to maintain compliance, as well as eligibility guidelines and penalties for failure to comply.

You must be logged in to view this content.

Not a member? Join now!

A Summary of the New Proposed DOL Fiduciary Rule

A Summary of the New Proposed DOL Fiduciary Rule

On Nov. 3, 2023, the U.S. Department of Labor introduced its latest proposal to modify the decades-old test for determining fiduciary investment advice and make significant and burdensome changes to existing prohibited transaction exemptions under ERISA and the tax code. This guide provides an easy-to-follow summary of the potential issues of the proposed rule, including the new fiduciary test, the procedural timetable, other amended provisions, and changes to PTE 84-24 and PTE 2020-02 that allow a fiduciary to be paid for recommending and advising clients on fixed and fixed indexed annuities, and how it stands to impact indepdendent distribution.

You must be logged in to view this content.

Not a member? Join now!

Advertising and Disclosure Principles for Fixed Annuities

Advertising and Disclosure Principles for Fixed Annuities NEW!

Advertising is critical to the success of annuity professionals in today’s hyper-competitive marketplace. Additionally, accurate and reliable advertising promotes consumer confidence in the fixed annuity industry. This paper discusses advertising considerations involved in fixed annuity sales and offers guidance in shaping accurate advertising messages. Ultimately, annuity professionals can enhance their business and trust with those they serve by following these best practices.

You must be logged in to view this content.

Not a member? Join now!

NAFA Principles for Use of Professionals Designations

NAFA Principles for Use of Professional Designations

In recent years, the number of designations that are used by individuals and groups engaged in the sale of life insurance and/or annuity products has increased substantially. Therefore, it has become difficult for both companies and consumers to determine the level of education, training or expertise that a given designation appears to represent. The purpose of this document is to serve as a reference for the annuity professional not only in selecting which designation to pursue, but also as a guideline for what to look out for and avoid. Note that NAFA does not endorse any particular designation or certification.

You must be logged in to view this content.

Not a member? Join now!

DOL Fiduciary Rule 3.0 Best Practices: A Practical Guide for Annuity Professionals

DOL Fiduciary Rule 3.0 Best Practices: A Practical Guide for Annuity Professionals

Effective Feb. 1, 2022, the DOL’s Fiduciary Rule 3.0 took effect, a regulatory regime in which ERISA’s five-part test used to determine fiduciary status is both broadened and reinterpreted. Get up to speed on guidelines for determining whether fiduciary status is triggered, when prohibited transaction exemptions (PTEs) 2020-02 and 84-24 are relevant for annuity sales, and what we might anticipate from future DOL guidance. NAFA’s newest best practices resource will help you navigate this rule successfully, preparing your practice to seamlessly maintain compliance and act in accordance with prudence and loyalty.

You must be logged in to view this content.

Not a member? Join now!

How Surrender Charges Provide Protection for Annuity Owners

How Surrender Charges Provide Protection for Annuity Owners

The features and benefits of fixed and fixed indexed annuities are vast, and can be intimidating and confusing for clients interested in determining if these products may be right for their financial situation. One point of contention is often surrender charges, a type of sales charge that clients must pay if they sell or withdraw money during a specified period of time. This paper outlines why, when properly explained and understood, surrender charges are the best tools for ensuring that ALL consumers receive the best interest rate possible and that the insurers are adequately protected as the guarantors of the product.

You must be logged in to view this content.

Not a member? Join now!

Fixed Annuity Solutions

Fixed Annuity Solutions

Fixed annuity innovations have provided new opportunities for annuity professionals to reduce retirement risks, complementing retirement plans with guarantees and insurance. The expanding role of these products provide an answer to the core challenges retirees face in planning for the future. Learn how fixed annuities address long-term care, chronic illness and other longevity risks to effectively share the benefits with consumers.

You must be logged in to view this content.

Not a member? Join now!

Best Interest Bes Practices Toolkit

Best Interest Best Practices Toolkit

Last summer, NAFA published A Changing Regulatory Landscape for Annuity Transactions highlighting the newly added best interest requirements of the NAIC’s amended Suitability Model Regulation #275. As state adoption of the revised regulation ramps up, we’ve created a follow-up piece to help producers maintain compliance. This toolkit combines tips and best practices for satisfying the four obligations of the best interest requirement, as well as forms annuity professionals can put to use immediately in their practice to aid in documentation and recordkeeping.

You must be logged in to view this content.

Not a member? Join now!

Guaranty Associations

State Guaranty Fund — 2023 Edition

If you’re an annuity professional, understanding what guaranty associations are, how they work and the type of benefits they cover is critical. In this publication, NAFA covers pertinent information about guaranty associations, including a State Association Directory, and outlines provisions specific to each state’s cash value for annuities.

You must be logged in to view this content.

Not a member? Join now!

A Changing Regulatory Landscape for Annuity Transactions

A Changing Regulatory Landscape for Annuity Transactions

In 2020, the National Association of Insurance Commissioners (NAIC) adopted heightened consumer protections to be applied to the sale or recommendation of an annuity. The amended Suitability Model Regulation #275 requires producers to act in the best interest of the consumer when making an annuity recommendation and requires insurers to supervise those recommendations so that the insurance needs and financial objectives of the consumer are effectively met. This paper discuss language that changed as part of the regulatory revision and roles and responsibilities of producers and insurers under this “best interest” standard.

You must be logged in to view this content.

Not a member? Join now!