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Snapshot: How we review and manage replacement applications


We’re committed to taking the appropriate steps to review and manage all life insurance replacement activities. These activities include:

  • Upfront review of applications where replacement has been disclosed to ensure our business remains within state compliance regulations
  • Management of New York Reg 60 activities for advisors who take advantage of our Reg 60 Home Office Support program
  • Issuance of absolute assignments to surrendering carriers for 1035 exchanges
  • Follow-up on status of 1035 exchanges from surrendering carriers

1035 exchange follow-up process

For all cases where an exchange is occurring, our replacement team conducts a follow-up to the existing carrier seven days after the absolute assignment is sent. Additional follow-ups are placed to the carrier based on their stated processing time provided to us during our initial call.

Insurance products issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.

For financial professional use only. Not for distribution to the public.

© 2019 Principal Financial Services, Inc., Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc, a member of the Principal Financial Group.


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