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New York Regulation 60 enhancements

02/05/2019


Good news -- We’ve enhanced our New York Regulation 60 procedures to help decrease the regulation review time and create more consistency with the industry’s handling of the regulation.

So, what’s changed?

  • We no longer require that the Disclosure Statement be completed at the time an application is taken. Instead, the Client Authorization can be submitted with the application, and New Business will use that form to request values from the existing carrier.
  • Once we receive the values from the existing carrier (or at the end of the 20-day hold period*, whichever occurs first), New Business will complete the Disclosure Statement and send it directly to the advisor to present to the client, sign and return to New Business.
  • And, there are no transition rules, so new applications taken today can be submitted under these new guidelines.


Reminder

The following Regulation 60 documents must still be submitted with the application as applicable:



* If values are not received from the existing carrier within the 20-day hold period, a case coordinator will contact the advisor to obtain information necessary for New Business to complete the Disclosure Statement with good faith estimates.

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.

730677-022019

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