Category: Life Insurance
Published: Thursday, 28 October 2021
Written by Rebekah Williams
Beginning on 12/20/2021, all agents who are assisting American National clients with qualified rollovers to Individual Retirement Accounts, Annuities and Defined Contribution/Benefit plans or who are selling qualified insurance and annuity products to such plans will be required to comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards. This update requires that agents disclose the commission s/he will receive when a qualified plan rollover is involved or a qualified insurance or annuity product is sold. As of 12/20/2021, Form 11229, will be required for any qualified annuity product sold.
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