Updated January 20, 2022
At Nassau, we are working harder to be your carrier of choice, including helping you navigate upcoming regulatory changes that may impact your business.
On February 16, 2021, the U.S. Department of Labor (DOL) announced it would let the third iteration of its Fiduciary Rule take effect and a temporary enforcement period would be put in place until February 1, 2022. As a result, Nassau will require producers who engage in qualified sales to satisfy the requirements of a Prohibited Transaction Exemption (“PTE”). PTE 84-24 requires a producer to provide certain disclosures to applicants on qualified sales at the time of recommendation is made. These disclosures are related to compensation, fees and charges, and your relationship to insurers. Starting February 1, 2022, Nassau will require certification that the PTE 84-24 disclosure has been provided to the consumer on all qualified sales.
What’s Changed Starting February 1, 2022:
- For all annuity applications signed and dated on or after February 1, 2022, complete the certification question on the existing Suitability Questionnaire which is already part of the annuity Application Package.
- For qualified annuity sales: Producers can complete and use the Supplemental Disclosure we are making available or can use a different document so long as it contains the disclosures required by PTE 84-24. Producers should be sure to retain the completed disclosure in their files. There is nothing to return to Nassau!
Want More Information?
- This video contains an overview of the Fiduciary Rule and PTE 84-24. Nassau has provided this video for your information and is not responsible for its content or for producers’ compliance with the requirements of PTE 84-24. We will provide updated information as necessary.
Thank you for your business. Please contact the Nassau Sales Desk at 888-794-4447 with questions.