News

Term Conversion Update

Effective January 1, 2021, Nassau has repriced its Remembrance Life product used to support all term conversions.

Key Considerations

  • Our existing Remembrance Life product rates will no longer be available effective January 1, 2021.
    • If a completed term conversion application for Remembrance Life was quoted between 11/1/2020 and 12/31/2020 and the signed application is received at Nassau on or before 1/31/2021, the client will have the option to select the quoted rates or request a quote for the new rates.
  • As part of the reprice, commissions have been reduced and an updated commission schedule will be distributed accordingly.
  • Effective immediately, any quotes for a term conversion will automatically be based on the new Remembrance Life product rates.

If you have any questions, please call us at 1-800-541-0171.

DISCLOSURES

For Producer Use Only. Not for use in solicitation or advertising to the Public.

Nassau Remembrance Life (ICC18FEWL and 18FEWL) is issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, and NY, but that is subject to change. Nassau Remembrance Life (ICC19FEWL and 19FEWL) is also issued by Nassau Life Insurance Company (East Greenbush, NY). In some states, Phoenix Remembrance Life (ICC12FEWL and 12FEWL) is issued by PHL Variable Insurance Company (Hartford, CT). PHL Variable Insurance Company is not authorized to conduct business in Maine and New York. Nassau Life and Annuity Company, Nassau Life Insurance Company and PHL Variable Insurance Company are subsidiaries of Nassau Financial Group. 

BPD40425

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.

©Nassau 2020

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Suitability in Annuity Transactions Model Regulation #275

In Spring of 2020, the NAIC approved revisions to the Suitability in Annuity Transactions Model Regulation #275 requiring producers to use “reasonable diligence, care and skill” in making recommendations and to act in the “best interest” of consumers. Arizona, Iowa, and Rhode Island are the first states to adopt the Model #275 regulation. Other states are expected to adopt the Model #275 regulation in the coming months.

On 12/30/2020, Suitability and Compliance information (including information related to training requirements) will be updated on Salesnet to reflect the new model requirements. Effective 1/1/2021, updates will be made to Nassau’s suitability forms and process to comply. Learn more about the new model reg and what Nassau is doing to comply with the help of Angelus Tammaro, our Director of Compliance.

In states which have adopted these new NAIC model regulations or similar regulations, all recommendations or sales must be in the best interest of the client. Under these new regulations, in addition to existing suitability requirements:

  • The client’s interest must be prioritized
  • Recommendations and sales must effectively address the client’s unique financial situation, insurance needs and financial objectives
  • Producers must meet specific “best interest” obligations regarding care, disclosure, conflict of interest and documentation

The following is a summary of new producer responsibilities under the 2020 NAIC Suitability in Annuity Transactions model regulation:*

  • Complete new training credits prior to any state deadline
  • Obtain a signed “Insurance Agent (Producer) Disclosure for Annuities” form at the time of recommendation or sale
  • Obtain additional signed forms if a consumer refuses to provide certain information or is making a purchasing decision against a producer’s recommendation**
  • Avoid and disclose any material conflict of interest
  • If requested by the client, disclose any cash and non-cash compensation in the form of a range or percentage
  • Communicate the basis or bases of any recommendation to the client and make a written record of any recommendation, the basis for the recommendation and any disclosures provided (including oral disclosures)

HOW WE WILL COMPLY

Similar to the 2010 model regulation, states that adopt the new 2020 model regulation will require advisors new to selling annuities to complete a four hour continuing education (CE) credit annuity training. Experienced advisors, previously trained under the 2010 model suitability model regulation, must complete either a new four hour CE credit course or an additional one-time, one hour CE credit course.

Nassau continues to partner with Pinpoint Global, an outside vendor, to meet the training needs of our appointed producers. New state-required CE courses are expected to be available in late December 2020 and January 2021 through Nassau’s online NAIC Product Training Center, powered by LIMRA and accessible through Salesnet. Training may also be completed via an outside vendor such as LIMRA or RegEd, provided that vendor’s valid certification confirming course completion is submitted to Nassau. Copies of completed courses taken outside of our Pinpoint Global Site vendor can be submitted to our contracting team at BGAContracts@nsre.com.

Product-specific training requirements have not changed and product training courses will be updated to include information related to the new 2020 NAIC model suitability regulations.

To avoid interruption in processing new business with Nassau, producers in states which have adopted these new regulations must complete their CE credits no later than applicable state deadlines. For more information, including state-by-state training requirements, refer to the Annuity Training Requirements on Salesnet.

At the time of recommendation or sale, a signed copy of the “Insurance Agent (Producer) Disclosure for Annuities” form (OL5420) must be provided to the customer and retained in the producer’s records. Nassau will not require a copy to be submitted with new applications. This form will be made available to producers when using eApp or the Apps and Forms Search page on Salesnet based on the requirements of the state where new business is being submitted.

Nassau currently requires producers to retain written records of recommendations made to consumers, including how the Nassau annuity you recommended meets your client’s needs and objectives. For additional information regarding producer responsibilities related to maintaining records, review the Nassau Compliance Guide on Salesnet.

To help Nassau meet our regulatory obligations, producers in states which have adopted the new model regulation (or similar regulations) will be required to indicate on the Annuity Suitability Questionnaire that the new “Insurance Agent (Producer) Disclosure for Annuities” form has been provided to the client. For eApp submissions, the new question will appear automatically on the questionnaire in states where it is required. For paper submissions, be sure to use the most recent state-specific forms made available through the Apps and Forms Search page on Salesnet.

Under the new model regulations, the following must be considered for exchange and replacement transactions:

  • Surrender charges, loss of benefits, increased fees or charge
  • If the consumer will see a substantial benefit over the life of the product
  • If there has been more than one exchange or replacement within the preceding 60 months

Nassau has always demonstrated a strong commitment to complying with the replacement model regulations and applicable state laws, and has discouraged producers from recommending a replacement transaction unless it is in the best interest of the client. All replacement transactions must meet Nassau’s internal suitability requirements.

To comply with the new model regulations and applicable state laws, Nassau is revising our Replacement Comparison Worksheet to extend the “lookback” period for replacement transactions from 36 months to 60 months. No other changes to Nassau’s suitability review process are expected at this time and all replacement transactions will continue to be escalated to a Nassau Suitability Analyst for a heightened level of review. As a reminder, Nassau will not consider an application if the existing contract being replaced is less than 24 months old (36 months if the same producer who sold the existing contract is also selling the replacement contract).

We thank you for your continued partnership and hope you found this information helpful. We encourage you to check back frequently for any updates to this article and other suitability information on Salesnet in the coming few months.

*This is only a summary. You are required to comply with all suitability regulations that are applicable in the state in which you are selling or recommending the purchase of an annuity.

**Nassau will not issue a contract if the Annuity Suitability Questionnaire is not completed or if the sale was not recommended by the producer.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public.

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, and NY, but that is subject to change. In New York, annuities are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations.

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.

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New Replacement Comparison Worksheet for Penalty Free Withdrawals

At Nassau, we’re working hard to ensure our suitability review process is as easy and seamless as possible for you and your clients. To ensure an easy and effective suitability review process for clients transferring funds from a free withdrawal to Nassau, on 12/31/2020 we are introducing a new suitability form entitled “Penalty Free Withdrawal Replacement Worksheet” (form OL5423). This simplified, easy-to-use form will be the only comparison worksheet required with new business submissions. The Annuity Replacement Comparison Worksheet (form OL5205) will continue to be used for all other replacement transactions.

We thank you for your continued partnership. We encourage you to check back frequently for any updates to this article and other suitability information on Salesnet in the coming few months.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public. 

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, and NY, but that is subject to change. In New York, annuities are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations.

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee. 

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E-Signatures Now Accepted for Common Post-Issue Service Forms

At Nassau, we’re committed to helping you grow your business through the entire sales process. We recently implemented the use of electronic signatures through a platform called DocuSign for electronic contract delivery. We’re excited to announce we’ve expanded our e-signature capabilities to include a number of commonly used post-issue service forms for your clients, including:

  • Change of Address
  • Change to Paid Up Policy
  • Request for Policy Change
  • Change of Name
  • Lost Policy Agreement 
  • Disclosure Authorization for Release of Information
  • Dividend to Pay Premiums

Feel free to watch this video and share it with your clients to learn more about DocuSign and the e-signature process.

Why Use E-Signatures?

DocuSign’s secure process and use of electronic signatures allow both you and your clients to quickly, safely, and conveniently complete many Nassau service request forms. The electronic documentation is generally safer than paper documents that can possibly be damaged, destroyed, or altered, and is designed to reduce the number of incomplete forms and improve overall accuracy and timeliness. The electronic verification process is embedded into e-documents and creates an electronic authorization trail. This means you and your client’s service requests are completed in a faster and more efficient manner.

Disclosures

For Producer Use Only. Not for distribution to the public.
 
Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs and objectives.
 
Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.
 
Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME and NY, but that is subject to change. In New York, annuities are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. BPD#40380

© Nassau 2020
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Anthony LaRosaE-Signatures Now Accepted for Common Post-Issue Service Forms
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Enhanced Salesnet Navigation

Watch the video below to hear Anthony LaRosa, digital marketing manager for Nassau, explain recent enhancements to the Salesnet navigation menu. Want to share feedback on the new header, or how we can make Salesnet even better for you? Email us at info@nsre.com with your thoughts or suggestions.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public.

© 2020 Nassau

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Annuity Products Now Available in Minnesota

We’re excited to announce that Nassau Life and Annuity Company is licensed for new sales in the state of Minnesota. Beginning today, you’ll be able to offer the strong income, accumulation, and protection solutions of our annuity product portfolio to your Minnesota clients. This includes our full suite of fixed indexed annuities as well as our multi-year guaranteed annuity including:

Nassau Growth Annuity
Accumulation Focused

Personal Income Annuity
Lifetime Income Guarantees

Personal Protection Choice

Optional Income, Care, and Family Protection Riders

Personal Retirement Choice
Premium Bonus of 8% or 4%

MYAnnuity 5X/7X
Fixed Interest Accumulation

Minnesota will be a Group B State for Nassau Growth Annuity, and a Group C State for Personal Income Annuity, Personal Protection Choice, and Personal Retirement Choice for surrender charge schedules, premium bonuses, and/or crediting rates for new business. Updated marketing materials, applications, and forms are now available. View our current list of available states.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public. 

Products, rider options and other features are subject to state availability. Actual product details, including all terms and conditions that apply, are contained in the policy. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives.

Guarantees are based on the claims-paying ability of the issuing company. Nassau Growth Annuity (19FIA3, ICC19FIA3, 19GLWB3, ICCGLWB3), Personal Income Annuity (19FIA, ICC19EIAN and ICC19EIA), Personal Protection Choice (19FIA, ICC19EIAN and ICC19EIA), Personal Retirement Choice (19FIA, ICC19EIAN and ICC19EIA), and MYAnnuity 5X/7X (ICC18IFDAP, ICC18IFDANP) are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to do business in MA, ME, and NY, but that is subject to change. In New York, Nassau MyAnnuity (17IMGA) is issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. BPD40358

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee. 

© 2020 Nassau

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Anthony LaRosaAnnuity Products Now Available in Minnesota
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Pre-Submission Options for Replacement Business for Clients Age 81+

Consumers age 81+ are confronted with unique financial circumstances, needs, and objectives. Age is one of many important considerations when performing a comprehensive evaluation of a client’s financial options and objectives. Along with regulatory bodies, Nassau has an increased awareness for consumers age 81+ and requires that any recommendation to replace an existing policy/contract demonstrate a substantial financial benefit over the life of the contract.

To provide you an indication as to whether or not your replacement business for annuitants age 81+ will be considered, our suitability team has created two options to help prior to formal submission:

Option 1

Email a completed pre-submission form to annuity.newbusiness@nsre.com. This may take up to 2 business days for review.

Option 2

Call our suitability department at 1-800-417-4769 opt 2, opt 2 to complete the pre-submission form with a suitability analyst.

Please note that the purpose of this pre-submission check is not in any way a final approval or denial. Refer to Nassau’s Suitability Policy and FAQ located on Salesnet for more detailed information regarding these types of sales.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public. 

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY, but that is subject to change. In New York, annuities are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. BPD40343

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee. 

© 2020 Nassau

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Post-Issue Live Chat Support Now Available

At Nassau, we’re continually analyzing and pioneering new ways to provide you and your clients the best in class service you deserve. We’re excited to announce that we’ve just launched post-issue live chat support for producers.

Here’s How it Works

Currently post-issue live chat support is available Monday through Friday from 8:30-10 a.m. ET for your quick post-issue questions, including assistance on our non-financial, commonly used service forms. To start a live chat conversation, log into your online account on salesnet.nsre.com. A new chat window will automatically pop up on the Forms, Values, and Contact Us pages. If you submit a message, you’ll be connected to one of our customer service pros, who will respond to your inquiry.

We have plans to expand our post-issue live chat support offerings and hours in the future. For instance, back office staff at IMOs can expect live chat support by the end of October. We look forward to your feedback.

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public. 

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY, but that is subject to change. In New York, annuities are issued by Nassau Life Insurance Company (East Greenbush, NY). Nassau Life and Annuity Company and Nassau Life Insurance Company are subsidiaries of Nassau Financial Group. The insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. BPD40345

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee. 

© 2020 Nassau

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Fixed Account Update for PIA, PPC, and PRC in Group C States

As a result of our transition to Nassau Life and Annuity Company, we are pleased to announce that clients in Group C states who purchase Personal Income Annuity (PIA), Personal Protection Choice (PPC), and Personal Retirement Choice (PRC) will no longer be restricted to a maximum allocation of 10% of their contract value to the fixed account.

PIA, PPC and PRC applications completed on or after 9/30/20 in Group C states will no longer have a maximum allocation limit to the fixed account. Updated illustrations and marketing materials are available now on salesnet.nsre.com.

Group C States
AK, IL, LA, MO, NH, NJ, OR, PA, UT, VA, VT, WA, or WY.

Our fixed indexed annuity (FIA) product suite remains strong in both value and guarantees, providing your current and future clients with income, accumulation potential, and protection to enhance their retirement portfolio. Learn more about our annuity product suite.


Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public.

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Nassau Personal Income Annuity (19FIA, ICC19EIAN and ICC19EIA), Nassau Personal Protection Choice (19FIA, ICC19EIAN and ICC19EIA), and Nassau Personal Retirement Choice (19FIA, ICC19EIA and 19ISB) are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY, but that is subject to change. Nassau Life and Annuity Company is a subsidiary of Nassau Financial Group. BPD40332

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.

© 2020 Nassau

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Anthony LaRosaFixed Account Update for PIA, PPC, and PRC in Group C States
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Nassau Growth Annuity: Update for Ages 81-85

We increased the maximum issue age to 85 for Nassau Growth Annuity (NGA) without an income rider earlier this year to serve a greater number of potential clients.

As of August 7, 2020, for NGA cases where the oldest owner is age 81 or older at issue, the contract will be issued with the Group B States surrender charge schedulecrediting rates, and agent compensation rates. This adjustment impacts Group A States: AL, AR, AZ, CO, DC, IA, IL, KS, MD, MI, MS, NC, ND, NE, NH, NM, NV, OK, SD, TN, VT, WV, WY.

Marketing materials have been updated to demonstrate this clarification and illustrations will be updated by August 21, 2020.


Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public.

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Nassau Growth Annuity (19FIA3, ICC19FIA3, 19GLWB3, ICCGLWB3) is issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY, but that is subject to change. Nassau Life and Annuity Company is a subsidiary of Nassau Financial Group. BPD40296

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.

© 2020 Nassau

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Anthony LaRosaNassau Growth Annuity: Update for Ages 81-85
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