Midland big cap reduction

Oct 15, 2017

  1. CFP83
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    CFP83 Guru

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    State:
    Ohio
    Just got a call on friday from my regional that midland is reducing caps on all closed iul products/books of business by 2%. The currently sold products will have a 1% reduction. This will take place around 11/15.

    I have heard from a producer on penn mutuals advisor councel that penn is preparing for another 1% reduction as well.
     
  2. jboussea
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    jboussea Guru

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    we can expect NA to be reduced accordingly... I don't mind a cap reduction but I don't like it when there's a discrepancy between open book of business and new business.
     
  3. AndrewRoche
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    AndrewRoche Expert

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    What is their rationalization for the rate reduction?
     
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