Wisconsin DOI Amends Annuity Suitability Requirements

[Crabcake Johnny]

Effective May 1st Wisconsin is the next state to adopt and implement the NAIC's annuity suitability model.

Here's the new Wisc. rules:

Allianz Link for Wisc Rules

Here's a fun tidbit:


(7) Record keeping. An insurer and an insurance intermediary, including a general agent and an independent agency, shall maintain, or be able to make available to the commissioner, records of the information collected from a consumer and other information used in making a recommendation that was the basis for an insurance transaction for 6 years after the insurance transaction is completed by the insurer, except as otherwise permitted by the commissioner by rule. An insurer may, but is not required to, maintain records on behalf of an insurance intermediary, including a general agent and an independent agency.

 

[Norwayguy]

Effective May 1st Wisconsin is the next state to adopt and implement the NAIC's annuity suitability model.

Here's the new Wisc. rules:

Allianz Link for Wisc Rules

Here's a fun tidbit:


(7) Record keeping. An insurer and an insurance intermediary, including a general agent and an independent agency, shall maintain, or be able to make available to the commissioner, records of the information collected from a consumer and other information used in making a recommendation that was the basis for an insurance transaction for 6 years after the insurance transaction is completed by the insurer, except as otherwise permitted by the commissioner by rule. An insurer may, but is not required to, maintain records on behalf of an insurance intermediary, including a general agent and an independent agency.

That doesn't sound like anything new except maybe the 6 year limit. I know I'm required to keep info on everything sold for 3 years.

 

[HarryRenard]

Who doesn't keep info on their sales?? What the big deal??

How you can you sell them again with out a file??

I don't see what the big deal is any professional maintains files on their clients and the ones who don't really wouldn't care about this law anyway.