Last Updated: December 22
Global Atlantic
- AM Best Improves Outlook to Positive While Affirming A- Rating. On December 15, 2016, AM Best revised the outlook on Global Atlantic’s insurance companies’ financial strength ratings to “positive” from “stable” while affirming the ratings at A- (fourth of 13). *The positive outlook is a reflection of Global Atlantic’s continued success in executing on its business strategy, favorable operating and financial performance, and strong levels of capital. These achievements are made even more notable coming at a time when rating agencies have a negative outlook on the industry as a whole.
This is an important step toward achieving an upgrade from AM Best in the future. We will continue working closely with AM Best to reinforce this positive momentum in 2017. Click here to read the press release from AM Best. We couldn’t have reached this milestone without you. Thank you for being a valued partner and for your continued support of our business.
Need help with any of Global Atlantic's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Genworth
- Inforce Rate Action: Iowa: Privileged Choice and Classic Select. In September 2013, we announced our intention to seek premium increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequent to that announcement, we received approval for, and implemented, a 12.8% premium increase in Iowa. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the full amount in states that previously allowed our 2013 ask. Iowa has now allowed the increase, and the details of the implementation of this premium change are at the link above.
- Requesting Book of Business Reports and HIPAA. Protecting the security and confidentiality of our policyholders’ information is very important to Genworth. Specifically, Genworth and our producers must follow certain rules when handling information related to our policyholders including restricting the transmission or disclosure of that information to the minimum necessary to accomplish the intended purpose. Effective immediately, any request from a BGA or producer for a book-of-business report will no longer be accepted. If a BGA or producer needs a book-of-business report, that information must be obtained from Genworth® PRO. For your convenience, we have included a Producer Reference Guide on how to run a book-of-business report from Genworth PRO. Genworth PRO offers quick access to your business using our Book of Business tools. Each product line has its own tool designed specifically for that product.
All information on the Genworth PRO website is confidential. You should never share your login credentials with anyone. If you feel your login credentials may have been compromised, please call 800-404-2956.HIPAA Marketing Authorization. The Health Insurance Portability and Accountability Act (“HIPAA”) applies to Covered Entities (e.g. insurance companies) and their Business Associates (e.g. producers/agents) who sell health insurance products. Specifically, the Privacy Rule protects personal information of people who have purchased or applied for long term care insurance, Medicare supplement insurance and/or linked benefit products that include long term care insurance benefits (“Covered Products”). The health information collected from an individual in relation to the purchase/sale of a “Covered Product” is called Protected Health Information (“PHI”) under the Privacy Rule. Marketing “non-covered products” (traditional life Insurance, annuities, etc.) to existing clients that own either a long term care insurance (LTCI) or another HIPAA “Covered Product” can be complicated under HIPAA due to the Privacy Rule requirements. For HIPAA purposes, the definition of marketing is “to make a communication about a product or service that encourages recipients of the communication to purchase or use the product or service.” - 1099-MISC Electronic Tax Statement. Access your 1099 MISC Statement faster by going paperless before January 10, 2017! After December 20th, 2016, producers may choose to receive their 1099 MISC statements electronically. For eligible producers, we can provide an electronic version of these statements if you log into your account at Genworth.com and choose to opt in. If you are not registered on genworth.com, we encourage you to register at genworth.com to take advantage of the numerous benefits that the website offers. If you prefer to receive your 1099 MISC Statement information in paper, we will mail out your 1099 MISC information by January 31, 2017.
Need help with any of Genworth's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln Financial
- A message from Andy Bucklee and Mike Burns: Term Product Updates. To support our ability to continue offering a comprehensive, competitive and relevant portfolio of permanent and Term insurance products for your clients, Lincoln announced changes in July, 2016 to its Term Conversion Guidelines. Since that time, we have continued to evaluate our Term Conversion Guidelines for policies with an effective date prior to September 12, 2016. This has included many conversations with partners and careful evaluation of the meaningful feedback that we have received.
In October, we reinstated full commissions in policy years two and later for policies with an effective date prior to September 12, 2016. While we could not reinstate our previous guidelines in their entirety, we felt this was a meaningful action that recognizes the servicing needs you provide to your clients. At that time, we acknowledged further adjustments would be forthcoming.
Today we are announcing those adjustments, which pertain only to convertibility options for Term products introduced prior to April 2007. Please click the link above to read more about those adjustments.
We are also pleased to share that in the first quarter Lincoln will be making pricing improvements to Lincoln Life Elements® Level Term and Lincoln TermAccel® that will solidify “top 3 carrier” competitiveness in each product’s target market, with the lowest price in select scenarios. Details are still being finalized which we will announce in January, but we are excited to share this news with you today. As a reminder, with all new sales of Term policies, Lincoln offers 7 years of guaranteed conversion to its full product portfolio, while the industry typically offers 5 years without guaranteed product availability. Lincoln also pays commissions in all years, including full commissions in years four and later.
Need help with any of Lincoln Financial's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Transamerica
- Underwriting: Updated Trial Application Submission Guidelines. Effective January 1, 2017, trial applications will only be available on permanent products for insured ages 50-80 and with face amounts of $5 million or greater. Those that do not meet these age/face guidelines will be reviewed if the annual premium is $25,000 or greater and the anticipated premium is clearly indicated on the cover page. Trials on term products will no longer be reviewed. Trials can be submitted via the secure email platform or faxed to 800-814-2205.
Need help with any of Transamerica's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
