Attention Rhode Island Advisors

NAIC Model Regulation 275 requires sales process changes starting April 1, 2021
Starting April 1, 2021, for all new business written in Rhode Island, a new annuity standard of care rule becomes effective. This new “best interest” standard, which replaces the old suitability standard, includes several substantive changes to both producer obligations and supervising insurer obligations. These changes will impact the sales process — including new point-of-sale form requirements, producer disclosures, and documentation obligations.

We’ve developed a Compliance Blueprint to help you understand your new obligations and summarize the new business requirements. Included with the Compliance Blueprint is the Doing Business With Midland National Blueprint. This Doing Business Blueprint is intended to be a “cheat sheet” of sorts for you to refer back to as you are getting comfortable with your new compliance obligations. Get these valuable resources now.

Microsite

Our microsite offers resources you’ll need to navigate the new regulation

Resources

Find training resources through these industry training sites; RegEd and LIMRA To avoid delays in your business, complete training within the required 6 months from effective date and send us certification that you’ve taken training. Use secure document upload; the quickest, easiest way to get us your certification. 

Required forms
(also found on our new microsite)
Best Interest Attestation Form (new)
Consumer Profile Form (revised suitability form)
Producer Disclosure Form (new)
Comparison and Disclosure Form (revised)
(No change to the current AR, FL, NV comparison forms)