DOL Fiduciary Rule and Agent Training Presentation
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update
On 2/1/2022 all agents who are assisting American National clients with qualified rollovers to Individual Retirement Accounts, Annuities and Defined Contribution/Benefit plans or who are selling qualified insurance and annuity products to such plans will be required to comply with the requirements of Prohibited Transaction Exemption (PTE) 84-24 and the Impartial Conduct Standards.
This update requires that agents disclose the commission s/he will receive when a qualified plan rollover is involved or a qualified insurance or annuity product is sold.
As of 2/01/2022, Form 11229 will be required for any qualified annuity product sold.
In addition, all annuity product disclosures will be updated to reflect the DOL changes. The old disclosures will not be accepted on any new business applications.
Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards Update Training Presentation
The DOL Fiduciary Rule Update Training Presentation has been created to assist you and provides links to each document required at the time of sale:
- The Disclosure document (linked within the guide) will also be required if your commission changes from the amount or percentage provided in the initial disclosure (trailing commissions are not considered a change).
- This training is not required, but will provide useful information regarding the update.