|
Important: Product and Form Changes in California
California (CA) recently passed state regulation resulting in the following BalancedChoice® Annuity (BCATM) product changes in CA. Form changes and transition guidelines are listed below.
Product Changes
| BCA Elevate 12 |
| Will be discontinued in CA |
| BCA Elevate 8 |
| Changes to the following schedules: |
| BCA Elevate 8 Adjusted Withdrawal Charge Schedules in CA |
| |
Current |
New |
| Year 1 |
10 |
9.6 |
| Year 2 |
9 |
9.2 |
| Year 3 |
9 |
8.2 |
| Year 4 |
9 |
7.2 |
| Year 5 |
8 |
6.2 |
| Year 6 |
7 |
5.2 |
| Year 7 |
5 |
4.2 |
| Year 8 |
3 |
3.1 |
| Year 9 |
0 |
0 |
| BCA Elevate 8 Premium Bonus Vesting Adjustment Schedules in CA |
| |
Current |
New |
| Year 1 |
0 |
0 |
| Year 2 |
0 |
10% |
| Year 3 |
0 |
20% |
| Year 4 |
0 |
30% |
| Year 5 |
0 |
40% |
| Year 6 |
0 |
50% |
| Year 7 |
0 |
60% |
| Year 8 |
0 |
70% |
| Year 9 |
0 |
100% |
| BCA Elevate 10 |
| Not affected: Will remain unchanged in CA |
New and discontinued forms
For ease of doing business, we're also combining two forms into one for CA:
- California Senior Insurance Disclosure (20775) – This required form will be available for use 1/1 as a replacement for the two forms listed below.
- California Senior Insurance Disclosure (Form 10020) – Will be discontinued 1/1
- Home Visit Advance Notification (Form 15349) – Will be discontinued 1/1
Application deadlines for discontinued and updated products in CA
All business affected by these regulatory changes must be issued by December 30, 2016. There will be NO exceptions. In order to guarantee a December 30, 2016 issue date, the following conditions must also be met:
- Applications must be received by your Marketing Organization in good order and fully funded no later than December 28, 2016 and received at Athene in good order and fully funded no later than 4 pm CT on December 29, 2016. All pending requirements must be resolved and in good order and all transfer funds (e.g. 1035 exchanges, IRA rollovers) must be received by this date in order to issue as applied for.
- Athene must receive funds and all in good order requirements for all pending applications, including transfer applications (e.g. 1035 exchanges, IRA rollovers), by 4 pm CT on December 29, 2016, in order to issue any affected products in California.
- Applications for affected products not issued by December 30, 2016, may require a new Certificate of Disclosure and Product Comparison Worksheet (if applicable) in order to issue an updated or similar product. We will not be able to issue the BCA12 product after the dates listed above.
To guarantee business counts toward your 2016 production, applications in good order with all funds must be received by December 19 to ensure processing prior to year-end. Applications in good order with all funds received between December 20 and December 29 will still be issued with a 2016 contract date and worked in the order received, but may count towards 2017 business, depending on volume.
Thank you for your business. For product and sales support, please contact your Marketing Organization.
|
