Important product changes for California effective January 1, 2017
California recently passed a legislative bill (Assembly Bill 2884) that will require changes to annuity products currently available in the state. The regulatory changes place certain restrictions on fixed annuity surrender charges – resulting in some products being withdrawn from sale in California.
Products not available in California effective January 1, 2017
In order to comply with this ruling, we are making the following changes to the availability of Nationwide New Heights® fixed indexed annuities effective January 1, 2017:
- New Heights 12–We will no longer offer this product in California.
- New Heights 9 and New Heights 10–We will suspend sales of the current versions of these products in California. Different versions of New Heights 9 and New Heights 10 will be released. We will provide more information regarding the products and the date of the release in a later communication.
Important transition information.
This regulatory change does not impact annuity business issued prior to January 1, 2017. New business for any impacted products must be submitted now in order to avoid any potential disruption. Paperwork must be received in good order according the following transition schedule:
|
Step |
Required Completion Date |
|
Application / TOA Signed Date |
12/31/2016 |
|
Electronic Ticket Submit Date |
12/31/2016 |
|
Application / TOA / Electronic Ticket Received Date |
1/17/2017 |
|
New Money / Transfer Money received |
2/14/2017 |
|
Last Date for Nationwide to Hold TOA Paperwork |
1/24/2017 |
We're committed to the business.
Nationwide remains committed to providing competitive products that help to meet the retirement needs of clients. Our team is actively working with the state of California to modify New Heights 9 and 10 to comply with this regulatory requirement and will communicate changes in the near future.
Please contact your IMO Marketer for more information.
|
|
|
