The Standard: January 2012 producer updates

A New Way to Learn About The Standard's Annuities

This year will continue to be challenging when it comes to state regulations and company-specific product training. More and more states are adopting the NAIC model regulations for suitability and product training.

The Standard has developed a new product training course that is easy to complete while providing you the ability to become fluent in the intricacies of their products. The state-specific product training is for all of their fixed annuities and is available on their producer website.

The training program is a timed PowerPoint presentation which takes a little more than six minutes to complete. An interactive link at the end of the presentation will prompt the producer to acknowledge completion by providing their name, email, phone, last four digits of their Social Security number and their Standard Insurance Company annuity producer ID. If your producer does not yet have a producer ID from The Standard, instruct them to write "PENDING" in the fill-form box asking for their ID.

Commission Calendar For 2012

The Standard's website has been updated to reflect their 2012 Commission Calendar.

If you are not yet receiving your commissions via Electronic Funds Transfer (EFT), The Standard asks you to call 800.378.4578 or email them to initiate the process.

Required Minimum Distribution Notifications Happening This Month

January is the month The Standard mails its annual Required Minimum Distribution notifications. By the end of the month, they will have sent RMD notifications to all policyowners of qualified, deferred annuity contracts who will attain age 70½ in 2012 or are already of RMD age.

A packet of information and forms will be mailed to policyowners new to the requirements, as well as those individuals who have attained age 70½ and have not elected to receive automatic distributions. The owner of a deferred annuity receiving a payout option other than an RMD, such as scheduled interest paid as earned, will also receive the packet.

Individuals who are already set up to receive automatic RMDs will receive only a letter disclosing their 2012 RMD amount as of Dec. 31, 2011.

A second notification will be sent to IRA policyowners regarding RMD information on the Form 5498 mailing in May. In the notification, policyowners will be invited to call for a quote.

If you have any questions about your client's required minimum distribution or need an RMD quote, you may contact The Standard's customer service representatives at 800.247.6888.

Producer Advisories

IMPORTANT: Connecticut – Regulation 38a-432a-1 – 7: Suitability of Annuity Sales