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Important Information – DOL Fiduciary Rule

Important Information:
DOL –Fiduciary Conflict-of-Interest Rule

On June 9, 2017, the Department of Labor Fiduciary Rule will become applicable, marking the end of a 60-day extension from the original applicability date.

We want to help you comply with the new rule as simply as possible, by providing
• Direction on how to do business withEquiTrust after June 9
• Required form
• Complimentary, optional DOLtraining through LIMRA

How to Do Business withEquiTrust After June 9
Beginning June 9, the expanded definition of "fiduciary" investment advice will go into effect. As an agent selling annuity contracts and life insurance policies funded with qualified assets, you will be acting as a fiduciary – subject to prohibited transactions under the rule.

Two exemptions are available which provide relief from the prohibited-transaction provisions: the Prohibited Transaction Exemption 84-24 (PTE 84-24) and Best Interest Contract Exemption ("BICE"). You may exercise either exemption, sell annuities and life insurance policies to retirement clients, and continue earning commissions. EquiTrust will not serve as a financial institution under the BICE, and will not provide investment advice or provide supervisory oversight. For assistance in finding an appropriate financial-institution solution, please contact your IMO.

Required Form
ADOLFiduciary Certification form notifies EquiTrust which exemption is being used for each sale. The form is on AppBuilder and is included with each qualified application packet. Indicate on the form which exemption you are using. The form is required beginning June 9th with qualified annuity applications and life insurance applications funded with qualified money. To view or download the DOL Fiduciary Certification, click here.

IMPORTANT:If you have clients with Certainty or Certainty Select (MYGA) qualified contracts nearing the end of the guarantee period and subject to renewal, a Compensation and Conflicts Disclosure Form For Individual Retirement Annuities At Time Of Renewal form will be included with renewal-notification letters mailed to these individuals prior to the 30-day window. The form is for client information only and does not need to be signed or submitted. To view or download this renewal disclosure, click here


Learn More
The attached memo provides more detailed information about implementation of the rules. Click here. Additional information will be provided to you prior to January 1, 2018, when additional exemption conditions may take effect.

Questions?
If you have any questions,regarding compliance with the rule and its effects on your business, contact your IMO or EquiTrust Sales Support at
at866-598-3694.

 


EquiTrust Life Insurance Company, West DesMoines,IA. For Producer Use Only. IC17-ECN-1064.

 


EquiTrust does not offer investment advice to any individual or agent and this material should not be construed as investment advice.
FOR AGENT USE ONLY. NOT FOR USE WITH THE PUBLIC.
 
 

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