Important Montana Product Changes, Effective 10/1/17
Montana Product Changes
Effective October 1, 2017
Montana passed a legislative bill that places certain restrictions on fixed annuity surrender charges – resulting in some products being withdrawn from sale in Montana, and others offered with lower surrender charges.
|
Products Withdrawn in Montana effective 10/1/17:
• MarketPower Bonus Index – Withdrawn
• MarketTwelve Bonus Index – Withdrawn
• MarketBooster Index – Withdrawn
• MarketTen Bonus Index – Withdrawn
Important Cutoff Dates
• 1035 Exchange or Transfer Applications for withdrawn products must be
received by 8/31/17
• Cash-with-applications and all transfer-business money forwithdrawn
products must be received by 9/29/17
See Transition Rules for further details.
E-Application Forms
Applications/forms for withdrawn products will be removed from
E-Applications for Montana on 8/31/17. Only paper applications will be accepted for Montana cash-with-app business for 9/1 through 9/29.
|
Good News! Despite the new restriction, Builder Bonus Index will be available beginning 10/1/17!
Products Available For Sale in Montana Beginning 10/1/17
DynaMARC Index® Annuity
• Lower surrender charges (variation):
(10-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%
MarketValue Index® Annuity
• Lower surrender charges (variation):
(10-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5, 0.5%
Builder Bonus Index® Annuity
• Standard surrender charges
(9-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5%
ChoiceFour® Annuity (Traditional Fixed)
• Lower surrender charges (variation):
(6-Years) 9, 8, 7, 6.5, 5.5, 4.5%
(9-Years) 9, 8, 7, 6.5, 5.5, 4.5, 3.5, 2.5, 1.5%
Certainty Select® Annuity (MYGA) is unchanged and will continue to be available for sale in Montana.
Confidence Income Annuity® (SPIA) is unchanged and will continue to be available for sale in Montana.
Revised Disclosure Statements
New Montana-specific disclosures (dated 10-17) will be required beginning 10/2/17, and available on AppBuilder in late September. More information will be provided prior to the October 1 effective date.