The New Mexico Amended and Restated Principal Underwriting Agreement for the Issuance of Variable Annuity Contracts and Life Insurance is a comprehensive document that outlines the terms and conditions surrounding the sale and distribution of these financial products in the state of New Mexico. It serves as a crucial regulatory framework for insurance companies and their respective brokers, ensuring compliance with applicable laws and regulations. This agreement is essential for both parties involved in the underwriting process. It provides guidelines and procedures that must be followed to ensure the proper sale and distribution of variable annuity contracts and life insurance policies. The agreement addresses various aspects, including sales practices, commissions, compensation, disclosure requirements, and compliance standards, among other important provisions. The New Mexico Amended and Restated Principal Underwriting Agreement may consist of multiple types, each catering to specific product variations or modifications. Some potential variations include: 1. Variable Annuity Underwriting Agreement: This agreement specifically focuses on the underwriting of variable annuity contracts, which are insurance contracts combined with investment components. It covers the unique features and regulations associated with variable annuities, such as investment options, market risk, and surrender charges. 2. Life Insurance Underwriting Agreement: This type of agreement pertains to the underwriting of life insurance policies. It outlines the terms and conditions for issuing life insurance coverage, including premium calculations, death benefit provisions, policy riders, and beneficiary designations. 3. Combined Variable Annuity and Life Insurance Underwriting Agreement: In cases where insurance companies offer variable annuity contracts and life insurance policies as bundled products, this agreement combines the specifications of both types. It ensures compliance with regulations and guidelines specific to each product, handling matters such as policy structuring, asset allocation, insurance coverage, and investment management. The New Mexico Amended and Restated Principal Underwriting Agreement serves as a crucial legal document for insurance companies, brokers, and policyholders, safeguarding their rights and ensuring the responsible sale and distribution of variable annuity contracts and life insurance policies in the state. By adhering to the provisions outlined in this agreement, both parties can engage in a transparent and compliant manner, fostering trust and protection within the insurance industry.
New Mexico Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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Registered principal Principal Review and Approval Obligations Rule 2330 requires a registered principal to review and determine whether to approve a customer's application for a deferred variable annuity before sending the application to the issuing insurance company. Variable Annuities | FINRA.org finra.org ? rules-guidance ? key-topics ? var... finra.org ? rules-guidance ? key-topics ? var...
FINRA Rule 2330 (Members' Responsibilities Regarding Deferred Variable Annuities) establishes sales practice standards regarding recommended purchases and exchanges of deferred variable annuities, including requiring a reasonable belief that the customer has been informed of the various features of annuities (such as ... Variable Annuities | FINRA.org finra.org ? guidance ? reports ? variable-an... finra.org ? guidance ? reports ? variable-an...
Fixed annuities are not securities and are not regulated by the SEC. Annuities | Investor.gov investor.gov ? investing-basics ? glossary investor.gov ? investing-basics ? glossary
Money invested in annuities grows on a tax-deferred basis. While all annuities are regulated by state insurance commissioners, variable annuities and registered indexed-linked annuities (RILAs) are also regulated at the national level by the U.S. Securities and Exchange Commission (SEC) and FINRA. Annuities | FINRA.org finra ? investing ? investment-products finra ? investing ? investment-products
Because the contract owners assume these investment risks, variable annuities are securities and generally must be registered under the Securities Act of 1933. NASD Notice to Members 99-35 - finra finra.org ? default ? files ? NoticeDocument finra.org ? default ? files ? NoticeDocument
A fixed annuity's value will not decline due to market losses?it's consistent and stable. On the other hand, variable annuity values will fluctuate with the performance of the subaccounts you elect as the markets rise and fall. Fixed Annuity vs. Variable Annuity: Pros and Cons | Thrivent thrivent.com ? insights ? annuities ? fixed-a... thrivent.com ? insights ? annuities ? fixed-a...
National Association of Insurance Commissioners (NAIC) ? The NAIC is the national organization of state insurance com- missioners. Variable annuities are regulated by state insurance commissions, as well as by the SEC. Variable Annuities: What You Should Know - SEC.gov SEC.gov ? investor ? pubs ? sec-gui... SEC.gov ? investor ? pubs ? sec-gui... PDF
Variable annuities are regulated by state insurance commissions, as well as by the SEC. Variable Annuities: What You Should Know - SEC.gov sec.gov ? investor ? pubs ? sec-guide-to-var... sec.gov ? investor ? pubs ? sec-guide-to-var...