North Carolina Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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How to fill out Amended And Restated Principal Underwriting Agreement Regarding Issuance Of Variable Annuity Contracts And Life Insurance?
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FAQ
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 ...
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.
While all annuities are regulated by state insurance commissioners, variable annuities and RILAs are securities and therefore are also regulated by the SEC and FINRA. Annuities are often products investors consider when they plan for retirement.
Deferred variable annuities are hybrid investments containing securities and insurance features. Their sales are regulated both by FINRA and the Securities and Exchange Commission (SEC).
However, these products are subject to market risk, which entails the potential loss of principal. Financial professional need two types of licenses to sell variable annuities: State insurance license. Series 6 or Series 7 license from FINRA (specifically for variable annuities)
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.
Initial investment protection ? Oftentimes, the issuing company will guarantee you can access your initial investment, regardless of how poorly your investment selections perform. Death benefit ? If you die before you start receiving payments, your beneficiary will receive a payout from the annuity company.
A principal must treat all transactions as if they have been recommended for purposes of review and can approve the transaction only if it is suitable based on the factors that a registered representative must consider when making a recommendation.