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Archive for December 17th, 2008

Rule 151A Adopted

We don’t do indexed annuities, but I know a lot of agents do.  Here is some news on 151A from NAIFA:

Earlier today the Securities and Exchange Commission, by a 4-1 vote, adopted proposed Rule 151A, which will classify most indexed annuities as “securities” under the 1933 Securities Act. Once Rule 151A goes into effect the SEC and FINRA will have authority over indexed annuity sales, and someone who wishes to market/sell indexed annuities will need a series 6 or 7 securities license and be required to have IA sales supervised by a broker/dealer. In response to comments submitted by NAIFA and others, the SEC did indicate it was revising the text of the Rule to clarify that the Rule only applies to indexed annuities and not to other types of fixed annuities or insurance products. Rule 151A will only apply to indexed annuities that are issued after the Rule’s effective date, which will be January 12, 2011.

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 Do you know how to use UnitedHealthcare’s brands and logos?

We have recently updated our policy on agent use of UnitedHealthcare Medicare Solutions brands and logos. (more…)

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I updated the United Healthcare Commissions page with new information on INTERNALLY REPLACED Secure Horizon’s business (assuming you are the Broker of Record).

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Meeting is Tuesday December 23rd, 2008 (SEE OUR EVENTS CALENDAR FOR DETAILS!)

A full Breakfast will be served at 8am.

Meeting starts at 8:30 and runs to 10am.

Topics include:

  • Selling our benefits by comparison
  • Ways to market and sell Advantra HMO/PPO products
  • Maximizing how to generate leads and commissions now
  • Changes in Medicare – Tools for success
  • Broker input – tell us what you need

First 30 agents who REGISTER and ATTEND will receive leads (you must be licensed and certified to get leads).

There will be a 32″ Flat-Panel LCD HD TV given away as a door prize.

RSVP to Kristi at 412-577-5444

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I was working with NAIFA to give the independent agent’s position with respect to the new Marketing regulations in general and the commission issues in particular.  I got this response back today (AHIA is the Health Insurance division of NAIFA):

I hope that I responded to each of you individually to thank you for your comments. If I missed you, please accept my apology. I’ve been on medical leave (relatively minor ear surgery) and am a little tardy in bringing you up to speed on AHIA’s efforts regarding Medicare marketing.

 Most recently AHIA President-elect Bill Foudy attended the CMS National Medicare Education Program (NMEP) Coordinating Committee Meeting on December 11. The NMEP is an alliance between public and private organizations and CMS around a common goal: educating people with Medicare to make informed choices about their health care.

 In addition, AHIA has held several conversations with various CMS representatives, including a number of officials present during the NMEP meeting to express our concern that the existing rules might dissuade professional agents from participating in the process which creates the unintended consequence of leaving seniors vulnerable to unscrupulous marketing practices. Specifically we discussed 1) this open enrollment being less than good; 2) the new regulations being counter productive; and 3) a solution to churning would be level commissions, whatever the amount.  There seems to be general agreement.

 CMS has since hired the public relations firm Booz Allen Hamilton to learn how CMS can better serve their beneficiaries. AHIA is working with Booz Allen Hamilton to provide meaningful suggestions.

 AHIA will continue our conversations with CMS in order to achieve regulations that allow beneficiaries to use the professional services of licensed advisors without undue burdens. AHIA urges CMS to remember it is unrealistic to expect our senior citizens to navigate their way through the complexity of health insurance coverage (in and out of Medicare) without the guidance and expertise of a licensed, fairly compensated, professional health insurance advisor. 

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