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Carriers' News

Product Update from Nationwide

Home/Carriers' News/Product Update from Nationwide
New guidelines on Indexed UL illustrations
The National Association of Insurance Commissioners (NAIC) and the American Council of Life Insurers (ACLI) developed a new guideline on illustrating index universal life (IUL) products. Nationwide® worked closely with these groups to develop this important guideline, which promotes illustration uniformity and better education of potential IUL buyers. The guideline, referred to as AG 49, is being implemented in two phases.
Effective September 1, 2015

  • The maximum illustrated rate will be capped for all index strategies based on a hypothetical look-back rate
  • This look-back rate is the average annual rate for the S&P 500® Index assuming the product’s current annual cap, a 0% floor and a 100% participation rate using all possible 25-year periods from the most recent 66 calendar years

Effective March 1, 2016 Illustrations will also:

  • Include an “alternate scale ledger” using a lower interest rate than the current ledger
  • Include a table showing actual index performance and corresponding hypothetical index credited interest rates over the last 20 years
  • Limit the illustrated rate credited on loaned amounts to no more than 1% higher than the charged loan rate (please note that this is not applicable to Nationwide’s IUL products given our current loan structure)

We’ve participated in the ACLI IUL Task Force since it began and fully support the new guidelines. We’ll be in touch with updates on AG 49 in the coming months.

Nationwide YourLife® Indexed UL — both our original IUL and our new IUL products are available
We’ll continue to offer our original IUL product, Nationwide YourLife® Indexed UL — alongside our new Nationwide YourLife IUL Accumulator and Nationwide YourLife IUL Protector products. Please use the application packet updated on March 16, 2015 to assure business is submitted in good order.

Nationwide YourLife® Single Premium UL — closing to new business August 31, 2015
Nationwide is committed to carefully managing our life product portfolio in order to remain a strong, stable carrier that you can rely on. So given the persistently low interest rate environment and continued market uncertainty, we’ve decided to close the Nationwide YourLife Single Premium UL (SPUL) to new business effective August 31, 2015.
Deadlines: SPUL applications must be signed and received at Nationwide by August 31, 2015. SPUL contracts must be in force and funded by October 30, 2015. Detailed transition rules will be available soon. Your producers are encouraged to contact us if they have a SPUL case they are considering placing with us. If a long-term care solution is needed, they may be interested in our recently re-priced Nationwide YourLife CareMatters with an attractive single premium option.

New York Reg 60 one-step option for life and annuity — available July 13, 2015
New York amended Regulation 60 regarding the replacement of an existing life insurance policy or annuity contract. Beginning July 13th, advisors selling in New York can choose to submit business via the new one-step method or the current two-step process. These changes apply only to New York replacement applications for life policies and annuity contracts. Please click here for more details.

We appreciate your partnership. Please call us if you have any questions about the above products or New York Regulation 60.

 

Brokerage General Agents 1-888-767-7373

 

 

Please check following link to find more details

Nationwide Update News

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