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GNW: Soliciting a Policy in one State and Delivering in another

Agents Who Solicit a Policy in One State and Deliver it in Another Must be Licensed and Appointed in Both States

01-26-2009

When life and health insurance produicts are solicited in one state for delivery in another state, the following requirements apply to ensure full complaince with the applicable laws and regulations.

Licensing, Appointment and Product Guidelines
For life and annuity products, the soliciting agent must be licensed and appointed both in the state where solicitation occurs and where delivery is to be made. the product will be issued based on the delivery state. In most cases, delivery state and the policyholder's resident state will be the same.

Due to the nature of long term care insurance (LTC), Medicate Supplement and other A&H products, the policyholder's resident state should be used instead of delivery state (if there is a difference) for purposes of the policy form. Consequently, the soliciting agent must be licensed and appointed both in state where solicitation occurs and the resident state of the applicant.

For linked benefit products, such as a universal life policy or an annuity with an LTC rider, the delivery state and policyholder's resident state must be the same in order to conform with all applicable requirements.

Agents should only solicit a prospective policyholder under circumstances where the policy form being solicited is filed and approved in the state where it is to be delivered, in the case of life and annuities, or in the applicant's resident state, in the case of LTC/Med Supp/A&H.

Even though only a small percentage of applications are received where the solicitation and delivery/owner resident state are different, you should be aware of the requirements in both states and be prepared to comply with them. Your complaince also helps Genworth process the case more efficiently and may help protect you from possible state action for doing business without a proper license or appointment.

Please remember, state requirements vary. As a result, two-state transactions should be started only after determining applicable licensing/appointment requirements.

As of 2/2/2009, these guidelines will be adhered to and applications will be returned if an agent is not properly licensed and/or appointed in all applicable states.

For more information, or if you have any questions, please contact Tina McIntire for Life & Annuity contracts, and contract Amy Lawson for LTC contracts.