Global Atlantic: AG49-A illustration changes effective December 14
Accordia Life’s illustration software will be updated to comply with the new NAIC AG49-A regulation regarding indexed universal life insurance products on November 13th. This change impacts New Business illustrations only with application signed dates beginning December 14th and after. It is important to note that with this change, strategy caps and or other rates are not changing.
Key dates for the updates to the llustration software are as follows:
- Pre-November 13: Illustrations will only reflect current illustration regulations
- November 13: LPSS, WinFlex and Foresight updated to include AG49-A changes
- November 14: Online illustration software to include AG49-A changes
- November 25: LPSS Desktop version will require an update
Transition rules for applications received under the current illustration regulations are as follows:
- Application is signed on/before 12/13/2020
- Application is received by 1/29/2021
- Applications received after this date would fall under the AG49-A illustration rules and require an illustration that complies with the new rules.
- The policy is Issued by 3/31/2021
- Policies not issued by this date would fall under the AG49-A illustration rules and require an illustration that complies with the new rules.
Applications signed on or after 12/14/2020 would be required to comply with the AG49-A illustration regulations.