Replacement Tips: NAIC most recent Replacement Requirements

Posted by Nickelle Leist on Tue, Feb 23, 2010 @ 09:58 AM

• Agent’s Statement – Be sure to complete the Agent’s Statement portion of the Replacement form. (Note: For non-replacement cases where the Replacement Form is required, enter the text “Not a Replacement” on this line.)
• Comparison Questions – Please complete all comparison questions on page 3 of the Replacement Statement, only using “N/A” as an answer when the question is truly not applicable to the transaction you are submitting. These questions illustrate the reason(s) why the proposed replacement is in the best interest of your client and should be answered completely and accurately

Sign On The Dotted Line…  For Replacement and 1035 Exchange forms, the proper signature(s) must be provided:

• Names of signers should be printed next to the signature when indicated
• All signatures should be current dated by the signer on the day they are signed, even if a new Replacement related form is requested after the submission of the application. In order to comply with the NAIC date requirement the application should also be re-signed and dated at that time or a newly signed application provided
• In the case of a trustee or officer signing on behalf of a trust or corporation, or similar circumstance, the signer should indicate their title next to their signature
• If any changes are made to a form after it has been signed, those changes must be initialed and current dated by the original signer(s) to show that they are authorizing the change to the original