Iowa Announces Annuity Disclosure Pilot with ACLI

Posted on February 6, 2008 by Cailie Currin

On Monday, the Iowa Insurance Division issued a Press Release and Bulletin announcing the Annuity Disclosure Template Pilot Program for Fixed Annuities, Including Indexed Annuities, Sold in Iowa.  This pilot program, using ACLI disclosure templates, began on 1/28/08, but companies can begin whenever their system modifications are complete, according to the Bulletin.  Current disclosure forms can be used until those system modifications are complete and the new ACLI template disclosure forms are available. 

The Bulletin specifically states that it is not necessary to use the template forms for all products sold in Iowa. 

The Iowa Insurance Division must be notified of participation and they have set up a dedicated e-mail for this purpose.  The address is annuity.project@IID.state.ia.us. 

The Iowa Division and the ACLI have indicated that the templates will be evaluated during the one-year pilot project and modifications may be made to the templates, if necessary, during that time. 

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