Update from Allianz on the DOL Fiduciary Rule

Update on DOL fiduciary rule

I am writing you today to give you an important update relating to the Department of Labor (DOL) fiduciary rule.

Last December, in an email to all Allianz PreferredSM agents, we mentioned that we would be implementing a pilot program through which we would select a limited sample of submitted Allianz Life Insurance Company of North America (Allianz) fixed index annuity (FIA) contracts and request that you send us your PTE 84-24 disclosure document signed by the contract owner.

We would like to share a couple of important reminders for consideration in completing the required 84-24 disclosure to your clients.

Timing of required PTE 84-24 disclosures: We have been asked whether the written disclosures required by PTE 84-24 can be provided at contract delivery. Please know that PTE 84-24 requires these disclosures to be provided at the time retirement advice is provided (i.e., at or before the time the FIA application is completed). It is not sufficient to provide these disclosures at time of delivery.

Use of disclosure templates: Many of you are using PTE 84-24 disclosure templates provided to you by a carrier (including Allianz) or your FMO. If you are using a template, please read the template (and any instructions or user guides provided by the carrier or FMO) carefully before you use the template with a consumer. In particular, please make sure you completely fill in any blanks or other open items as appropriate.

Resources: To learn more, or to refresh your understanding of the requirements of PTE 84-24, you can review our DOL fiduciary rule resources here, or you can contact your Allianz Preferred FMO.

Thanks again for your business and for your continued trust in placing your clients’ retirement needs with Allianz. Please accept my best wishes for a successful 2018!

Eric J. Thomes Senior Vice President of Sales – FMO Distribution Allianz Life Insurance Company of North America

Join the conversation