Reprinted from the May 6, 2019 Lincoln Life Leader
In preparation for two impending regulation changes this year, Principle-Based Reserving (PBR) and the 2017 Commissioners Standard Ordinary (CSO) Table, Lincoln is updating our life product portfolio and we’re focused on making the transition as seamless as possible.
Back on May 13, 2019, we introduced a new PBR/2017 CSO client disclosure along with special indicators on external touchpoints to clearly distinguish PBR and 2017 CSO compliant products.
Client Disclosure Form
The client disclosure, Important Product Information About Your Lincoln Life Insurance Purchase, is intended to educate clients and supplement advisor conversations regarding the risks associated with the withdrawal and placement deadlines of the non-PBR/2017 CSO compliant products. Effective in the Lincoln DesignItSM Illustration System (v45.0), the disclosure will be located within all new and revised sales illustrations for non-compliant products and on the Lincoln Forms Tool in the required forms section. There is no signature requirement on the form, however it will be a part of any signed illustration is that is received.
