Important Legal and Compliance News and Updates
September 8, 2016
Includes important information regarding:
Athene prohibits new business form alterations
Follow these advertising guidelines for quick approval
No shortcut to clean paperwork
Our Compliance Department has noticed a few instances in which applications and suitability forms received by Athene were altered after the signature by the customer, apparently without the customer’s knowledge or permission. In most cases, the modifications appear to be made in an effort to ensure “in good order” paperwork without requiring additional customer contact.
We remind our partners that Athene prohibits alterations to any forms after signature by the customer. Many regulators view unauthorized changes to be a fraudulent act. The customer must initial any and all changes required after after a form has been signed. Do not use correction fluid or tape to cover previously recorded information.
Failure to follow this requirement can result in issued contracts that do not reflect the owner’s intent. The result may be an unsatisfied client — or worse, a complaint or fraud investigation that presents a significant reputational risk to Athene and you.
We ask that you emphasize this requirement when training personnel in your agency or marketing organization offices. Thank you for your partnership and cooperation.
Advertising guidelines and submission requirements
The advertising and marketing of annuity products is the subject of heightened regulatory scrutiny. Our advertising submission process is designed to insure that your advertising is reviewed and approved for use in a timely manner.