Transamerica Life Insurance Company

Compliance Updates for Your Business

Part of helping people live their best lives is helping them to achieve their financial goals. Transamerica supports state and federal legislation and regulations that make that possible.

Here are some recent laws and regulations you should be aware of.

Arizona
Text messages are prohibited to phone numbers listed on the national Do Not Call Registry.
[Full Compliance Memo]

Connecticut
Sales calls to customers cannot be made before 9 a.m. or after 8 p.m. local time. Previously, the law allowed sales calls until 9 p.m.
[Full Compliance Memo]

Delaware
Insurers and producers are prohibited from responding to questions from insureds about rate increases by stating that the Delaware Department of Insurance is responsible for the increase. Such action will be prosecuted as a false or misleading statement. When an insured questions a premium increase, the Department expects producers to obtain a full explanation of the premium increase from the insurance company and provide that information to the insured.
[Full Compliance Memo]

Idaho
Fiduciary funds received by the producer by check or another negotiable instrument made payable to the insurer should be remitted to the insurer within the time period specified in the producer’s contract or, if not specified, within 14 days of receipt. Previous rules required the funds to be remitted to the insurer within the time specified in the insurer’s terms and conditions or within 21 days of receipt if not specified.

Premiums received by the producer should be remitted directly to the insurer or insurer’s designee within the time period specified in the producer’s contract or within 14 days of receipt, if not specified. Previous rules required the premiums to be remitted to the insurer within the time period specified in the insurer’s terms and conditions or within 14 days of receipt.
[Full Compliance Memo]

Ohio
Citation: H.B. 33
This legislation allows individuals to obtain personal information held by an insurer or producer in a manner agreed upon by the individual and the insurer or producer. Previously, individuals could only see and copy that information in person or obtain a copy by mail.
[Full Compliance Memo]

Ohio
Rule 3901-5-11
Producers are prohibited from using a senior-specific certification or professional designation to mislead someone that the producer has special certification or training in advising or providing services to seniors in connection with advising or offering a life, annuity, or health insurance product.

This Ohio rule adds the term Medicare to the words or combinations of words implying special training in advising or providing services to seniors. It considers the use of these words when determining whether a certification or professional designation is implied to seniors in connection with advising or offering a life, annuity, or health insurance product.
[Full Compliance Memo]

Maine
A phone solicitor must use the Federal Communication Commission's Reassigned Numbers Database to verify a consumer's telephone number has not been reassigned before initiating a sales call.
[Full Compliance Memo]

New Jersey
Phone solicitors must provide the name and phone number of the person on whose behalf a sales call is being made when initially contacting a consumer. They must also include the mailing address of the phone solicitor and any company on whose behalf the company is soliciting, on any website owned or operated by the solicitor, and in any direct written communications to consumers.

These requirements don’t apply to residential marketing calls in response to a customer's request, where the customer affirmatively has requested a follow-up telemarketing sales call or other contact.
[Full Compliance Memo]

Washington
Citation: HB 1266
This legislation requires producers to ensure they have a current email address on file with the Insurance Commissioner, notify the Commissioner within 30 days of any changes to that email address, and respond to an inquiry received from the Insurance Commissioner via email within 15 business days.
[Full Compliance Memo]

Washington
Citation: HB 1497
Producers shouldn’t make phone solicitations before 8 a.m. or after 8 p.m.

Producers should provide identifying information within the first 30 seconds of a call and end the call within 10 seconds of the called party indicating they want to end the call.

This legislation also expands the definition of telephone solicitation to include calls to cell phones.
[Full Compliance Memo]