North American – California Builder Plus 3 Transition Rules

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North American – California Builder Plus 3 Transition Rules

 

Below are the official product available date and transition rules for the Builder Plus 3 in California. North American is very excited to finally have this product available for your agents writing business in CA. If you have any questions on these transition rules, just let me know.

Product Available- August 28th

Electronic Applications

· As of September 25, 2021, Builder Plus 2 will no longer be available in Simple Submit. Electronic applications for Builder Plus 2 must be signed by all parties and submitted by September 24, 2021.

Paper Applications

· To receive Builder Plus 2, the application must clearly indicate that product, be signed by September 24, 2021, AND received by October 4, 2021.

· Paper applications received August 30, 2021, and after that do not specify which series is wanted will automatically receive Builder Plus 3.

· All applications received October 5, 2021, and after will automatically receive Builder Plus 3, regardless of what is requested on the application.

Current Pending Business

Existing applications that are currently being processed in New Business or Policy Change but have not yet been placed inforce can be changed to Builder Plus 3. When changing an existing case to Builder Plus 3, note the following guidelines:

· If the application is dated June 8, 2021, or after, the change can be made with the existing application and the plan will be amended on delivery. The new IUL Supplement to Application (L-3189B Rev 12-20) and IUL Disclosure form (L-3190B) will also be required.

· If the application is dated June 7, 2021, or prior, a new fully completed application, the new IUL Supplement to Application (L-3189B Rev 12-20), and the new IUL Disclosure form (L-3190B) will be required.

· All Builder Plus 3 policies must have an anniversary date of June 8, 2021, or later.

 

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