SBLI – 2021 Year-End Processing GuidelinesBenkis Barrueta
As we approach the end of the year, please keep in mind the following dates and guidelines to ensure that all of your business processes are in a smooth and timely manner.
Year – Ending Process:
- Underwriting will continue to approve and issue cases through Thursday, December 30, 2021.
- All money to put new cases in force must be received by the close of business on Tuesday, December 28, 2021.
- All 1035 paperwork including funds must be received by close of business on Tuesday, December 28, 2021.
- All 2021 term conversion paperwork and premium must be received by close of business on Tuesday, December 28, 2021.
- All requests for 2021 Required Minimum Distributions must be received, complete and in good order, at the SBLI home office no later than Tuesday, December 28, 2021.
- Regular Commission runs – Our regularly scheduled commission cycle will take place on Thursday, December 23, 2021.
- Year-End Commission Cycle – A year-end commission cycle will also take place on Thursday, December 30, 2021. This cycle will allow us to distribute commissions for any balance, including under $200 (our current minimum check amount).
- It should also be noted that we will continue to process all transactions (applications, policy requirements, and premium payments, etc.) received until we close for business on Thursday, December 30, 2021.