According to a release from NAFA, “On April 24, 2015, the West Virginia Office of the Insurance Commissioner filed the final amended annuity disclosure rule, 114 CSR 11E, with the W. VA Secretary of State, adopting the updated NAIC Annuity Disclosure Model Regulation #245 (as revised in 2011), which includes the adoption of the updated 2013 Annuity Buyer’s Guide.”
NAFA stated that, “For sales of fixed annuities, either the “2013 Buyer’s Guide for Deferred Annuities” or the “2013 Buyer’s Guide for Deferred Annuities – Fixed” can be used.
Additional notes from the release:
* The new rule becomes effective July 23, 2015; however, pursuant to WVAOIC Informational Letter No. 192, the Commissioner will allow a phase-in period for compliance with the new rule, but the rule’s provisions will become mandatory for all annuity contracts issued or renewed on or after January 1, 2016.