Rule 2821: The New. Face of VA Review

Young, Ethan
July 2008
Journal of Financial Planning;Jul/Aug2008 Supplement, p20
Academic Journal
The article discusses Rule 2821 issued by the National Association of Securities Dealers (NASD), and which addresses the purchase of deferred variable annuities. Although 2821 says that a client must understand in general terms what a deferred annuity is, such instruments should not be sold unless the purchaser fully understands what is being bought. Rule 2821 also specifies how long a planner may hold onto an application for a variable annuity before it must be submitted to the insurance company. Planners should maintain thorough documentation to avoid running afoul of 2821's strictures concerning suitability and practices.


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