Below is important information regarding the 2024 Annual Renewal process. With the end of the year fast approaching, it is time to start thinking about annual renewals. Important dates and changes are all outlined below.
Renewal Timeline
Key dates for the 2023 renewal period are as follows:
- October 9: Renewal packets will be emailed to the registered representatives directly from ESI Licensing the week of October 9th. Registered representatives should promptly complete their packet and return it to ESI Licensing by the deadline. (More information on this is given below).
- November 15: Renewal Deadline
All renewal packets must be received at ESI by November 15, 2023. RRs who do not return a complete renewal packet and payment by the deadline may not be renewed. - November 30: Termination Notices sent to RRs
The Firm will send 30-day termination notices to RRs who did not renew by the November 15th deadline. Termination from ESI will be effective December 31, 2023. - December 15: Deadline for Termination Requests
CRD shuts down for 2023 on December 26, 2023 at 6pm (EST) for year-end reconciliation. Termination requests must be received no later than December 15, 2023 to allow for processing prior to CRD’s shut down. Any requests received after CRD shuts down will not take effect until after January 2, 2024, and any renewal fees paid will not be refunded. - December 31: Effective date for terminations
- January 17, 2024: Final Renewal Invoices emailed to Office Managers
Important Notes for 2024 Renewals
Important points to keep in mind for the 2024 renewal period are as follows:
- Packets will follow the same format as previous years’. Packets will include the invoice, payment options, and options for partial or full termination. All registered persons must complete the annual Registered Representative Questionnaire through Star Compliance.
- Reps should create an account or log in to existing FinPro accounts to ensure accuracy of the information to which they attest on Star Compliance.
- RRs that become registered with ESI between October 1, 2023 and year-end will be required to pay the applicable renewal fees for 2024, in addition to their registration fees, at the time of registration. ESI Licensing is available to assist the Office Manager to determine the total amount due for these scenarios.
- Mode of payment must be included with the RR’s renewal. Failure to pay fees by the renewal deadline (November 15th) may result in the RR’s termination for failure to renew.
- If an RR is paying via check, they can scan and email their packet back WITH a copy of the check, to ESI Licensing directly at ESI_Licensing@nationallife.com. They do not need to send the original packet, but MUST send the original check to ESI Licensing at the home office. (Checks should clearly indicate the name of the rep to apply payment to).
- RRs that request to have their renewal fees deducted from their commissions must have sufficient commissions available. Pending business will not be considered as part of a RR’s commissions. After selecting that payment option they can scan and email their packet back to ESI Licensing directly at ESI_Licensing@nationallife.com. They do not need to mail the original. If the RR does not have sufficient commissions available, a check must be included with their renewal packet to cover their fees.
- If an RR is paying online with credit card, RR MUST include a copy of their receipt/confirmation page with their renewal packet for proof of payment. Payments can be made in the Agent Payment Center on the NL website. Chose “Equity Services, Inc” for Payment Type. DO NOT combine a renewal payment with any other payments for other items.
- If considering terminating one or more state securities registrations, reps must remember they are required to be securities registered in each of their securities customers resident states. In addition, they are required to be variable insurance licensed AND securities registered in each state in which they solicit insurance products.
Tips for a Successful Renewal Packet
To avoid any confusion or delays, please be sure that all renewal packets are complete.
- Return all pages to ESI as well as a mode of payment.
- Ensure rep’s name is provided on any checks submitted for payment.
- Please forward packets to ESI Licensing, with payment, as you receive them back. Do not wait until all are collected at the very end to send together. This helps ensure timely processing of renewals, and also helps ensure reps’ commissions are debited in a timely manner, if that is the mode of payment they choose.
Questions may be directed to ESI Licensing at ESI_Licensing@nationallife.com.
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