FAQ's
SOVASUR Compliance & Regulations FAQ
What regulatory bodies oversee Sovasur’s services?
Sovasur operates under the authority of:
- State Insurance Departments (DOI): All insurance recommendations comply with each state’s DOI licensing and suitability rules.
- National Association of Insurance Commissioners (NAIC): We align our product frameworks to NAIC model regulations, including consumer disclosure standards.
- Securities and Exchange Commission (SEC): When we advise on securities based structures (e.g., variable life, annuities), we follow SEC registration, prospectus, and suitability requirements.
- Financial Industry Regulatory Authority (FINRA): Any broker dealer activities or securities recommendations meet FINRA conduct and reporting standards.
How does Sovasur ensure the suitability of advice?
Risk & Needs Analysis: Our proprietary systems run a full financial risk assessment, stress testing thousands of scenarios to match strategies to each client’s profile.
Documented Suitability: Every recommendation is accompanied by a written “strategy rationale” you can review, satisfying DOI mandated suitability rules.
Periodic Reviews: We re evaluate your plan at least annually (or upon any major life or market event) to confirm ongoing appropriateness.
What consumer disclosures will I receive?
Product Summaries & Prospects: Clear, plain language overviews of any insurance or investment vehicle, including fees, limits, and exclusions.
Privacy & Use Notices: How we collect, use, and share your personal data (per GLBA, HIPAA, and, where applicable, GDPR).
Risk Disclosure Statements: Itemized risks associated with strategies (market, liquidity, credit, longevity).
Costs & Compensation Transparency: Full breakdown of premiums, commissions, third party platform fees, and any advisory charges.
How does Sovasur protect my personal and financial data?
Encryption & Secure Storage: All PII and financial data are encrypted in transit (TLS 1.2+) and at rest (AES 256).
Access Controls & Auditing: Role based permissions, multi factor authentication, and immutable audit logs guard against unauthorized access.
Data Privacy Compliance: We adhere to the Gramm Leach Bliley Act (GLBA), HIPAA (where health data is involved), and industry best practices.
Are Sovasur’s advisors and brokers licensed?
State Licensed: Life, health, property & casualty licenses in the jurisdictions where they operate.
Registered: With FINRA (if recommending securities) or appointed with the carriers they represent.
Continuing Education Compliant: They fulfill annual CE requirements for CFP®, CEBS, or other relevant designations.
What happens if regulations change?
Continuous Monitoring: Our Compliance team tracks federal, state, and international regulatory updates in real time.
Rapid Update Process: System parameters, disclosures, and model portfolios are updated within 30 days of any material regulatory change.
Client Notification: We send timely alerts whenever a change affects your plan, with options to adjust strategies as needed.
How are client funds held and protected?
Segregated Accounts: Cash and securities are held in SILO’d custodial accounts at top tier banks or broker dealers.
FDIC & SIPC Coverage: Cash deposits are FDIC insured up to statutory limits; securities accounts have SIPC protection.
No Commingling : We never mix client assets with Sovasur’s operating funds.
Where can I find Sovasur’s official compliance documents?
Code of Ethics & Conflict Policy
Privacy Policy & Data Use Statement
Form CRS and ADV (for advisory services)
NAIC Model Disclosures and State DOI filings
How do you manage conflicts of interest?
Written Policy : Our Code of Ethics and Conflict Disclosure policy is available on request.
Fee First Model: We emphasize transparent advisory fees over hidden commissions wherever possible.
Third Party Oversight: An independent Compliance Officer reviews any transaction where a conflict could arise.