The proposal sought to reclassify certain annuity
products as securities.
The settlement agreement includes defined suitability standards and procedures for Minnesota consumers, as well as a claims review process for past sales of certain annuity
products to senior consumers.
The premium paying grace period for MassMutual life insurance, long term care insurance, disability income insurance and certain annuity
contracts has been extended by 31 days in response to damage caused by the wildfires, yielding a total grace period of 62 days.
NYSE: AFG) (NASDAQ: AFG) has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity
reserves pursuant to Actuarial Guideline 33.
In every case, the laddered life annuity strategy matched the income of a life and 20-year certain annuity
(which offered no liquidity) utilizing 100 percent of the deposit, and on average more than tripled the original deposit at the end of the period.
The improvement resulted from lower commercial mortgage loan losses and stronger operating income, driven primarily by growth in invested assets and improved investment spreads on certain annuity
1275(a)(1)(B)(i) (relating to certain annuity
contracts that depend on the life expectancy of one or more individuals) only if it (1) provides for periodic distributions at least annually for the life (or joint lives) of an individual (or a reasonable number of individuals) and (2) contains no terms or provisions that can significantly reduce the probability that total distributions will increase commensurably with longevity.
Although slowing in the third quarter, the Company has experienced higher policy surrenders for certain annuity
products in 2000.
In the settlement, GALIC has agreed to reimburse surrender charges incurred by certain annuity
holders, to enhance the rate of return on certain policies through a lump-sum credit and to allow certain annuity
holders to transfer their annuity value to other products issued by GALIC or other of its subsidiaries.
Concerns about benefit distribution annuities arose in late 1990, when certain annuity
The settlement has two primary components including a defined suitability process for Minnesota consumers and a claims process for past sales of certain annuity
products in which a senior consumer was either misinformed or received a product not suitable for his or her needs.
When asked their opinion on certain annuity
product features, however, boomers surveyed appear to like the "concept" of annuities.