Actuaries: State regulation framework just peachy for contingent annuities
Source
http://www.lifehealthpro.com/2011/12/22/aaa-state-regulation-framework-just-peachy-for-con
Date
Media Outlet
National Underwriter Life & Health
The Academy Contingent Annuity Work Group’s report to the National Association of Insurance Commissioners (NAIC) Contingent Deferred Annuity Subgroup during a Dec. 22 conference call and a related Oct. 28 analysis provided to the NAIC were discussed. Academy Life Products Committee Chairperson Cande Olsen was quoted. Olsen said that the Academy work group concluded that contingent annuities are similar to products with guaranteed lifetime withdrawal benefit (GLWB) and that the basic regulatory framework in place for other products can be applied to contingent annuities “with little or no modifications."
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