NAIC Subgroup Says Contingent Deferred Annuities Are a Life Insurance Product
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American Academy of Actuaries Senior Pension Fellow Nancy Bennett says in an interview, “Our position from an actuarial viewpoint is that contingent annuities are annuities, not financial guaranty products.” The Academy commented on contingent annuities to the NAIC. “They contain similar risks as VA contracts that are already issued by life insurance companies,” Bennett added.
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