NAIC to scrutinize contingent annuities
Academy Life Practice Council Vice President Cande Olsen, who spoke on behalf of the Academy Contingent Annuities Work Group, was quoted from a Nov. 4 National Association of Insurance Commissioners (NAIC) meeting, and the work group's Oct. 28 letter to the NAIC Life Insurance and Annuities Committee was discussed. The work group wrote that contingent annuity products should be classified as a type of annuity product and not as financial guaranty insurance or property/casualty insurance products.