Annuity

No product area has seen more innovation than annuities. Our attorneys have been involved for over 30 years with annuity product development and related issues.

In the individual annuity setting, our attorneys have worked on the regulatory and industry side in the development of excess interest annuities, modified guaranteed annuities (CD annuities), equity indexed annuities, guaranteed paid-up deferred annuities (longevity annuities), variable annuities with guaranteed living benefits (GMIBs, GMABs and GMWBs), immediate annuities with commutation provisions, structured settlement annuities and Medicaid annuities. We have also participated in discussions and corresponded with our clients and with the New York Insurance Department on contingent annuities.

In the group setting, our attorneys are familiar with all products sold to institutional clients, including guaranteed investment contracts (GICs), immediate participation guarantee contracts, deposit administration contracts, terminal funding contracts and closeout contracts, guaranteed separate account products and synthetic GICs. We understand the uses of group annuity contracts in funding qualified plans under IRC Sections 401(a), 401(k), 403(b), 408, 412(i) and other sections of the IRC, as well as nonqualified plans. In addition, we are familiar with federal compliance matters ranging from ERISA fiduciary concerns to the Arizona v. Norris decision. Our attorneys have also been involved with the evolution and development of funding agreements, their markets and uses since the early 1980s.

We recognize the life insurance industry’s unique ability to provide longevity protection and are ready to assist insurers in bringing new products to market and in making lifetime income options more readily available to individuals and to plan participants. We can provide assistance in product development, product and separate account filings, prior approval, post approval review and market conduct issues relating to annuities, including replacements, advertisements and illustrations.

For additional information, please see the section on Life Insurance in our Insurance Practice area.

Practice Area Professionals

Fredric Bodner

Leanne Kontogiannis

Jennifer Sheehan

Ralph Spaulding

To learn more about our Insurance services, please contact Fredric Bodner.