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North Carolina Annuity News
Denn Bars Company From Doing Business In Delaware
An Ohio investment company has been barred from doing business in Delaware and agreed to pay a $15,000 administrative assessment to resolve a complaint brought by Insurance Commissioner Matt Denn.
In August 2006, the Department of Insurance began an investigation of Investors Union, LLC of Medina, Ohio doing business as the “Annuity Service Center.” The complaint was based on postcards sent to Delaware residents that directed the recipients to call about “an annuity that has reached the end of its surrender period,” even though the firm that sent the card had no connection with any annuity a resident may have had.
Under a consent order finalized Monday, Investors Union agreed not to “engage in any business in Delaware without written prior approval of the Insurance Commissioner” and agreed to pay $15,000 to defray the cost of the investigation and prosecution of the case.
“The tactic used by Investors Union was misleading because the company did not, in fact, have any information about the recipients’ insurance or finances. The purpose of the postcard was simply to cause seniors to call the company, which would then refer the caller to an insurance agent that had paid Investors Union for leads,” Commissioner Denn said. “I will continue to take a dim view of solicitations like these, especially when senior citizens are the target.” Read more at delawareinsurance.gov.
Annuity tax-free exchanges, known as 1035 exchanges
Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.
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Latest news about Annuity cases in North Carolina and nationwide:
Definition:
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
COLA, CSRS
Definition:
CSRS cost of living adjustments (COLA's) provide an increase that is equal to the rate of inflation as measured by the Consumer Price Index (CPI). CSRS cost-of-living-adjustments are provided to retirees at all ages
Age Multiplication Factor
Definition:
A factor used to determine the extra amount of Basic insurance payable at the time of your death, if you die before age 45 (also referred to as the "extra benefit").
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